Finally got my first mortgage at 42 and here’s what I learnt

[shaynaleab]

@stevensmith9 You could be right but as that famous judge said just because I choose to eat wagyu and champagne everyday, doesn’t mean I’m not able to make adjustments so I can pay my mortgage

 

[bulfrek]

@shaynaleab

You could be right but as that famous judge said just because I choose to eat wagyu and champagne everyday, doesn’t mean I’m not able to make adjustments so I can pay my mortgage

but you're already doing the opposite of that, since you required two jobs to even save the deposit?

 

[shaynaleab]

@bulfrek Nope. Back to wagyu and champagne because saving for the deposit was the biggest hurdle. I can comfortably make the repayments with one job and even have some left for investment.

 

[sinaloapaisa]

@shaynaleab Out of curiosity how much did you borrow and what rate did you get?

 

[shaynaleab]

@sinaloapaisa I borrowed under $900k at 4.49% variable

 

[justmommie56]

@shaynaleab How long is the mortgage term?

 

[eric1020]

@shaynaleab It's not up to the broker what documents you provide.
But the broker can find which lenders require the documents which suit you.

The broker didn't allow the 15% deposit but he did find the lender that allowed it.

Brokers don't set the rules but they do find the lenders you can work with and have the products you need.

 

[shaynaleab]

@eric1020 I had enough documentation for all of the banks and my expenses were under the HEM. However, i also had to be travelling home for my mum’s memorial which meant spending a lot of money just before settlement, so it was great that the broker could let me know all my options.

 

[cgainey303]

@shaynaleab Asbestos only got fully banned in Australia in the early 2000s I believe so you would have had to bought fairly new to avoid it.

It's still making it's way into the country in large quantities today as a lot of gyprock we buy here comes from china + it's still legal there. Recently FDC did a test on some gyprock sheeting and found that all their orders had asbestos present so it all had to be destroyed. Although not the same kettle of fish as having a purely asbestos ceiling or something, it's still worth remembering that it can be present almost anywhere and wearing a good particle filter mask ($80 from Sydney tools) can make a lot of difference if doing any diy jobs round the house.