how much is downpayment for home mortgage?

Shinyshan

ilang percent po ng price ng house ang down payment pagnag mortgage sa nbangko?

JCsantos

normally minimum is 5%

read this thread to give you an idea

http://pinoyau.info/discussion/2143/experience-on-home-loans#latest

crisreyes

Tama yung sinabi ni JCSantos usually 5% but be reminded na hindi kasali dun yung mga grants para sa first time home buyers kaya minsan imbes na 5% mas maliit pa. Depende yan sa bibilhin mo and of course sa bank.

Happy house hunting!

Shinyshan

salamat po sa inyo!! nakakatuwa ang site na to. atleast lahat puro nagtatagalog. sa ibang forums mga pinoy puro spokening dollar! hahhaha

sydneymum

Hi Shinyshan, best thing to do is to go to a mortgage broker or home lender. Although maraming nagsasabi dito na 5%, the actual deposit should be 20%. If you only have 5% deposit, the bank will require you to pay mortgage insurance because you are borrowing more than 80% of the property value. Depending on the house value, your mortgage insurance could be more than $20K. By the way, have you heard about FHSA (First Home Savings Account)? FHSA will help you save to buy your first home. You may check the link below.

https://www.moneysmart.gov.au/managing-your-money/banking/savings-accounts/first-home-saver-accounts

Roehrii6

It starts from 5% I think. I too will be applying for home loan because I have heard a lot about income tax benefit on home loan as it would help me save some money on taxes that I am already paying. What is your opinion regarding it?

fgs

Roehrii6 said:

It starts from 5% I think. I too will be applying for home loan because I have heard a lot about income tax benefit on home loan as it would help me save some money on taxes that I am already paying. What is your opinion regarding it?

You can only claim tax deductions on expenses on your homeloan(ie interest) if the property is rented out( part or all). For owner occupied, theres no tax benefits. The link you quoted above is not applicable to Australia. Most banks allows you to borrow up to 95% of the property value. This means you only need to pay the 5% balance but the bank will take out a Loan Mortgage Insurance payable by the homeowner. LMI can be form part of the loan or you can pay it in cash...a 400K loan will cost at least 10K LMI...LMI can only be waived if you will deposit at least 20% of the value if the property..

fgs

When estimating the total amount needed..consider the following
1. Purchase Price
2. LMI
3. Stamp duty ( none in many of the states, abolished na like in Qld for house below 800k yata)
4. Other expenses( conveyancer, etc.) which can be paid separately

Less...
1 First homeowners grant( if eligible)
2. Deposit

The balance should be 95% or less of the value of the property which will be determined by a property evaluator organised by the bank. If not you will be required to increase out of pocket participation. The amount of loan granted by the bank will also be determined by your capacity to pay( based on income and expenses).

xiaolico

30% if kaya, para wala ng LMI

SGtoAU

You can purchase a house for as little as 5% deposit but this depends on the policy of the lender, your financial capability and status. Having said thaT, you will need more than 5% in actual cash because there are other costs involved when purchasing a house such as application fees, LMI,solicitor/conveyancor fees, inspection fee, valuation fee etc. at the minimum, one must prepare at least 8% of the purchase price.

Some will say, save up to 20% deposit to avoid LMI but you must assess if it is worth to avoid LMI (a couple of thousand $$ depends on purchase price) and wait years and years until you have saved enough deposit but then by that time the property prices have already gone up. You can purchase a house with low deposit, pay LMI and actually earn $$$ if equity on your house goes up. Most of the time, paying LMI makes much more sense rather than waiting to save up 20%. Sometimes lenders will also have promotions where they waive LMI (subject to certain criteria) and some professions such as doctors, lawyers, accountants, etc can be eligible for LMI waiver.

SGtoAU

Mga kabayan I will cover this topic po sa First Home Buyers Webinar baka po interesado kayo mag attend

If your goal is to purchase your first home this 2022, I would like to invite you to attend our Free First Home Buyer Webinar on January 8, 2022 at 6PM (AEST).

Register here —> https://forms.gle/ADBktkH8ub4g7FjWA

The webinar will cover the following topics:

• Minimum deposit required
• How much you can borrow
• Other costs you need to prepare for
• First Home Owner grant and other govt incentives
• Established vs brand new property
• Lenders Mortgage Insurance
• Fixed vs Variable Loans
• Home Loan Process
• Common Mistakes
• Free resources
• And more…

If interested, just click the registration link below to key in your details and we’ll send you the zoom invite link before the webinar.

Register here —> https://forms.gle/ADBktkH8ub4g7FjWA

se29m

ginamit ko halos yung fhog sa downpayment kaya di masyado kalakihan ang nilabas..