100% Home Loan - does it exist?

[ricardo]

Agree. My income’s a mix of salary and business. They weren’t interested in the business income and did all their calculations and checks based on the salary income.

[jcc]

I'd be very curious about the rates people have gotten.

I'm looking to buy but I'm thinking waiting for my PR application to finish might get me a better rate so I don't want to visit the bank and then go back in a few months? Also contemplating marriage as that's another positive the banks do like(signal you're gonna stick around)

[ricardo]

You could go now and go back again in a few months..... (to a different bank, if necessary). Wouldn’t do any harm to see what’s on offer now.

I think their main criteria for deciding the rate is income stability and amount. PR probably helps, although I have no direct evidence of this.

Marriage might suggest stability also. Remember we’re talking about secured loans here, relatively risk free for the bank and close to zero interest rates for you. If you don’t “stick around” they’ll just forclose and get (most of) their money back anyway.

I’m on 1.25% fixed for 10 years (effectively 0.25% because of the 1% home loan refund scheme). After that it goes back to their variable rate, but I will be able to pay the whole thing off then.

The most important thing is to find a good place and location you’ll be happy in. People tie themselves up in knots over the mortgage but you won’t spend much time in the future looking at your mortgage statement. You’ll spend a lot of time in your new place, so choose the location, the community, the physical space/interior/construction and your likely neighbours with care.

I wish we’d spent a little more time on the details of the interior/exterior. It felt a bit rushed at times. Choosing door handle styles, materials and colours sounds minor but you use them and look at them every day. Get the details right.

[RetireJapan]

As far as I know PR is a condition for many banks. Some banks will give you a loan without it, but it tends to be at a higher rate. I don't think marriage is a factor.

Your income and how long you have been employed (or in business for self-employed people) seems to be the key metric. You can combine incomes with a spouse with some banks if your income alone is not enough.

[Mr.Goodkat]

You could go now and go back again in a few months..... (to a different bank, if necessary). Wouldn’t do any harm to see what’s on offer now.

I think their main criteria for deciding the rate is income stability and amount. PR probably helps, although I have no direct evidence of this.

Marriage might suggest stability also. Remember we’re talking about secured loans here, relatively risk free for the bank and close to zero interest rates for you. If you don’t “stick around” they’ll just forclose and get (most of) their money back anyway.

I’m on 1.25% fixed for 10 years (effectively 0.25% because of the 1% home loan refund scheme). After that it goes back to their variable rate, but I will be able to pay the whole thing off then.

The most important thing is to find a good place and location you’ll be happy in. People tie themselves up in knots over the mortgage but you won’t spend much time in the future looking at your mortgage statement. You’ll spend a lot of time in your new place, so choose the location, the community, the physical space/interior/construction and your likely neighbours with care.

I wish we’d spent a little more time on the details of the interior/exterior. It felt a bit rushed at times. Choosing door handle styles, materials and colours sounds minor but you use them and look at them every day. Get the details right.

Can you offer some more information on your experience on the refund scheme? I can't find anything about it.

Cheers!

[beanhead]

Can you offer some more information on your experience on the refund scheme? I can't find anything about it.

Cheers!
[/quote]

https://resources.realestate.co.jp/news ... n-japan/is

It is well documented in Japanese. You get a tax break for 10 years on your mortgage.