Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
what you borrow and what it even is.
Some people think it's a flat fee or an annual fee, et cetera.
So get understanding of LMI, how it works.
To give you a little quick tip, probably around an 88% loan or a 90% loan is what you should really aim for as a minimum.
So a 10 or a 12% deposit.
But if you're talking Melbourne or Sydney or Brisbane, even after the last 12 months, you're talking a lot of deposit when you add also stamp duty on top.
So you could be talking 15 or 17% times the purchase price.
A lot of money, right?
150, 200 grand sort of thing.
So Emily's absolutely right.
I mean, not everyone has got the benefit of having usually parents that are in a financial position to give you a guarantor.
You know, they may not own a property or maybe they've got a house and it's got a lot of debt on it.
Or, you know, maybe they have, maybe they've got a home.
They're not looking to sell or downsize anything.
You haven't got a family of 10 kids.
You've only got one brother or sister.
And that can be an issue when multiple kids want to use it at the same time and family Christmas party antics.
So there's things that we can really understand guarantors.
If your parents are in the position to do it and it's not going to affect them and your brothers and sisters are OK with it, then it can be a huge benefit for you because basically you don't need a deposit.
You'd still want to use your money in offset accounts and things like that, but you don't need to find this deposit.
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