Hi my name is Craig
I am in need of finance!
Six months ago my partner and I tried to purchase a house in Melbourne with little sucsess.We were refused finance from one of the big banks and then we refused finance off a broker that was at 10%, it was a horror crash course in finance.
This is our current situation, We have two kids,Jen is currently unenployed and I have been at my current job for approx nine years, earning $46,000 p.a. We have $15,000 in savings $13,000 of this was gifted to us.We are currently saving $1000 a month.I have a mark against my credit rating (credit card debt-paid out)not exactly sure when this expires.This debt and not having 6% genuine savings were the main factors the bank wouldn’t touch us.We are entitled to the F.H.O.G.,and are looking at houses in the $180-$220,000 mark.
Can anybody help us?Hi Craig,
with $15,000 plus $7,000 FHOG = $22,000 I estimate on a 90% lend of $180.000 you are nearly there, you will need the 5% of purchase cost =$9,000 based on $180.000 purchase, a 95% lend may be an option but the the 90% lend may be touch and go based on your Credit rating, having said that i will need more info.
Regards
Steven[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Some brokers have no genuine saving products in their line up. I do.
But they usually require everything else to be squeaky clean – I could only give you a yes or no after we submitted an application on this one.
I am sure it isn’t the end of the world. Steven should be able to help you.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Or you could find someone to wrap a house to you, pay the loan down for a year and then try again to move into mainstream finance.
Keep smiling
Felicity
Firstly, you should probably get a copy of your credit file. http://www.baycorp.com.au , they will supply it for free in about 10 days. Just send a signed fax with your details requesting it (fax 02 9951 7880).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Craig,
I forgot to mention one important point, Every time you make an application to a lender for finance the application will show up on your credit report,
I would suggest the best way to avoid this problem is to use a good independent mortgage broker who will asses your situation before submitting an application, the last thing you want is another decline on your file.
Regards
Steven[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
With regards to declining finance – does it always get registered?
I got declined late last year and haven’t seen anything on my credit file to suggest that I was knocked back – it was actually my trust that was knocked back, but it was on my personal servicability.
I subscribe to baycorp and haven’t seen any decline hit my file?
Cheers
MelMel. I beleive that knock backs aren’t recorded on the CRAA file. Only applications are recorded – it doesn’t indicate if you went adead, passed or were declined.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Correct Terry.
Cheers
Stu
However, having many enquiries that you haven’t gone ahead with is not such a good thing. It is best to limit applications where you can.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Mel & Craig
A decline is not recorded on baycorp, Current federal legislation does not allow Baycorp to record whether the application was accepted or declined,
However, the lender, date of application, and amount of credit applied for is listed,
Multiple enquiries for credit in a short space of time is enough to set lender alarm bells ringing, and can somtimes hinder the success of a tricky loan application.
Regards
Steven[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi Craig,
It sounds like only one minor blemish has lead to quite a bit of heart ache for you and your family. Would you be interested in entering a wrap deal in a location and for a home that suits your requirements.
I would be interested in trying to assist and find a win-win solution for both of us.
Good Luck.
Regards,
ShaneHi my name is Corrine
I too am seeking finance and have been knocked back by NAB. Our situation is different. We recently recieved a financial settlement and have about $750K in equity made up of mostly shares and some cash.
My partner is a day trader and we derive our income from our share investments.
Does anyone have any ideas on how to start out with buying property ? Should we pay cash for our first investment property or does somone think we could get finance elsewhere? We have only been in this position since June and the bank said we need a regular income ie Be employed or trading for at least 2 yrs.
We have 2 young children and I am at home.
Corrine,
Just because the NAB says no doesn’t mean the end of the road! Talk to a broker with an extensive panel of different types of lenders.
Some lenders will LODOC you on less than two years income.
NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.
All the best,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by MortgageHunter:
NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.Hey Simon, what LVR is a NODOC loan?
Cheers
MelCorrine, you might try Suncorp Metway, a Qld bank. They told me today they look seriously at 12 months profit and loss status if self employed for conventional loans (not lo doc). They also consider lending 95% (mort insurance required). This is different to what they told me 6 months ago. I know they are still hot on property whereas the southern based banks are going cold. But it might only be for Qld property. Check it out.
Bruce
Mooloolaba, QldP.S. Suncorp currently have no loan application fees as a special.
Bruce
Mooloolaba, QldOriginally posted by melbear:Originally posted by MortgageHunter:
NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.Hey Simon, what LVR is a NODOC loan?
Cheers
MelMel,
65% LVR. Current rate is 6.85%.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon – something to think about!! [
]Cheers
MelHi Craig
You could try a number of non-conforming lenders out there.
I work for one here in QLD, and our company can do loans for clients with no savings history(gifts ok) and bad credit histories. Unfortunately we are not well known outside QLD.
As long as you have a job our company can do 90% lends, Full Doc at 7.2%. No catches, just basic loans with no fees, that are flexible enough to run similar to a Line of Credit.
We also allow borrowers to revalue their property as often as they like to increase the limit and access the equity to purchase again. Basically it is tailor-made for investors.
Another one you could try is Resi Mortgage Corp, similar company with basic no-frill loans.
If you would like more info feel free to e-mail me on [email protected]
I realise this seems like a sales pitch but just to let you know there are other options out there and they don’t involve high interest rates and inflexible loans.
Regards
Brendon
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