hi folks, long time no see.
The mrs and I are now looking at buying our first home. Is now a good time? Have prices come down? We are looking to buy in December, for around $240k. We are buying because we can now afford it, not because we are chasing cap growth.
We have some finance issues. I am self employed and earning about $150k, but only since March. Therefore I dont have 2 recent tax returns to show a lender. The mrs earns $35k but a mortgage broker said she needed another $10k income to qualify. Deposit is not a problem, but the Mrs has a $20k personal loan. We prefer to keep our deposit working as it is earning around 40% vs paying out the personal loan with interest of 12%.
Is there a broker here who can hook us up with a decent rate? We were offered 10% but laughed and walked away. The broker we talked to said a statement from an accountant would not be enough.
thanks in advance…….
http://www.posigear.8k.com
Positive Geared Share InvestingHi Crashy
If you have had an ABN for 2 years, you could get a good low doc loan (eg. 7.30% dropping to 6.50%)- but that would mean 20% deposit.
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 Terry
yes, but since I wasnt working at all last year my ABN isnt much help. I dont want to put down 20% deposit because I can get a 40% return on the money elsewhere. 10% I can live with, 5% even better.
If all it took was a glance at a bank statement, we would be financed by now
but nooooooo…..they want to see tax returnshttp://www.posigear.8k.com
Positive Geared Share InvestingI know what you mean. It is hard for self employed, but this is due mainly to the mortgage insurers strict requirements. If only you had a job with payslips for 3 months!
What about paying out the personal loan to help serviceability, and then getting a new one after settlement? Also reduce or get rid of any credit cards for a while. If you are living with parents etc, then you could stay there on low rent and say you will rent out your new property to enable rental income to be taken into account. etc
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
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