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how much is downpayment for home mortgage?

ShinyshanShinyshan MelbournePosts: 8Member
ilang percent po ng price ng house ang down payment pagnag mortgage sa nbangko?

Comments

  • JCsantosJCsantos Sydney
    Posts: 1,416Member, Moderator
    Joined: Jan 11, 2011
    normally minimum is 5%

    read this thread to give you an idea

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

    Google for Everything !!!

  • crisreyescrisreyes Braddon
    Posts: 27De-activated
    Joined: Feb 06, 2014
    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!
  • ShinyshanShinyshan Melbourne
    Posts: 8Member
    Joined: Nov 20, 2013
    salamat po sa inyo!! nakakatuwa ang site na to. atleast lahat puro nagtatagalog. sa ibang forums mga pinoy puro spokening dollar! hahhaha
  • sydneymumsydneymum St Leonards
    Posts: 5Member
    Joined: Oct 08, 2012
    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
  • Roehrii6Roehrii6 india
    Posts: 1Member
    Joined: Nov 29, 2018
    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?
  • fgsfgs Cooper Basin
    Posts: 1,161Member
    Joined: Nov 12, 2013
    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..
  • fgsfgs Cooper Basin
    Posts: 1,161Member
    Joined: Nov 12, 2013
    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).
  • luice1221luice1221 Posts: 5Member
    Joined: Sep 15, 2021

    @Shinyshan said:
    ilang percent po ng price ng house ang down payment pagnag mortgage sa nbangko?

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  • xiaolicoxiaolico Australia
    Posts: 911Member
    Joined: Aug 13, 2016

    30% if kaya, para wala ng LMI

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  • SGtoAUSGtoAU hervey Bay
    Posts: 215Member
    Joined: Feb 08, 2015

    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.

    I am happy to help If you need a mortgage broker. Email - [email protected] / www.mortgagealley.com.au

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  • SGtoAUSGtoAU hervey Bay
    Posts: 215Member
    Joined: Feb 08, 2015

    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

    I am happy to help If you need a mortgage broker. Email - [email protected] / www.mortgagealley.com.au

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    Anszco Code: Construction Project Manager 133111
    28 Oct 17: IELTS test
    15 Apr 18: Skills Assessment Submitted (Vetassess)
    24 May 18: Positive Assessment received from Vetassess
    23 Jul 18: Lodged EOI for Subclass 489 QLD
    28 Aug 18: Received pre-invite from QLD
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    12 Sep 18: Received approval from QLD and invitation to apply
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    22 Dec 18: Direct grant 12 Sep 18: Received approval from QLD and invitation to apply
    17 Sep 18: Visa lodge
    22 Dec 18: Direct grant
    01 Aug 2021: Applied for 887 visa
    Currently Waiting for PR grant

  • se29mse29m Perth
    Posts: 2,144Member, Moderator
    Joined: Sep 14, 2015

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

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  • cork07cork07 Posts: 2Member
    Joined: Feb 24, 2022

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