Experience on Home Loans

TasBurrfoot

<blockquote rel="kremitz">@tasburrfoot umm can u give us an idea po like ilang percent ang down then ilang percent per annum ang intereset rate for fixed payment and after five yrs ilang percent na interest?</blockquote>

Ilang percent ang downpayment; pwede ata as low sa 5% of the house value - the catch is you will pay a loan mortgage insurance if you can't cough up with at least 20% DP. One time lang naman ito.

I got 4.9% fixed for 5 yrs in one of the Big 4 - I dunno how much will it be after the fixed period has lapse but this really depends on where the cash rate is at in 2019. Chances are mas mataas na as compared to where it is now.

lock_code2004

@TasBurrfoot - so did you choose the property first, and then applied for financing...

or pre-approved loan first, then go property hunting?

lock_code2004

<blockquote rel="rei_ya">@lock_code2004 , as per Keystart website, eto ang income limit:

$95,000 (Singles)

$115,000 (Couples)

$135,000 (Families)

Now this may be a stupid question, but Im not sure which limit applies to us. Do we fall under the "Singles" (one-income family) or "Families" (couple with kids) ? Sabagay, it wont really matter coz pasok kami either way. Kaya nga gusto ko na apply sa Keystart, malay natin in a couple of months e hndi na kami eligible dahil sa income limit 😉 </blockquote>

so kung may anak kayo mukhang sa Family limit na kayo papasok..

TasBurrfoot

<blockquote rel="lock_code2004">@TasBurrfoot - so did you choose the property first, and then applied for financing...

or pre-approved loan first, then go property hunting?</blockquote>

Boss @lock_code2004; we got a pre-approval first then we did a serious house hunting...

Unfortunately our first lender had an issue with our property so they could not underwrite a loan for us so hanap ulit and we went to a Big 4 bank.

Normally the process would have been na ma grant na yung unconditional approval sa loan namin had there not been any issues with the property. 🙂

All good now!! Waiting nalang for settlement in 3.5 months.

kremitz

@tasburrfoot yung interest rate depends ba on the amount of fixed payment or standard sya?ok na yang 4.9% ang baba na nyan 🙂 roughly how much po ba ang loan mortgage insurance?

kremitz

Whats the pros and cons if you'll go with th big four compared with other lenders?

TasBurrfoot

<blockquote rel="kremitz">@tasburrfoot yung interest rate depends ba on the amount of fixed payment or standard sya?ok na yang 4.9% ang baba na nyan 🙂 roughly how much po ba ang loan mortgage insurance?</blockquote>

Ang rate mo is dependent on 2 factors namely how big is the loan you are taking out and how much is your DP compared to the value of your property.

LMI is dependent din sa DP mo to your property price.

TasBurrfoot

<blockquote rel="kremitz">Whats the pros and cons if you'll go with th big four compared with other lenders? </blockquote>

They all have their quirks...

But I would think that BIG 4's have more product offering which you can take advantage of apart from the loan. Kumbaga look at it as a one stop shop for your personal finance needs.

Another thing is that of you have relationships with the bank previously, applying for a loan with not be too tedious as compared to opening an account with an online lender

Mejo mahal lang ng konti sa big 4 though... Loans.com.au offers 4.6% ata for a variable while the one I have cannot match it.

JCsantos

<blockquote rel="lock_code2004">@TasBurrfoot - so did you choose the property first, and then applied for financing...

or pre-approved loan first, then go property hunting?</blockquote>

You need to have a pre approval, ito yung unang itatanong ng agent pag nag offer kayo ng price

kremitz

Ok thanks @tasburrfoot

TasBurrfoot

@JCsantos - where do you get your house and home content insurance?

Looking at Allianz; good name and they have good reputation as well. Not to mention, they are one of the cheapest amongst those that I have inquired so far.

lock_code2004

@TasBurrfoot - why will it take 3.5 months for the settlement?

TasBurrfoot

@lock_code2004 - settlement is as per agreement naman between both parties...

Usually 30 to 90 days; ang sa amin, we initially placed 90 days there (so as to have a lot more money come settlement time) however the vendor asked if they can have it extended to mid-November.

Pumayag naman kami as it would mean 45 more days for us to increase our cash in the bank plus it will give us more time to find someone who can take over our current lease.

JCsantos

<blockquote rel="TasBurrfoot">@JCsantos - where do you get your house and home content insurance?

Looking at Allianz; good name and they have good reputation as well. Not to mention, they are one of the cheapest amongst those that I have inquired so far.</blockquote>

we got it from our lender, st george, normally its cheaper if you bundle them with your lender provider although i might be wrong

clickbuddy2009

<blockquote rel="lock_code2004"><blockquote rel="rei_ya">@lock_code2004 , as per Keystart website, eto ang income limit:

$95,000 (Singles)

$115,000 (Couples)

$135,000 (Families)

so kung may anak kayo mukhang sa Family limit na kayo papasok..

</blockquote>

For West Australian residents na nagavail ng home loan through Keystart, kumusta po ang experience? Kagabi ko lang nalaman itong Keystart sa isang churchmate namin na nagbabalak bumili ng house. Nakakaencourage yung deal according to their website. With very low required deposit and NO LMI required, talaga namang maeenganyo ka. Ang di ko lang din sure ay kung pwede ako doon sa income limit for families (single earner at the moment). Gusto ko sana makaavail na nito habang wala pa work si wifey.

I will contact Keystart din then will update here esp. para sa mga taga-WA na nagbabalak bumili ng property.

Cheers

TasBurrfoot

People who have variable home loans; try to ask your lender for a discount on the back of the 25bps rate cut by the RBA.

rams

kelangan po ba permanent sa trabaho para ma-approve sa loan?

JCsantos

<blockquote rel="rams">kelangan po ba permanent sa trabaho para ma-approve sa loan? </blockquote>

Approval Yes - I mean ma aapprove ka kahit na inde ka permanent , the question is how much, im sure inde ka bibigyan ng gusto mong amount or bibigyan ka ng limit

inwayah

@clickbuddy2009 @rei_ya hi po just sharing info I got from keystart and NAB about home loan.

keystart

as low as 2% downpayment
5.6% interest, No LMI

NAB (I bank w/ them)

5% DP
4.6-4.8 interest, options for fix interest
LMI will be waived if you DP 20%

Both terms up to 30yrs to pay, loanable amt depend on your income

Overall mas maganda sa bank kung may pang DP pero sa mga wala pang ipon tulad ko, pasok yung keystart.

catajell

hi po, anyone successful of getting a loan from keystart? share naman po.. 🙂

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