Some banks do and some don't and even the banks they do – do not do it all the time.

Are the salary credit regular or irregular?

That would be considered self employed but there are some grey areas with the situation above. Have you engaged your banker or broker? The other thing is that difference lenders have different policies when it comes to how they view self employed applicants and it varies greatly. 

What is the problem exactly? Does it relate to income or showing…[Read more]

I would take that $400k and buy a 1000sqm block in MD.

Re the group – do a google search and you will find plenty of interesting feedback.

The broker is correct. What is the LVR you are wanting, the total loan amount for the construction of 9 units and the postcode of the development?

I think its more a question of when it will settle in the early 90's. 

You would be looking at a commercial loan for the purchase but I wouldn't recommend purchasing the property under a company. Speak to a professional about the purchasing structure.

You need to speak to a broker or a banker about drawing upon the equity against the current property. The application would need to work just on her details and income…[Read more]

1. Make sure the properties are standalone
2. Different lenders use different valuers so the equity available may be different from lender to lender. Most lenders now days offer free upfront vals
3. If you are planning to develop the properties be careful of selection of lender as it multiple dwellings and construction policies differ from lender…[Read more]

What is the LVR you are wanting? When did you become self employed? Is the self employed job the same as what you were doing before or something completely different.

Yes it does matter and it depends on the lender. Lender will have restrictions in terms of LVR that they will lend to. So for example, some lenders will do 60% whereas others will do 75%. Alternatively you can do a hybrid build. 

Either way its a no brainer to do the work yourself – just be careful with choice of lender if you decide on a OB. 

When you say owner builder – do you mean the renovation or a completely new build/construction?

Renovating is a great idea for obvious reasons and it will help create CG and further equity but what is the long term plan? Are you looking to convert the property into an investment?

Are you looking to draw upon the equity against the property to fund for further purchases?

Toowoomba seems to be a popular area – I have a few clients buying 95% lends there (and Rockville) with similar strategies. 

Your biggest problem here is the deposit and the fact that its not genuine savings. The only thing I can think if is a delayed settlement on the new purchase so you have enough time to come up with the deposit. 

Where is it? What is the strata? When it comes to quality you can only see the cosmetics – what about things that you cannot see like waterproofing, etc. 

NRAS properties are fantastic. The bigger kicker with NRAS is getting a property that is not over-priced and in turn issues arise with valuations when you are organising finance. 

Also the max LVR is 90% with most lenders. There is a risk that the government may pull the tax benefits however I personally think this is unlikely. 

Its not that its credit card or a personal loan – the issue is that its unsecured lending and its a high amount. So 2 x cc's at $20k a pop is going to score badly. Even the lenders that don't credit score will have issues with such high unsecured debts. 

Look at Maitland, Cessnock, Metford if your budget is around $200k and look at Edgeworth, Windale if your budget is around $300k. You can find bargains but you need to always have your eye on the market, be quick and ruthless because you will have massive competition. 

Cessnock and Maitland markets have cooled a little due to new developments,…[Read more]

some tradies charge to provide a quote and some don't but those that do need to advise upfront and ascertain approval before providing the quote. 

I have a few clients that meet up once a month – they are in Launceston. I take it you are looking for people in Hobart yes?

Matt39 wrote:

TheFinanceShop wrote:
This would not score well particularly when there is only one applicant. I would avoid a lender that does auto credit scoring. Go with a lender that will not credit score. Plenty out there. Also you need to ensure that the overall application is strong.

Which are lenders that don't credit score? And do…[Read more]

Excellent post ^…..