mortgage repayments

[barmyarmy]

if not too personnel can anyone let me know their mortgage repayments per month n how much thats for.also any other costs to do with mortgages plz.:wacko:

[Angela]

I had a quick look at a calculator for you, you can do the same:
As a guide / round figure $200k is about $1300 per month. NB Interest rates have been hiked up again especially by the Commonwealth bank.

[taylor family]

:)Hi if you can pay into your mortgage account weekly they say that you can take about 7 years off :)on a 25 year motgage as eveything is calculated daily hope that helps.
alan&laura:)

[passionate pom]

I was talking about mortgages at work the day and was told if you pay ALL your salary into your mortgage and live all month off a credit card ( sensibly ) and then clear your card monthly with a draw from your mortgage you can apparantly pay off your loan in 10 years . ( sounds complicated / too good to be true / VERY TEMPTING !!!! )

[cribber]

Just to give you an idea, i went to see the Commonwealth bank last week and was quoted monthly repayments of $2,200 on a $300,000 mortgage. And that was before the latest rise in interest rates!

[passionate pom]

Just to give you an idea, i went to see the Commonwealth bank last week and was quoted monthly repayments of $2,200 on a $300,000 mortgage. And that was before the latest rise in interest rates!

Make sure you ask the commonwealth about their " wealth package ":notworthy:

[cribber]

That was the wealth package! Good benefits, just not good reypament rates!

[happy-jools]

Cor Blimey were never gonna be able to afford to live, with payments of that much, and not for a huge morgage really.

Think I may rent for the rest of my life.:arghh:

[Rachiegarlo]

We got our first mortgage with Homestart, an initiative to help lower income people to buy their own house. There is an extra loan aswell to top up the amount, I think. Also if you are eligible(maybe permanent resident, but I don't know for sure) the government has a first home buyers grant of $7000. Most people use this to offset their legal costs. I seem to remember that Homestart repayments are set at a percentage of your incom with the remainder being added onto the rest of the loan.Try googling homestart, soory cant remember their adddy,
Rachel

[soggy]

just a bit of info that may be useful, if you are on a temp visa, your not likely to get more than a 60% loan, maybe a bit more but you will pay higer interest for it and thats high enough as it is.

Simon

[cribber]

Soggy,

The 60% you mention is not the case for all lenders. We are here on a Temp 457 visa and have been offered and 80% mortgage. As i say it just depends on your own circumstance and the lender.

[soggy]

Soggy,

The 60% you mention is not the case for all lenders. We are here on a Temp 457 visa and have been offered and 80% mortgage. As i say it just depends on your own circumstance and the lender.

Hi,
I found someone offering a 70% but for 1% above the standard rate, I know these things vary but thought it worth mentioning so people on a temp visa can plan properly. If you are on a PR visa you are treated much the same as citizens if you are not on a PR visa you will have different rules apply.:)

Simon

[Leanne & Mark]

Pay your mort fortnightly,($1k a fortnight, rather than $2k a month) if your pd fortnightly which most people seem to be that knocks yrs off your payments, so you can get a 30 yr mort so your payments are lower but it will be pd in around 22 yrs.
Better still get 25 yr mort, and it will be cleared in around 18yrs !!!
Virgin one offer it in uk, (and oz) but there rates are quite high for uk i suppose.

[Lulujim]

Hi - Ok i am freaking out a little bit now :wideeyed:

We will be coming over on a 475 temporary visa. We hope to buy after a short period of renting.

If we are left with a higher interest rate as on a temporary visa, will this be reduced when we become permanent residents?

Are other people on temporary visas waiting until they become PRs - and then can get $7000 homestart help too??

Thanks!!

[soggy]

Hi - Ok i am freaking out a little bit now :wideeyed:

We will be coming over on a 475 temporary visa. We hope to buy after a short period of renting.

If we are left with a higher interest rate as on a temporary visa, will this be reduced when we become permanent residents?

Are other people on temporary visas waiting until they become PRs - and then can get $7000 homestart help too??

Thanks!!

Hi,
I don't know if any extra intrest rate you pay will come down when you become PR , but there is no reason why you can't re mortgage to a better deal the same as in the UK.

Simon