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crisreyesBraddon 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!
ShinyshanMelbourne 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
sydneymumSt 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.
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?
fgsCooper Basin Posts: 1,161Member Joined: Nov 12, 2013
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..
fgsCooper 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).
xiaolicoAustralia Posts: 983Member Joined: Aug 13, 2016
30% if kaya, para wala ng LMI
Computer Network and Systems Engineer - 263111
Age 33-39- 25points
English superior- 20points
Bachelor's Degree- 15points
Work Experience- 10pts
Total- 70pts
July 25, 2016- Lodged ACS
August 2, 2016- Favorable letter from ACS
January 10, 2017- Took PTE
January 12, 2017- PTE exam results (L90 R86 S90 W79)
January 12, 2017- EOI
January 18, 2017- ITA received
January 19, 2017- NBI (hit)
January 23, 2017- Visa Lodge 189
January 24, 2017- Medical bgc
January 27, 2017- NBI clearance received
February 2, 2017- Medical cleared (no action required)
February 15, 2017- Grant
October 26, 2017- Flight to Melbourne
October 27, 2017- Landed in Melbourne
July 14, 2018- Moved to Sydney
October 11, 2019- Wife gave birth to a baby boy
October 20, 2019- Applied for baby's birth certificate online
October 23, 2019- Baby boy's birth certificate received
October 25, 2019- Applied for baby's medicare
October 31, 2019- Baby's medicare activated
October 31, 2019- Applied for baby's citizenship certificate
November 7, 2019- Received baby's citizenship certificate
November 13, 2019- Applied for baby's passport
November 20, 2019- Baby's AU passport received
November 2, 2021- Submitted AU citizenship application for myself and my wife
April 14, 2022- Received Interview with Standard Test letter. May 25 schedule.
May 25, 2022- Passed the Australian Citizenship Test
May 25, 2022- Citizenship Approval Received
September 15, 2022- Invitation to Citizenship Ceremony Received
October 6, 2022- Citizenship Ceremony
October 18, 2022- AU passport application lodged
November 7, 2022- Passport received
SGtoAUhervey 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
****Timeline 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
04 Sep 18: Submitted all documents to QLD
12 Sep 18: Received approval from QLD and invitation to apply
17 Sep 18: Visa lodge
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
SGtoAUhervey 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).
I am happy to help If you need a mortgage broker. Email - [email protected] / www.mortgagealley.com.au
****Timeline 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
04 Sep 18: Submitted all documents to QLD
12 Sep 18: Received approval from QLD and invitation to apply
17 Sep 18: Visa lodge
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
se29mPerth Posts: 2,144Member, Moderator Joined: Sep 14, 2015
ginamit ko halos yung fhog sa downpayment kaya di masyado kalakihan ang nilabas..
233211 Civil Engineer
30/09/15 - VETASSESS Lodged - 133112 Project Builder
09/10/15 - IELTS Results: L-7.5, R-7.0, W-6.0, S-7.5 OBS-7.0
19/10/15 - PTE A Results: L-82, R-74, S-90, W-76 OAS-79
26/11/15 - Obtained NBI Clearance
09/12/15 - VETASSESS Results - NEGATIVE!!!
12/01/16 - Submitted CDR to Engineers Australia
22/01/16 - EA Positive Results - Bachelor's Degree with 4 years 8 months skilled employment
22/01/16 - Lodged EOI 189 (60pts)
03/02/16 - Received 189 ITA
11/02/16 - Health Clearance Provided - No Action Required
18/02/16 - Obtained SG CoC
26/02/16 - Lodged 189 Visa
15/03/16 - Direct Grant - IED 11/02/2017
25/05/16 - Big Move Perth!
16/06/16 - Started Casual Work
11/07/16 - Permanent Full-time Work
Now for the Citizenship Journey
26/08/2019 - Applied and acknowledgement letter received
27/09/2019 - Test Email Invite for 19/12/2019
01/10/2019 - Actual Test/Interview Date
01/10/2019 - Approval Date (received the approval letter from the post 11/10/2019)
05/02/2020 - Ceremony Date (received the email 10/01/2020)
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Comments
Posts: 1,416Member, Moderator
Joined: Jan 11, 2011
read this thread to give you an idea
http://pinoyau.info/discussion/2143/experience-on-home-loans#latest
Google for Everything !!!
