Hi all
This is my first forum post [blush2] although I’ve been reading posts for a while now.
My question is about financing a new property when I know I don’t meet the normal lending criteria.
We have 3 investment properties – these plus our PPR seemed to have taken us to the absolute limits of our borrowing capacity.
Now we are selling one of the IPs – it settles on Monday. This will free some money for a deposit for our next property and wipe out a $50K debt.
I’ve seen a property I’d like to make an offer on that is in the same price range of the one we are selling but my problem is that one week ago I started a new job.
I’m still working for my old employer 8 hours a week after hours, and the new job pays loads more than my old job…BUT I’ve only been there a week!
Are there any lenders that would look at us at the moment, or will I basically have to put our next IP on hold until I have been in my job for 6 months?
Any ideas on how we could finance this property would be much appreciated [biggrin]
Sarah
as your with the same employer your ’employment continuity’ should override the ‘internal shuffle’ so long as you don’t have a probation period attached to the new position.
borrowing capacity varies substantially over different lenders, if you haven’t investigated this factor thru a good broker, please consider doing so – you may have more available options then you initially think.
will the new purchase be mortgage insured?
cheers
brahms
[email protected]
BrisbaneHi brahms
No, we shouldn’t need to get the new property mortgage insured.
My new job is a six month contract, so while there’s no probationary period, there’s no real gaurantee of continuity after that.
Our mortgage broker is having a baby pretty much as we speak, but I will definitely contact someone else in that game and talk it through with them.
Thanks [biggrin]
please stick with your existing broker – they will be able to discuss – they have your ‘file’ afer all.
a good broker with a solid panel of lenders will meet most if not all requirements.
cheers
brahms
[email protected]
Brisbaneit will be very hard if you only have a 6 month contract. Could you ‘go back’ to your old employer full time for a while?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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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