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Q: Hi, my wife and I are searching for the banks who offer 95% home loan. We are interested in the brand new apartment costing around $660000. We are employed by non-profit Govt organisation and our joint annual income is $147,000 (pre-tax). We have clean credit history (car loan finished, and no existing loan) with two daughters (2y and 8y old). Resident in Kogarah NSW 2217 for 6 years and got our Australian citizenship this year. If we are first time home buyer, what options do we have?
A: Hi Vaibhao,
We have multiple lenders on our panel who offer 95% lend loans. You will need to bear in mind that as there is Lenders Mortgage Insurance (LMI) involved, the application process can seem a bit daunting, however should be a breeze if we can tick all the boxed prior submission.
Also, you may be restricted with certain postcodes etc.
Best if you speak to a mortgage broker to guide you through the process.
We specialise in First Home Buyers and I'd be happy to meet up for a strategy session at a time and place suitable to you and your family.
Feel free to get in touch through my profile.
Best Regards,
Umit
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Q: Hi,
Are there any lenders that will look at 6 units on the one title?
Property is in Abbotsford and but we keep being told the maximum number of units is 4 – the refinance is about 65% of the value of the property. Any advice?
A: Hi Seb,
I have a great lender who will do this under residential guidelines. Please get in touch with me to see how we may be able to help.
Cheers,
Umit Talarico
Premier Lending
umit@premierlending.com.au
0425 354 821
video
Home Loans Five Dock - Premier Lending
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Q: We are looking at a new loan for renovating and know if it’s possible to fix the rate while the renovations are being done. If not, would a lender agree on locking in a 2 or 3 year fixed rate now so when the renovations are complete our loan is fixed at todays rates - the renovation will finish around March next year
A: Hi Jason,
I do have a couple lenders who have a great fixed rate product, which can help achieve what you are looking at doing. These lenders offer fixed rates, that are flexible and you can even make additional repayments with no restrictions.
Any other lender you would most likely fix the refinance portion now and leave the remaining at variable and fix when finished renovating. Rate will be what ever the applicable fixed rate will be when renos are completed.
Please let me know if you'd like more information on the first option I have mentioned.
Kind Regards,
Umit Talarico
0425 354 821
umit@premierlending.com.au
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Q: Buying a commercial property to operate our business and need to borrow 60%. What are the best rates for a 3-5 year interest only term
A: Hi Timo,
It would depend on different factors, ie location, size, type of business etc
Happy to get a few quotes for you. Feel free to get in touch.
Kind Regards,
Umit Talarico
Premier Lending
0425 354 821
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Q: My brother, mother, and I want to purchase an investment property, but we were thinking to only take out the loan in mine and my brothers’ name. The plan was to occupy the property for 6 months so that we will be eligible for the first homebuyers grant (Mum would not be eligible as she has purchased property before). Can all three of our names still be on the deed for the property, if only 2 of our names are on the mortgage?
A: Hi Jared,
If your mum goes on the title you will no longer be eligible for the grant. It is who is on the title that will determine your eligibility for the grant and not who is on the mortgage.
Also, banks require everyone on the title to be on the mortgage.
Hope this helps.
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Q: Fun Friday,
Can you name a movie quote that gives away the film without saying the title?
A: Show me the money!!!
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Q: We want to buy an investment property in Port Macquarie, Price - $720,000. We own are own home and want advice if we can use the equity to buying the property and cover all the costs. Our home would be around $330,000. Can the property in Port just be in my husband’s name as he works full time - income $85,000, thank you?
A: Hi Debbie,
Provided there is no mortgage on your own home, yes in theory, you can borrow 20% deposit plus costs to fund the new purchase. You will also need to qualify for an investment loan for the remaining 80%.
In regards to how you structure the new purchase ie husbands name only or both names, this will not change your borrowing capacity. If you are looking at doing this for tax reasons, he can have the new loan in his name only or you can even have a 99%/1% ownership. Best to discuss the tax implications with an accountant first.
Happy to have a free no obligation chat to work out borrowing capacity for you.
Good luck,
Umit Talarico
Premier Lending
0425 354 821
umit@premierlending.com.au
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Q: Hi,
I’m a first home buyer and looking to buy a property around $650k. I have $300K in saving and will need to borrow about $400K. I have run my own business for 3 years and wanting to split the loan 50% variable and 50% fixed for 3 years. What are the best rates available?
A: Hi Lisa,
Splitting the loan 50%/50% is a strategy a lot of my clients are going for. I have variable rates starting at 3.59% at the moment and 3 year fixed rate specials 3.79%.
