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Topic: Best way to buy a house.. |
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kabitenyo
Community Member
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Posted on: Feb 28, 2005 - 2:49pm
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Hi!
We are planning to buy a house. Could anybody please advise us about the followings:
1. Kailangan ba talaga mag deposit? If yes, how much should we deposit?
2. Is there any institute na nagpapa finance ng for you? I think mahihirapan kaming kumuha ng loan from a bank coz new migrant lang kami.
3. Is fix interest better?
4. Normally how long mo kailangan bayaran yun home loans? 20 or 30 years?
5. Anong mga documents kailangan i present when purchasing a home?
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Total Posts: 40 | IP
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greatwolf
Guardian
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Posted on: Feb 28, 2005 - 4:02pm
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Quote:
Hi!
We are planning to buy a house. Could anybody please advise us about the followings:
1. Kailangan ba talaga mag deposit? If yes, how much should we deposit?
2. Is there any institute na nagpapa finance ng for you? I think mahihirapan kaming kumuha ng loan from a bank coz new migrant lang kami.
3. Is fix interest better?
4. Normally how long mo kailangan bayaran yun home loans? 20 or 30 years?
5. Anong mga documents kailangan i present when purchasing a home?
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1. Although there are lenders out there who'd happily let you borrow money without a deposit, you are still better off if you put up a deposit. The less money you owe the better off you'd be, and that means you'd have lower repayments.. However, if you have no choice, go for it. Owning a house is better than renting. How much deposit? The minimum amount that you can put down as a deposit for a house is 5-10%. As stated previously, there are lenders out there who'd provide you with a loan without deposit. The catch? Higher interest rates.
2. Yes, there are heaps of insitutions. Look it up in the white pages. Some of the names I can think of are Mortgage Choice, Rams, Wizard. In most cases you're better off going to a bank directly if you have money for the deposit. Choose the institution wisely. Most of these have a no refund policy, regardless if you're just in the early stages of processing. Be well informed, the more you read about it, the less chance you'd be ripped off.
3. Check with a financial institution, they'd be able to explain which one would be mores appropriate for your situation.
4. Depends on how much you can afford. Most lenders allow you to pay extra each month.
5. The usual, proof of income, it's just like you're applying for a credit card.
Good luck.
_________________________
Hunter Stockton Thompson
1937 - 2005
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Total Posts: 1622 | IP
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aussiepugo
Community Leader
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Posted on: Feb 28, 2005 - 4:47pm
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sa #2 depende sa combined income nyo at kung gaano na kayo katagal sa trabaho. In our case, walang mag pautang sa amin na bangko kasi 6 month pa lang kasi when we decided to apply for a home loan kaya pinatulan namin yung isang maliit na institution at a higher interest rate. Nag pa re-finance sa bangko after a year.
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Total Posts: 481 | IP
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SigMan
Guardian
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Posted on: Feb 28, 2005 - 5:54pm
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Buying a house is so complex that there are many ways of going about it.
Try this website for starters....
http://www.nsw.gov.au/Buying_results.asp?area=HOME_PROPERTY_LIFE_SNSW&parent=PROPERTY_LIFE_SNSW
Then check this site.....
http://www.yourmortgage.com.au
Very helpful yan and if you buy the magazine,...there are steps to follow in the house buying process. Remember do your research from non-bank lenders to banks and from the hidden charges with regards to the fees.
Goodluck!
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Total Posts: 1420 | IP
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cdior
Community Member
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Posted on: Feb 28, 2005 - 6:00pm
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If you are buying a house whether its brand new or not, don't forget to have building and pest inspection before signing the contract.
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Total Posts: 112 | IP
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SigMan
Guardian
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Posted on: Feb 28, 2005 - 6:10pm
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Yung building and pest inspection tama si cdior but also get one that is not connected or endorsed by the seller or agent. Ika nga get an independent to do the report. Marami kasi package deal na,..opt out to get your own inspectors.
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Total Posts: 1420 | IP
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greatwolf
Guardian
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Posted on: Feb 28, 2005 - 6:47pm
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Pest and building inspections are prerequisites when purchasing a house.
_________________________
Hunter Stockton Thompson
1937 - 2005
Requiescat In Pace |
Total Posts: 1622 | IP
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MK
Guardian
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Posted on: Feb 28, 2005 - 7:25pm
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Quote:
Pest and building inspections are prerequisites when purchasing a house.
_________________________
Hunter Stockton Thompson
1937 - 2005
Requiescat In Pace
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O talaga ? 
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Total Posts: 2217 | IP
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SigMan
Guardian
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Posted on: Feb 28, 2005 - 8:46pm
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Prerequisite for the lending body. Like since karamihan dito sa Australia utang ang 80 to 95% ang pinangbili sa bahay,...this means the lending institution (wether a bank or a non-bank) would ask for a satisfactory pest and building inspection as well as a proper valuation of the property. This protects the Lender siyempre prea pa rin nila yun. With regards to the valuation,...sinisigurado nila that they will not pay for an overpriced property. With cases where you pay less than 20% deposit,....you have to pay Lenders' Mortgage Insurance. Just remember that this Insurance covers the Lender and not you...So getting an Income Protection Insurance maybe a good idea depending on how secure your finances are.
Banks are tighter in their lending guidelines. Non-banks are more lenient such as Home Loans Limited, RAMS or WIZARD pero you will pay for it with their higher interest rate. Just check it out. There are soooooo many types of loan products that it really depends on what you need. Every month there is a new gimmick product. Just read the fine print at huwag paahente sa mortgage brokers,...they can be influenced with soft commissions kaya caveat emptor!!!!
Hope this helps!
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Total Posts: 1420 | IP
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smurfette downunder
Community Member
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Posted on: Feb 28, 2005 - 11:07pm
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You can now buy a house without deposit... I can think of at least three banks that does.. They can even lend 107%... Ofcourse there's a price for it... The interest rate is higher plus there is a fee in lieu of mortgage insurance...
I'm a mortgage broker.. for info please contact me at sharon@mifs.com.au
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Total Posts: 18 | IP
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