Doug - here's my suggestions (not advice), just suggestions:-
01. Determine whether the first home grant is applicable through your solicitor first and foremost. Family Law rules have changed so that you can have the property in both names, yet still get the grant if one person hasn't bought before. De Facto relationships I'm not so sure about though mate, hence my recommendation to seek advise. Determining this then leads to point 2:-
02. If it (home grant) IS applicable - then all guns ablazing. Why? When you purchase a home, and the loan is under $500k (NSW speaking here), government transfer duty, as well as Mortgage Stamp Duty are both exempt. If it is more than that, then you are borrowing too much !!! Hehehehe...The costs savings is around 5% of the purchase price. Then you can utilise the 1st Home Grant as Lenders Mortgage Insurance. If this is the case, you can safely go with a major Bank. I personally would always go with a major, because they are the least likely to punish you in tough times (defered payment situations etc), and you would have peace of mind. PLUS you SHOULD get a Personal Banker who you would have personal contact with should a problem arise.
03. The only costs you should then have, would be solicitors costs (around $2k), and Registration costs (around $78 X 3). Your Bank may charge you Mortgage Stamp Duty to begin with, but it would get refunded under the 1st Hamoe Grant Scheme a few weeks later. Other Banks simply don't charge it (the correct way).
- On a loan of about $350k, and an LVR of around 90%, you are probably looking at $3k to $4k Lenders Mortgage Insurance - so your Grant covers all costs. In a market as volitile as it is today, property is now high risk, hence the Banks reasonning behind the Insurance.
In regards to your relationship etc, that is no-one's business but your own. Your mature enough to know what's right for you, so I think it unfair that people have commented on your personal situation.
04. As your living in the place (and must do for 12 months for the Grant), your covered by the uniform consumer credit code, so no matter who you eventually go with, you should realise that legally your rights are the same no matter where you go.
05. You'd probably make sure you don't have to pay an application fee. Introductory Rates are fantastic to start with, but in MY opinion - crap facilities. Go for a Package. Your a professional, so make the most of that fact. It MAY be in your interest (and for peace of mind) to Lock in for a longer term. A suggestion with this is then is to ask to Lock your rate in for three months (until your loan is drawn), otherwise if rates move from when you enquire about the loan, to when the loan actually draws down, you get the rate that it has MOVED to. You should look at around 0.15% of the facility limt in fees to do this, but the interest savings if the rates move 0.25%, over say a 3 year period would be substantial. It's little things like this that can make a very big difference mate.
Look - you know my number, so if you want to ask me anything, please fell free to give us a call (if you don't - grab it off Daniel). At least then you can have a professional, unbiased answer to your question (as I'm not trying to sell you anything). I can also peruse your deal, and make sure there are no fine print (which MOST financiers have) eg:- ecenomic costs if you payout within a certain timeframe - even if the loan is variable. Fixed loans will always attract some sort of break costs - so be wary of this too.
06. Nab doesn't do this mate, but another new option is the eloans. Like the Internet based Accounts, you can have a Home Loan the same. No Bankers, difficult to get problems sorted etc, but pricing is great. Personally, I'd rather pay a LITTLE more, and know I have someone to sort the crap out for me if I need it.
Anyways - this is all proibably best explained face to face, or ear to ear, so I'm available if you need more help.
