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Mortgages in Mitcham
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Ishaan Malhi, company founder, says: ‘Borrowers are being let down by a mortgage industry that continues to be difficult and confusing to engage with.
This well-run society saw profits rise by 80 per cent last year.
Chief executive Andy Golding’s pay rose by two per cent. Although annual and medium-term bonuses were paid to all four executive directors, none exceeded £25,000, so escaping the Government’s super-bonus tax.
On a £160,000 property, the first-time buyer would have to put down £8,000 while the parents would put £16,000 into a Helpful Start savings account. The mortgage repayments would be just over £801 a month.
The interest rate the parents receive on their savings is the base rate plus 1.5 percentage points (2 per cent gross).
The next generation of home owners in Melbourne were more pragmatic with Mitcham, 26km east of the city, and Croydon, 33km east of the central business district topping the list.
Anyone with a shared ownership property can buy further shares in the home until they own it outright – this is known as staircasing.
The cost of your new share will depend on how much your home is worth at the time.
High society wife of millionaire banking boss and AFL…
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Living within 10km of the city centre was a priority in Sydney, with Marrickville and nearby Ashbury in the inner-west the top choices.
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