Earn: $1200 / fornight Gross
Income from two permanent part time jobs.
Employed at one since September ’04 and the other November ’04.
Still living at home with parents, no board or costs.
No dependants, loans, credit cards, store cards.
No savings history.
Clean Baycorp credit record except for Paid $90 Default with phone company. Default was a couple of years ago, payed in February this year.Would I be able to get a loan? Maybe perhaps a 100% LVR and/or Non-Genuine Savings Loan?
I’m looking at houses from $180,000 to $250,000 but would like to get pre-approval for an amount before I go shopping.
Are there suitable loans for my situation?
Dave,
You will struggle to qualify for a 100% loan with no savings history and a paid default.
You may qualify for 90/10-non genuine savings loan with a gift deposit, you will also need closing costs stamp duty etc, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Are there such loans as 95/5 Non Genuine Savings or are they all 90/10?
Either way, how many of these loans are around?
90/10 max for non-genuine savings.
With 3% or 5% in genuine savings you may qualify for finance at a higher LVR, 95% to 97% with mortgage insurance.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Dave,
The closest thing to a 95/5 non-genuine savings product is Liberty’s 95% loan, which will allow the FHOG as genuine savings if you are going to be living in the property. However, you would need to be able to demonstrate enough funds to complete the purchase. You would not be able to get regular finance above 95% with a paid default.
Cheers,
Mortgageman
It will be hard, too, with your short employment record. I think most of the 100% loans need the applicant to be in their job for at least 12 months before applying.
Terryw
Discover Home Loans
Mortgage Broker
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
I assume you want to purchase that property for the purpose of creating positive cash flow, well yo can ask the vendor whom you are buying off to sell you the property on vendor finance too and then rent it out under a buy and hold investment strategy.
ASK IT ! You won’t get it if you don’t ask.
Passive income:
http://www.unitoday.net/healthyjack/mystory_en.cfmIf I was to give a gift of a deposit to a person similar to DaveW to help them out with a condition attached to it would a bank lend? the condition would be that the 10% gift was repaid upon revaluation after one to two years with a percentage more for the gift
dianne
[email protected]Banks don’t like conditions like that. They will ask to see a stat dec from the giftor saying it is a non refundable gift of $x
Terryw
Discover Home Loans
Mortgage Broker
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
St George will do 100% & no genuine savings. Servicebility and employment have to be strong so maybe you’ll fall down there.
Cheers
Stu
Originally posted by DaveW:Are there such loans as 95/5 Non Genuine Savings or are they all 90/10?
Either way, how many of these loans are around?
5% non genuine is available – Widebay Australia (formerly known as Widebay Capricorn) have been doing them for years.
cheers
brahms
CALL NOW…adults only (boys and girls ask mummy or daddy first) ~~ 1900 HOT BROKER ~~
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