Best Bank To Start Saving With For Home Loan??
My wife and i have been thinking for a while about getting a home loan but am unsure wich bank to start saving up with, we where wanting advice on wich bank would be best to get a 1st home loan with and who has the lowest interest rates ect! we are 1st home buyers and we are planning on saving compulsively over the next 2 years but we want to make sure we build a good banking rep with the right bank, any help would be great
I Jizzed in my pants
Wouldn't worry about trying to build a rep with a bank, because when you're ready to buy, that bank may not be the one that has the best home loan for you.Originally Posted by cxcxcxvcvcvc
My wife and i have been thinking for a while about getting a home loan but am unsure wich bank to start saving up with, we where wanting advice on wich bank would be best to get a 1st home loan with and who has the lowest interest rates ect! we are 1st home buyers and we are planning on saving compulsively over the next 2 years but we want to make sure we build a good banking rep with the right bank, any help would be great
As long as you keep your statements for the period of savings, ie over the 2 years, you'll be sweet. All they want to see is that you can save money and any deposit you have, you've managed to save over a period of time, rather than just won or inherited, and have no savings history.
When you're ready to buy/build talk a to someone like rams / wizard / aussie, a broker that will find the best loan that suits your needs.
Congrats and Good Luck....
Signage, Splash Backs and Display Systems
"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."
The Only 6sp VZ Wagon
nab have a special account for people with an access acount sort of thing,
it works by using either internet phone banking,
it has currently 6.5% per annum calculated daily paid monthly,
you can move your money around as much as you like, ie withdraw, deposit for free,
its called an iSaver and the account has no fees attached,
may help with your saving, it does for me
EASTERN CREEK JCNSW 2009
Carbon Positive - DO IT!!
i have an isaver account with the NAB and its really good, i earnt a large amount of interest everyyear from the rates,
if you can afford to dont save for 2 years as in that time you could have a house and be earning equity so u can buy an investment property asap.
just a thought
no longer a hoon by association - the commodore is gone
cheers mate, & thanks for the infoWouldn't worry about trying to build a rep with a bank, because when you're ready to buy, that bank may not be the one that has the best home loan for you.
As long as you keep your statements for the period of savings, ie over the 2 years, you'll be sweet. All they want to see is that you can save money and any deposit you have, you've managed to save over a period of time, rather than just won or inherited, and have no savings history.
When you're ready to buy/build talk a to someone like rams / wizard / aussie, a broker that will find the best loan that suits your needs.
Congrats and Good Luck....in fact we had a look @ some blocks for sale just around the corner from us and the want $300K for a 600square meter block!
Would love to get straight into a house but being an apprentice with 2 kids its impossible
Damo is right. No need to save with anyone in particular. Banks only care about your savings history, not who with. Best to find a high interest savings account like ING and put away as much money as possible into that. We just moved into our first home 2 weeks ago. Went with Mortgage Choice and couldn't be happier with the loan we got. Mortgage choic do all the work and it doesn't cost you anything because they get their payment from the lender once you sign up. It's not dodgy either because the commision they get is the same no matter who you sign with. Our loan is through ING and there are no ongoing fees, no application fees, low fixed rate. No bank would beat it. Of course the best deal is different for every person. Make sure you shop around and don't rush into anything.
...Just wanted to add that some lenders will lend you 100% of the purchase price but as you said there needs to be some sort of a guarantour (can't spell) or you need to still chip in a few thou to cover motgage insurance and various legal fees. Thats the road that we took. It's not for everyone but we have solid good paying jobs. Saving a big deposit is absolutely the best way to go because it will automatically take years off the life of the loan before you even apply.
What I suggest is make an appointment with a Mortgage Choice consultant and be up front with them. Tell them you just want to find out how much you can borrow and exactly what sort of costs your up for. All lenders have online calculators too.
Car theives should be treated just like horse theives and cattle rustlers in the days of the wild west... Hang them!
