Forum Replies Created
No dwelling on the block is definately a problem, also the fact that we took a repayment holiday in January when our second child was born (feature of the current loan). CBA did not like it. However, new statement is coming through on the 31st Dec which will show up to date payments, etc. CBA is still on the cards at this point.
Thanks so much for your replies!
Selling is definately an option and should it come to it this is what we will do. However, at this point we will not sell before we have to settle on the land, and we are having trouble getting approval for finance on the land, not the construction (due to the size of the land, no other reason). Time is our problem right now. Thanks for the suggestions!!
How is the quality of an IKEA kitchen though? In the past I have bought flat-pack furniture items which were always missing something or did not screw together right. I'm loathe to stuff around with bad quality pieces when a kitchen is a job that needs to be done in one hit.
Anyone have any experience with a Bunnings kitchen? I'm fairly certain they can help install it also. How is their quality in comparison?
What about kitchens from auction houses, etc? There are some beautiful kitchen with granite benchtops available, but it seems to me that none of them have a cut-out for the sink or the stove. Would these need to be put in after purchase, and how much would that cost? Generally their styles are very standard so it shouldn't be hard to source extra doors/cabinets/handles if necessary.
Thanks everyone for the comments!
Well we are still waiting on an answer from the mortgage insurers (who I am sure is GenWorth). We have also looked into using GE money and Wizard Home Loans, but both use GenWorth as their mortgage insurer.
How long does an assessment by the MI normally take? Our papers were sent through to them on Monday and it's now Friday. We are getting really anxious because finance has to be settled by the 25th Sept.
It seems our problem is not what lender we choose to go through (as most will give us the loan) but the MI they send the assessment to. If anyone can help us get this settled in the next three weeks that would be utterly fantastic. I don't know what else to do but wait at this point!
Oh, and we also have a larger deposit now: $7000 FHOG, and at least $5000 savings.
We are trying to get the loan through Virgin and apparently they are happy with the figures and that it is only stalling at the mortgage insurers.
Saw the accountant yesterday and she said the same thing – that non cash items and one-off expenses can be added back onto the income (which is great because a good chunk of my husbands deductions come from these expenses). We have since sent the new information and are waiting to see how we are assessed.
If we are still having no luck, I would hugely appreciate being pointed in the right direction insofar as lenders with more lenient mortgage insurers goes. We are so close to getting the amount we need – it's just a matter of pushing it over the line.
Thanks so much for the replies!!
We have dealt with St George previously and were not at all happy with the service and length of time it took to finally get our loan rejected (5 weeks – the length our subject to finance clause stipulated). They are also incredibly inflexible in assessing individual circumstances (husband is a sub-contracted employee and therefore needs 2 years worth of income, however was an apprentice just under 2 years ago – will never be an apprentice again but the bank only looks at the dollar signs). Was looking for a lender not of bank origin.
I've heard bad things about RAMS….don't know if it's true or just rumour.
Mortgage broker was very helpful, but limited to the mainstream loans – we are interested in something a bit more outside of the box – hence the wholesale and internet/phone only loans. Not being able to access a branch is of no concern to me, seeing as I very rarely use one anyway.
I was considering the fixed interest option for the first few years of the loan. What are the disadvantages with this?
Also, my mother-in-law's property is worth about $20,000 more than what we are paying for it. Are we able to use the difference between market value and agreed purchase price as a sort of deposit?
I'm not sure what Payg is…
Sorry, I am only just learning the ins and outs of finance. It's a mine field!
Was a condition of the tenants lease to not hang anything on the walls unless using the already present fixtures? Our lease stipulates that we must not hang anything on the walls, by any means, unless using the picture hooks already in place. This includes blu-tac, etc. If your lease does not stipulate a condition such as this, then as a tenant I would reasonably assume that blu-tac would be ok (theoretically less damaging than pins, etc), and that the unfortunate incident of paint peeling as a result is more wear and tear than willful damage.