Happy to have a free no-obligation chat to see if a fixed rate product is right for you and what combination would work best.
Cheers,
Umit Talarico
Premier Lending
0425 354 821
umit@premierlending.com.au
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Q: Fun Friday,
Can you name a movie quote that gives away the film without saying the title?
A: You can't handle the truth!
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Q: I have been wanting to refinance but for whatever reason didn’t get around to doing it – now I started a new job 2 weeks ago …. same profession but new company.
Could I still refinance … loan amount $630,000?
A: Hi Sammy,
That is a great question, and we deal with this a lot. Different lenders have different policies on this. While some lenders will will not except probation or employment for 2 weeks, others will definitely look at it provided the applicant is in the same position, earns similar income and there is continuity etc
I would be happy to have a chat to see how we can assist you. Feel free to get in touch with me anytime. Our services are free and there is no obligation.
Cheers,
Umit Talarico
Premier Lending
0425 354 821
umit@premierlending.com.au
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Q: I have an interest-only loan with Westpac at 4.84% and owe $680,000. If I change to principal and interest what is the best rate I could get without paying an annual fee?
A: Hi Rikki,
As stated already above, it is difficult to quote a rate without knowing more about your overall financial situation.
However, it is quite possible to achieve a rate under 4% for principal and interest repayments, provided everything falls under normal lending criteria.
For a free no obligation comparison, please feel free to get in touch with me through clicking on my profile.
Cheers,
Umit Talarico
Premier Lending
umit@premierlending.com.au
0425 354 821
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Q: Hi, I am a first home buyer and want to start looking to buy a home, I have $80,000 deposit and earn $90,000 a year.. no other loan loans or credit cards – how much can I borrow?
A: Hi Liam,
As mentioned above your borrowing capacity is based on many things. The numbers you have provided will give us a very rough idea of what you can borrow and this can vary from lender to lender. It's best if you contact myself or one of the other lenders on here to have a chat with , so we may give you a more accurate answer. Happy to have a free chat if you contact me through my profile. It is a free service and there is no obligation. That way we can qualify you and obtain a pre-approval so you can shop around for a home with confidence.
Let me know if you have any further questions.
Cheers :)
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Q: We have a loan of $420,000 and want to borrow about $50,000 to pay off credit cards and do some repairs around the house… house worth $800,000. The loan is with Westpac, rate 4.19% and we would like some advice on what the best rates would be if we fixed 50% of the loan for 3 years?
A: Hi Marcus,
How does 3.79% Variable and 3.89% 3 year fixed rate sound? Happy to provide more info if interested. Please contact me through my profile.
Cheers,
Umit
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Q: I work in the city and it takes about 1 hour and 20 minutes to get to work… painful. My property would be around $1.3m and the mortgage is about $900k and I’m thinking of selling my home and buying in the eastern suburbs or inner west. A couple of friends have suggested renting first for 6 months before buying and selling. The travel is not getting any easier and I’m hoping to get some advice on other options in relation to bridging finance or other things to consider?
A: Hi Judy,
I hear you!
Renting first is a great idea, especially if you are not familiar with the new suburb and a lot of people are opting for that before committing themselves to a big purchase.
Bridging finance is very simple and not expensive as it is common believe. You will have 6 months to sell your existing property whilst you are bridging and are not required to mak any repayments if you don't want to as interest will be capitalised and taken out at the end.
Happy to answer any further questions you may have .
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Q: I got my first home loan when Aussie Home Loans first started and undercut the banks. One of my kids is about to buy their first home and I was wondering if there was a new non-bank doing what Aussie did many years ago?
A: Hi Adrian, there are currently many non-banks offering lower rates than the banks. However, most the time interest rates are determined by other factors such as loan amount, loan to value ratio etc. which can vary depending on your circumstances. It would be best to speak to a broker to achieve the best outcome for your situation.
Feel free to contact me through my profile. I also live in Concord and my office is in Five Dock. Happy to have a chat anytime.
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Q: Are there lenders or other options available instead of having to pay mortgage insurance …we need to borrow about 84 -85% but the insurance is so expensive?
A: Hi Maddy,
I have a couple lenders on my panel who will do 85% lend with no LMI. I also have access to another product which offers a secured VISA card at home loan rates to pay for the difference.
Happy to provide more info if you are interested. Just click on my photo and get in touch through the "contact me" button.
Cheers,
Umit
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Q: Hi easy is it to find a low interest loan for investment property without the attached application fees and not many fees and charges involved with added bonus features of a package with a credit card?
A: Hi Maria,
You may need to look at a basic loan as mentioned above.
