Low deposit build.

Anonymous

Low deposit build.

My husband and I want to get into our own home. We are looking at the low deposit build option but paying a high amount than the low deposit option.

We are aware that we could get caught at extras but we just want and know to get stock standard without any extras.

My husband has currently just been made redundant and it actually has put us in a better position than before while he was just working.
We don’t plan on actually going through with it until he is back in fifo industry.

I’m hoping someone who has experience doing this option can offer advice and recommendations on companies to use.
We want to stay around North lakes, Mango Hill, dakabin or narangba/back of north lakes.

Thank you!

Posted in:  Money

7 Replies

Anonymous

I doubt thd bank will even consider you with one of you unemployed given the current environment. It’s cheaper to buy than built right now as building materials are expensive with import prices and lack of availability :(

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Anonymous

I should update that we don’t plan on actually doing it until my husband is back in fifo. We are aware we can’t do anything right now given his unemployment! Lol

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Anonymous

The lower the deposit the more MLI (mortgage lenders insurance) you will have to pay for the life of the loan. This will be on top of the additional interest you will pay because your borrowing more. Can you keep saving for another 12 months? I'm almost certain you need at least 20% in order to avoid paying MLI.

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Anonymous

The lower the deposit the more MLI (mortgage lenders insurance) you will have to pay for the life of the loan. This will be on top of the additional interest you will pay because your borrowing more. Can you keep saving for another 12 months? I'm almost certain you need at least 20% in order to avoid paying MLI.

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Anonymous

I understand the LMI and a lot of people say to try avoid it.
The houses in our area would equate to a very high deposit that would take us a lot longer than 12 months to save. We are a 1 income family plus child support paying more than our rent a week.
We’re just hoping to find a way into home ownership without having to wait years.

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Anonymous

Low deposit = trouble especially for a first time mortgage. Dont build for first time. What about decption bay, caboolture. Push your suburb boundaries a little. Put extra cash into demos.

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Anonymous

My daughter attends a school in that area and I don’t want to move her schools or drive the distance everyday, Also not a big fan of that area as I lived in them both before kids.
We’d also consider an old-ish house and renovate to sell and maybe be able to then get a home closer to what we want.

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