All Topics / The Treasure Chest / Quickie for mortgag brokers – Cash… but no job

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  • Profile photo of DavidUDavidU
    Member
    @davidu
    Join Date: 2001
    Post Count: 101

    Hi

    Quickie for the MBs…

    Is it possible to get a loan with a deposit preferably 10% but 20% is fine with no current job but with an excellent previous working history?

    Cheers

    David U

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    If you are “self employed” with an ABN then a LODOC springs to mind. However it would be pointless to get one now as you generally need a qualifying period of two years in business.

    There are asset lends and private funds available, however you will pay a premium to use these.

    You can also buy with another person who is employed or have them go as co borrower – they must understand that there are certain inherent risks and responsibilities involved here.

    Cheers,

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144

    Assest lends LVR’s are generally 65 -75%

    If you have had a ABN for 2 yrs no problem like Mortgage Hunter said. If you’ve had it for 1 yr still no problem, just higher interest rate.

    But there is a loan where it is designed for people who are starting buisness. You only need to be applying for an ABN. You must have ABN by settlement. The max LVR is 85%. The interest rate is higher than normal, due to the risk. It also depends on location of property.

    [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    We have a 85% asset lend available. But the rates are very high and it is only for property in ‘cities’. 9.5%!

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Hi David U

    Here are a couple of the asset lend products:

    Homeloans Ltd – 65% LVR – 7.25% interest rate.
    RAMS – 65% LVR – 6.99% interest rate.
    Eurofinance – 85% LVR – 9.50% interest rate.

    I don’t think you can use a Low Doc because you have no income to self certify.

    Fees, costs, etc. vary greatly so make sure you take these into account when comparing loans.

    Hope that helps.

    Cheers

    Stu

    http://www.prosolution.com.au

    Profile photo of DavidUDavidU
    Member
    @davidu
    Join Date: 2001
    Post Count: 101

    Great.

    Thanks everyone.

    These loans are just for short term holding; ie buy, settle and then on sell immediately at retail (not wrap!), so the interest rate is not of the utmost importance as the property will be held for say 120 days max.

    Stuart, with the Eurofinance loan mentioned, are there are loan break fees and post code restrictions?

    Cheers

    David U

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    David

    Properties have to be in metropolitan and major cities on eastcoast of Australia.

    Application fees is 1.25% of loan plus legal and valuation fees.

    I have not used this lender yet.

    Cheers

    Stu

    http://www.prosolution.com.au

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I’ve used eurofinance a few times and they are very good. There are no break costs on this product, they can even roll it over into their Adelaide bank low doc with no new application needed. I think it is 1.25% app fee and another 1% fee if the LVR goes over 80% (max 85%). Hpe this helps.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of DavidUDavidU
    Member
    @davidu
    Join Date: 2001
    Post Count: 101

    Thanks again

    Could anyone clarify the definition of ‘metropolitan and major cities’ areas?

    Would it for example, include, say Ballarat, Geelong etc??

    Cheers

    David U

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