Omniwealth will provide a product information report for the Westpac product tomorrow
We'll then jump on a call to discuss and answer any further questions
Terminology for the CBA product information report:
Loan Amount: The max amount you can apply for (based on current savings and serviceability)
Max. Property Purchase Price: The maximum amount you can pay for a property based on the above loan amount being approved
P&I Repayment Amount: The monthly mortgage repayment you are required to pay. P=Principal which is the actual money you have borrowed, I = Interest which is the interest on the money you have borrowed
Product Type: Standard Variable Rate: The rate is variable and can move up and down throughout the life of the loan
Stamp Duty: The state government tax that is payable on the property purchase. To note, this is based on the purchase price and differs per state. For the purpose of this report, it's based on purchasing a property for 613K in NSW
LMI Amount (Est.): LMI = Lenders Mortgage Insurance, this is standard insurance the bank takes out on any loan that does not have a 20% deposit. This cost needs to be covered by you
Max Term (Years): The timeframe of the loan if only repaying the minimum monthly repayments
Discount on Variable Rate: This is any discount the bank applies to the variable rate, currently 0%
Variable Rate Incl. Discount: The current interest rate for the loan.
As mentioned previously we will present a full cash flow analysis with each property we present.
Please don't hesitate to let us know if you have any questions and chat again tomorrow.
Exciting times, we're on the path to finding your investment property!
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