Finance basics for buying in 3051. General information only.
Some lenders apply postcode and minimum size policies to inner Melbourne apartments, so financing a compact studio is a different exercise to financing a full sized two bedroom in a completed building. HALP's brokers can model deposit, lenders mortgage insurance and off the plan settlement timing for a 3051 purchase before you commit.
IllustrationMost lenders look for a deposit of 10 to 20 percent plus purchase costs. Below 20 percent, lenders mortgage insurance usually applies, and lenders will want to see genuine savings history. The bigger the deposit, the wider your lender options on apartments.
Off the plan purchases usually mean a deposit at contract, then nothing until settlement when the building completes. Formal loan approval happens close to settlement, not at contract, so keep your finances steady through construction and budget for the valuation coming in at, above or below your contract price.
Federal and Victorian support schemes for first home buyers change often, and each carries price caps and eligibility rules. Check the current settings on the official government sites, or ask your broker to run your numbers against every scheme you may qualify for, before you budget around any of them.
Pre approval tells you your ceiling before you fall for a floor plan. It typically holds for about 90 days, is free from most lenders and brokers, and puts you in a position to move when a release opens.
Register your interest First home buyer guides at halp.com.au
