Mortgages in Australia?

Question

How much do you owe on your mortgage? How much did you borrow originally and over how long? Who is your mortgage with?

Answer 1

Mortages in Aus usually range between 25 and 30 years depending on the loan and the income the payee has.

To get a mortgage is usually based on  a maximum 6  times the combined annual income of the applicant/s and the amount of deposit available.

Applicants can get no deposit , 5% deposit , or open deposit loans and the interest rates will be set accordingly.

there is also opportunity for NO DOCs ( no document substantiation of income) home loans but these usually carry a high interest rate to cover the risk.

Interest rates can be fixed for a set term or left as variable depending on the institution.

many people use mortgage brokers who have a portfolio of lenders and have the ability to match the borrower to a lender for a small commission of fee.

On top of the loan there is usually fees for applying, settlement , conveyancing and servicing of the loan, this can add several thousand to a loan.

The government also extends a deposit scheme to resident first home buyers of $7500 deposit.

Answer 2

my parents borrow 200,000 and are paying it back over 20 years with Rams

Answer 3

none of your buisness

Answer 4

i borrowed from National bank of australia for 75000 and am paying it over 30 years