No genuine savings, but excellent rental history loan borrowing 85-95%
Over 85% to 95%+ Loan, for people with no genuine savings, but have excellent rental history.
Wesley is 27 years old, has had the same job for over 2 years, is on a good income, and wants to purchase his first home. Wesley has just got engaged and has received cash gifts of $25,000 as well as has sold his car; which gives him a further $20,000. Wesley has found a home and the purchase price is $350,000. He sent InShape Home Loans an email, asking is there any way he can purchase this house without having any genuine savings. We spoke to Wesley and found he had been renting a unit for the last 8 months and had always paid on time, of which the lease was in his name. Because of this, we had a few lenders that Wesley could choose from.
Estimated Fees/Costs
| Purchase | $350,000 |
| LMI | $10,872 |
| Stamp duty, Transfer and Mortgage Registration Fee | $14,960 |
| Conveyancer / Solicitor | $700 |
| Total needed | $376,532 |
| Funds to meet costs: | |
| Loan | $332,500 |
| Sale of car funds | $20,000 |
| Gifts from engagement | $25,000 |
| Wesley’s savings | $800 |
| Total of funds available | $378,300 |
Please feel free to contact Mery-Anne direct on 0418-556-383 or email info@inshapehomeloans.com.au. We will be happy to help you with any questions you may have.
Important information
The information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. The tax or financial planning positions, if described are general statements and is for guidance only. It has not been prepared by a registered tax or financial planning agent/agents. It does not constitute tax or planning advice and is based on current laws and our interpretation. Your individual situation may differ and you should seek independent professional tax or planning advice.