I do have a lender with discounted rate, there is an application fee however, there are no ongoing fees and the offer a fee free VISA debit card.
If you'd like to know more about this product or other options available please click on my name on the top left corner and contact me through my profile.
Cheers,
Umit
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Q: We have found a house we want to make an offer and we have saved the 10% deposit. I have just started a new job and still on probation for another month, will this have any impact on us obtaining a loan?
A: Hi Chris,
As stated above, there are lender who will accept probationa as long as you have been in the same industry previously. Again as stated above with a 10% deposit your loan will have to be mortgage insured, therefor there will be other factors just as important.
I would advise to speak to a mortgage broker to match you up with the right lender for the best possible outcome. Ideally you shoul obtain a pre-approval before making an offer on a property as to avoid any delays and surprises.
Please feel free to contact me if you have any further questions.
Cheers
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Q: There's so many brokers. Do they all have access to the same bank deals? And when I get my loan, will my broker proactively identify when I should refinance - or do I need to do this investigation myself every year?
A: Hi Daniel,
Most brokers on here will have access to the same products. However, some products on here are aggregator specific and may not be available to all brokers. Also, a broker who is an Australian Credit Licence holder can also go outside of their lender panel, if needed.
A good broker will keep in touch with you regularly, not just when they think it is time to refinance your loan. I call my clients a few times a year, and know a lot about what is happening in their lives. This also helps to plan for the future and cater for their finance needs down the road.
Hope this helps.
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Q: We are looking to buy a new home and would prefer to buy before we put our own home on the market. Is that possible, can you still obtain bridging loans and what are the issues we need to be considering before we start looking?
A: Hi Frances,
Great questions. Yes, you can definitely buy before you sell with a "relocation" or "go-between" type of loan arrangement.
First we'd check if your existing lender is offering this facility. If that is the case it would definitely make things easier. In the event that we need to go with another lender, this lender will refinance the loan on your outgoing property at the time of the purchase of the new one. You will not have to pay any interest on the existing loan until the property is sold, the interest is rather capitalised for the briding period. Most lenders give you 6 months to sell your house, we have lenders who will extend this period if necessary.
As mentioned before, you will only need to service the end debt, the loan amount which you will end up with after property is sold.
Happy to run some numbers for you or answer any further questions you may have anytime.
Regards,
Umit Talarico
Premier Lending
0425 354 821
2/90 Queens Rd, Five Dock NSW 2046
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Q: How can I find out what mortgage insurance will cost for different lending ratios above 80%?
A: Hi Alison,
The mortgage insurance premium rates vary from lender to lender and depending on the percentage. I do have a couple lenders who will go up to 85% with no insurance.
Happy to assist with any questions. Please contact me if you'd like more informations.
Cheers,
Umit
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Q: How much of a deposit do I need for a home loan in Sydney for a property around 650k to 700k?
A: Hi Effie,
The absolute minimum for an owner occupied purchase is 5%. Plus you will need to cover Stamp Duty and other expenses. Bear in mind that if the deposit is less than 20%, you will also have to pay lenders mortgage insurance. This can be added to the loan.
Hope this helps. Feel free to message me if you need any further information.
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Q: What are the best options for entering the home market with a low deposit without being locked into high interest fixed loans?
A: Minimum deposit required by most lenders is 5% plus costs (i.e. Stamp duty, solicitors fees etc). They do have quite competitive variable rates at 95% lend. However if you would like certainty for the next few years and would like to fix your loan rates start at just under 4% for 3 year fixed.
Everyone's circumstances are different, so it's best to speak to a broker to discuss what is best for you.
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Q: Can anyone recommend any really good home budgeting tools? I used to bank with CBA who offered some really good tools that integrated with my accounts but my new provider doesn't have anything like this.
A: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspend
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Q: How do interest only periods work, if I've been putting money into an offset account, when the interest only period is over do they just charge you principle and interest on the difference between what's in your offset account and the loan amount?
A: No, you will be paying principal and interest on the loan balance. The interest earned on your savings in your offset account (which will be same interest rate as your home loan) will be applied to your loan balance at the end of the month.
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Q: If I'm buying my first property do I still have to pay mortgage insurance if I have less than 20% deposit?
A: Yes, all major banks and most lenders do. A few lenders will lend up to 85% with no mortgage insurance payable.
Some lenders go up to 90% for certain professions i.e. For Doctors and accountants.
Bear in mind that the mortgage insurance premium can be added to the loan. Subject to lending criteria.
I'd be happy to look into your situation and crunch some numbers for you.
