Properties

Financials

Mortgage approved for $400k.
Approved for Victorian Homebuyer Fund, which allows him to get 25% of the purchase price as an interested free loan from the state up to $950 K inm e t ro p o l i t an M e l b o u r n e / G ee l o n g an d$ 700K in regional Victoria.
- With the stipulation that you pay back 25% of the valued estate overtime.
Has a deposit of $105K available.
Projected stamp duty is $37,070.
Transfer fee for estate is $1700.
As well as roughly $100 in government fees.

Purchase Price VHF Contribution (25%) Remaining Purchase Price Dave’s Contribution (Deposit + Mortgage) Additional Costs Total Upfront Requirement Funds Gap = $700, 000 = 0.25 \times $700, 000 = $175, 000 = $700, 000 - $175, 000 = $525, 000 = $105, 000 + $400, 000 = $505, 000 = $37, 070 + $1, 700 + $100 = $38, 870 = $525, 000 + $38, 870 = $563, 870 = $563, 870 - $505, 000 = $58, 870