so, we decided since we had jobs we should start asking about home loans...
mecu (our credit union) said that the minimum deposit was 4% GENUINE SAVINGS. in this case, genuine savings means that you have to have had an INCOME and ACTIVELY SAVED this money over a period of 3-6 months. we have 4% saved, but haven't been SAVING it - it's just there. so no good for us.
cba (second most hated institution after centrelink on my scale) said that we didn't have a telephone banking password and so we had to set one up before they transferred us to the home loan people... who cut us off.
anz (apparently the most favourite home loaners in the universe if you believe their ads) said that the deposit was 5%, and could be a gift (though we'd have to sign a declaration), and part time work was ok (bet you'd have to sign a declaration) but that casual employees (that's me) were the spawn of satan and they'd have nothing to do with me.
westpac (i talked to patricia and bruce!) were as friendly as a bank can be - did all the guestimating for us over the phone, said casual work was ok if it was permanent, said the 5% GENUINE SAVINGS didn't have to be income based, we just had to have HAD the money for 3 months or more (dan has), and talked us through all the fees and monetary things... wow. this morning is loving westpac morning.
i don't know why banks made it so hard... i mean i've been supporting myself for 6 years. please, i can pay off a loan!... anyway i start work tomorrow, and dan starts training on monday (full time for a week)... so the cash is going to roll in! perhaps they'll give us promotions and give me $1900 per hour instead of $19.00 - ah, the decimal point, cause of so much frustration!
For me, home loan become scary only when a certain home loan provider will add high interest rates. You'll get to borrow big amounts on home loans, after that you will begin paying that together with the added fees or charges. That's the reason why this loan options was considered expensive.
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