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.
|Stamp duty, Transfer and Mortgage Registration Fee||$14,960|
|Conveyancer / Solicitor||$700|
|Funds to meet costs:|
|Sale of car funds||$20,000|
|Gifts from engagement||$25,000|
|Total of funds available||$378,300|
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