Who is this short article for?
This short article is for members of the Australian Military searching to acquire their 1st house to reside in.
Can serving members of the Australian Military get a house loan with no real discounts?
Certainly, by having advantage of the First Residence House owners Grant (FHOG) and the Residence Purchase Guidance Scheme (HPAS).
How significantly can I acquire for making use of the FHOG and HPAS as my deposit?
In NSW and QLD 1st house prospective buyers do not fork out stamp obligation for buys up to $five hundred,000. As there is no stamp obligation payable, by making use of the $7000 FHOG and $16,949 HPAS only, the optimum acquire selling price with no making use of any of your individual resources would be $340,000. The HPAS and FHOG is ample at this acquire selling price to fork out for the five% deposit, legals and getting expenditures. Of course if you do have some discounts or accessibility to a gift then this acquire selling price could be increased providing your profits is ample to find the money for the repayments.
What is the requirements to get an Australian Military Residence Bank loan accepted with no real discounts?
one) Minimum one yr work with Australian Military,
2) Clear credit history record – absolutely no defaults or bankruptcies,
three) Positive asset situation. Positive asset situation refers to owning extra belongings than liabilities. Belongings for this take a look at exclude superannuation and house contents.
four) Sufficient profits having into account current liabilities to find the money for the repayments if interest fees where by to increase by one.five%
five) Fantastic repayment record in the earlier 6 months on all liabilities including credit history playing cards and individual loans
Is the interest fee increased?
No, the interest fee is standard – you are not currently being billed increased due to the fact you do not have real discounts.