Don't be stupid. Power isn't measured by the size of your tacho
Carbon Positive - DO IT!!
ah ok. well i wish u luck in your savings, but by the sounds of it your commitment wil be enough.
all the best, happy savings
no longer a hoon by association - the commodore is gone
thanks mateah ok. well i wish u luck in your savings, but by the sounds of it your commitment wil be enough.
all the best, happy savings
Your freedom ends where mine begins
Im saving for a house deposit atm too...
I got my money in a term interst account... 7% pa... n its only a 4 month lock in..
So every 4 months i can either move it to a better interest bracket OR jst stay in this one...
Plus every 4 months i can add some more cash to it from the account my wage goes into...
Good luck with the saving!
Your freedom ends where mine begins
WHile on the subject... and i don't mean to hi-jack...
How much is the first home buyers grant these days? in vic?
Infidel Bear
Mini Putt 2 Champion!
Best thing to do is look around, even consulting a financial planner is worthwhile.
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
- Theodor Seuss Geisel
I Jizzed in my pants
7k for buying and 10k for building.... i think......
Signage, Splash Backs and Display Systems
"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."
Save Save Save!
CXCXCXCCXCXCXCCX, DAmo and Scooter have given you some good advice.
Does not matter who you bank with,as long as you have records to prove that you have the ability to save money regularly.
Another thing to keep in mind is do you already have a proven credit rating? From buying a car , furniture etc?
From the way i was brought up i was taught by my dad that if you want something you save money and go and pay cash for it... ( this was good advice 20- 50 years ago) and for anything that i ever owned i had paid cash.
When i was about 22 i decided that i was going to buy a house and i had alrady been saving a few years and was trying to get a loan....
Now get this..... A new house and land package was about $100K then and i had saved approx $20K. The banks would not lend me money cos i did not have a credit rating with anyone!!!WTF!
The result was a friend of mine wanted to buy a new fridge and stereo so i got a personal loan to purchase these and then made payments early avoided high interest and got a good credit rating. Then the banks were happy to shovel money at me!
Best advice would be to shop around for a good deal on a loan and when they check your eligibility to service the loan make sure you also calculate if you can afford to make payments if interset gets back up to 18% etc.
Make weekly payments instead of monthly will reduce your loan by heaps!
Fix your savings short term so you cant be tempted to dip into them during xmas, or when you see a really cheap charger for sale.
Good luck! Pete
P.S. You dont have a really cheap charger for sale do ya?
Customize your life.
Have you seen ING-Direct ? You don't get charged a thing for having this account, You can link it to your saving account, I'm with ANZ and it's linked to this Savings maximiser account.
ING DIRECT Australia - Our Products - Savings Maximiser
I have a Savings planner with them, At the moment i get 7%, But it's around 6.40%, It comes out of my pay directly into this account, If you are willing to save for a good number of years it will really benefit you..
Your freedom ends where mine begins
Build it is!! lol
My gf has a ING thing... good value on account you have easy access to your money...
Though that being the reason im not gonna have one... too easy for me to get side tracked and blow a couple grand on something random...lol
RAPTR6
Rhino Racing has a good point, I never had lent money in the past and because no credit rating no chance of loan, so essentially some small ticket items on some sort of easy to manage loan gets that all important credit history (ability to meet payments and the commitment to meeting them) which is what the banks really want to see. With no credit history it can be very difficult to get a house loan sometimes.
As for the deposit part, save it anywhere the interest is better
Raptor Superchargers - Boosting S1/S2 3800's, Ecotec's and Alloytec's
Tells it like it is.
You beat me to it. I use the same thing for work clearing the cheque account daily and bunging it into this account. There is also a facility to put in any amount on a regular basis (eg pay day). Treat it like any other bill - once the money is in there it is gone and can only be used for it's intended purpose.
Reaper
yeah the missus and i will be doing that in the future before we buy or even get the loan, so that we can maybe save some money off our loan
Rhino Racing, when i was working with a bloke @ my old factory job he said the same thing to me about the credit rating, he used to pay cash for everything but then when he wanted to get a loan, he found it very difficult! so i will keep that in mind and maybe get a small loan for a few needed items (raptor charger, direct nos injectionCXCXCXCCXCXCXCCX, DAmo and Scooter have given you some good advice.
