Herminie is 25 years old, has had the same job for over 2 years, is on a good income, and wants to purchase her first home. She loved travelling, and has only saved $20,000. Now, she has found her dream home and the purchase price is $400,000. Herminie sent InShape Home Loans an email asking if there was any way she can purchase this house without obtaining any extra funds from her family. We found Herminie a loan of 95% of the purchase price with Lenders Mortgage Insurance (LMI), which could be capitalised on top of the 95% loan with a secured visa card, at home loan rates of $20,000.
|Stamp duty, Transfer and Mortgage Registration Fee||$16,598|
|Conveyancer / Solicitor||$700|
|Funds to meet costs|
|Loan with 100% offset||$360,000|
|Line of credit home loan||$20,000|
|Secured visa card (homeloan rates)||$20,000|
|LMI capitalised on loan||$12,000|
|Total of funds available||$432,000|
Please feel free to contact Mery-Anne direct on 0418-556-383 or email email@example.com. We will be happy to help you with any questions you may have.
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.