Looking for Best Home Loan Deal for First Home Buyer. Borrow Amt 620K. Good with 80%LVR

Looking for Best Home Loan deal for First Home Buyer

I have bought a land @409K and Building cost is @330K.

  • I am good with 80LVR
  • Borrowing around 620K
  • Need a P&I fix rate for 2 or 3 yrs with a portion of loan (around 30-40K) to be variable after construction period.

Liked this deal https://www.ozbargain.com.au/node/318489 knowing that Naritas is already offering a 1.5K Cashback.

Any other best deals in the market? given my situation ?

Comments

  • I'm confused. How did you manage to purchase the land without already being to a bank and having your loan sorted?

    • possibly only put down 5-10% and waiting for it to register..

      • Yes I put 5% towards land and waiting for it to register.

  • +2

    If the land is 409k and the build is 330k, and you want to borrow 620k, then your LVR is not 80%.

    • The borrow amount can change. But I am good to put 20% towards deposit.
      I put 5% towards land already.

    • -1

      Can you explain this, please?

      • In short, he is proposing to give them ~$739k worth of security. 80% of 739k is ~590k.

        • Thanks, that makes sense.

  • Not sure on the mortgage itself but I know pricepal does cashback

  • mate, maybe you might want to open your pm, some brokers may have personalised deals for you that can't be publicly announced.

  • -1

    Couple of points:

    1. Valuation is a big variable here with house and land packages. What if xyz lender is offering the best rate but their valuation comes back at say $650,000? I would look at ordering a couple of upfront valuation to ensure you dont have any issues with the valuation and you can borrow the full amount.

    2. Lots of lenders are pricing aggressively on Principle and Interest lending (as opposed to Interest Only) several lenders doing pretty good deals (Suncorp and Bank Australia are doing 3.79% for 2 and 3 years fixed plus $1,500 cash back), St George is doing 3.88%for 2 years fixed and $2,000 cash back).

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