Does not matter who you bank with,as long as you have records to prove that you have the ability to save money regularly.
Another thing to keep in mind is do you already have a proven credit rating? From buying a car , furniture etc?
From the way i was brought up i was taught by my dad that if you want something you save money and go and pay cash for it... ( this was good advice 20- 50 years ago) and for anything that i ever owned i had paid cash.
When i was about 22 i decided that i was going to buy a house and i had alrady been saving a few years and was trying to get a loan....
Now get this..... A new house and land package was about $100K then and i had saved approx $20K. The banks would not lend me money cos i did not have a credit rating with anyone!!!
The result was a friend of mine wanted to buy a new fridge and stereo so i got a personal loan to purchase these and then made payments early avoided high interest and got a good credit rating. Then the banks were happy to shovel money at me!
Best advice would be to shop around for a good deal on a loan and when they check your eligibility to service the loan make sure you also calculate if you can afford to make payments if interset gets back up to 18% etc.
Make weekly payments instead of monthly will reduce your loan by heaps!
Fix your savings short term so you cant be tempted to dip into them during xmas, or when you see a really cheap charger for sale.
Good luck! Pete
P.S. You dont have a really cheap charger for sale do ya?
cheers for the link mate, will have a good read through it
haha, yeah temptations a killeranyway either way as long as we are in our own home we can always build/renovate @ a later date
beleive it or not (and this gets me rather upset) but when i was working for a glass company ($460 take home with all benifets sick/hol pay ect) with a clean credit rating i could not even get a loan for $6000!!! (lowest amount you can borrow from anz) due to my name being on a rental lease and having one child!!! yet my mate walked in and got a 20K UNSECURED LOAN from teachers credit union ( he was same age and same job) and walked out with 20K!!! the problem is that i cannot seem to get credit
i like the point you bought out there reaper! (look @ the account as if its a bill) exactly what me and the missus where saying yesterday
getting a credit rating can be as simple as getting a credit card and putting things like groceries on it and then repay the credit card with every pay so you avoid paying interest. No impulse buys though. Do that for 12 months and you should be right.beleive it or not (and this gets me rather upset
Car theives should be treated just like horse theives and cattle rustlers in the days of the wild west... Hang them!
Don't be stupid. Power isn't measured by the size of your tacho
<---Brad Quaid = internet stalker
I got a house with no credit rating (i guess?) never had a CC but they wanted to see my bank statements and income for last 12 or some months and were happy with that.
I'd only had full time work for 7 months at the time.
Tells it like it is.
There is nothing personal about it. It is all about your capacity to repay the loan. Rent and a kid vs living at home (assuming bugger all rent if any at all) and no kids should have a much better chance of paying back a loan.beleive it or not (and this gets me rather upset
Reaper
Customize your life.
I tell everyone it's hard to remove it lol
I still don't know what i am going to do with it in the end
Only problem i have with it is it takes up to 5 working days to go into the account, Other then that i love it
Your very welcome hope it's what's you need
cheers for the link mate, will have a good read through it
Infidel Bear
Mini Putt 2 Champion!
Australia doesn't use the World Standard credit system. Her you either have a bad credit rating or nothing. You do not earn points for good credit etc, you are simply marked with Veda so when anyone does a credit check it tells them you have an issue. That is where Australia's system is very unfair, you can have 35 years of perfect credit, miss one perhaps 2 payments, your credit is then screwed for at least 5 years if reported as a default. After 5 years that default is removed and is never seen by anyone again. No company can request if there has been any defaults that have expired.
This is why i do not understand people saying "I didn't get this loan because I have no credit rating" It is a case of either a)You have bad credit or b)you were seen to be a risk for borrowing.
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
- Theodor Seuss Geisel
Tells it like it is.
Hmmm.... The one I have at work puts the money in instantly but it takes 3 days to clear before I can withdraw it again. AFAIK it is exactly the same account.I tell everyone it's hard to remove it lol
I still don't know what i am going to do with it in the end
Only problem i have with it is it takes up to 5 working days to go into the account, Other then that i love it
Reaper
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