Posts: 27De-activated
Joined: Feb 06, 2014
Happy house hunting!
Posts: 8Member
Joined: Nov 20, 2013
Posts: 5Member
Joined: Oct 08, 2012
https://www.moneysmart.gov.au/managing-your-money/banking/savings-accounts/first-home-saver-accounts
Posts: 1Member
Joined: Nov 29, 2018
Posts: 1,161Member
Joined: Nov 12, 2013
Posts: 1,161Member
Joined: Nov 12, 2013
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).
Posts: 983Member
Joined: Aug 13, 2016
30% if kaya, para wala ng LMI
Computer Network and Systems Engineer - 263111
Age 33-39- 25points
English superior- 20points
Bachelor's Degree- 15points
Work Experience- 10pts
Total- 70pts
July 25, 2016- Lodged ACS
August 2, 2016- Favorable letter from ACS
January 10, 2017- Took PTE
January 12, 2017- PTE exam results (L90 R86 S90 W79)
January 12, 2017- EOI
January 18, 2017- ITA received
January 19, 2017- NBI (hit)
January 23, 2017- Visa Lodge 189
January 24, 2017- Medical bgc
January 27, 2017- NBI clearance received
February 2, 2017- Medical cleared (no action required)
February 15, 2017- Grant
October 26, 2017- Flight to Melbourne
October 27, 2017- Landed in Melbourne
July 14, 2018- Moved to Sydney
October 11, 2019- Wife gave birth to a baby boy
October 20, 2019- Applied for baby's birth certificate online
October 23, 2019- Baby boy's birth certificate received
October 25, 2019- Applied for baby's medicare
October 31, 2019- Baby's medicare activated
October 31, 2019- Applied for baby's citizenship certificate
November 7, 2019- Received baby's citizenship certificate
November 13, 2019- Applied for baby's passport
November 20, 2019- Baby's AU passport received
November 2, 2021- Submitted AU citizenship application for myself and my wife
April 14, 2022- Received Interview with Standard Test letter. May 25 schedule.
May 25, 2022- Passed the Australian Citizenship Test
May 25, 2022- Citizenship Approval Received
September 15, 2022- Invitation to Citizenship Ceremony Received
October 6, 2022- Citizenship Ceremony
October 18, 2022- AU passport application lodged
November 7, 2022- Passport received
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
****Timeline
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
04 Sep 18: Submitted all documents to QLD
12 Sep 18: Received approval from QLD and invitation to apply
17 Sep 18: Visa lodge
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
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:
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
****Timeline
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
04 Sep 18: Submitted all documents to QLD
12 Sep 18: Received approval from QLD and invitation to apply
17 Sep 18: Visa lodge
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
Posts: 2,144Member, Moderator
Joined: Sep 14, 2015
ginamit ko halos yung fhog sa downpayment kaya di masyado kalakihan ang nilabas..
233211 Civil Engineer
30/09/15 - VETASSESS Lodged - 133112 Project Builder
09/10/15 - IELTS Results: L-7.5, R-7.0, W-6.0, S-7.5 OBS-7.0
19/10/15 - PTE A Results: L-82, R-74, S-90, W-76 OAS-79
26/11/15 - Obtained NBI Clearance
09/12/15 - VETASSESS Results - NEGATIVE!!!
12/01/16 - Submitted CDR to Engineers Australia
22/01/16 - EA Positive Results - Bachelor's Degree with 4 years 8 months skilled employment
22/01/16 - Lodged EOI 189 (60pts)
03/02/16 - Received 189 ITA
11/02/16 - Health Clearance Provided - No Action Required
18/02/16 - Obtained SG CoC
26/02/16 - Lodged 189 Visa
15/03/16 - Direct Grant - IED 11/02/2017
25/05/16 - Big Move Perth!
16/06/16 - Started Casual Work
11/07/16 - Permanent Full-time Work
Now for the Citizenship Journey
26/08/2019 - Applied and acknowledgement letter received
27/09/2019 - Test Email Invite for 19/12/2019
01/10/2019 - Actual Test/Interview Date
01/10/2019 - Approval Date (received the approval letter from the post 11/10/2019)
05/02/2020 - Ceremony Date (received the email 10/01/2020)