hello all
i have a deal lined up where i can buy the house $25000 under what it is worth.i can almost get a loan.i meet the requirements to borrow the amount i need.i have my savings history for 3 years where i saved over $30000.the only problem is i lent it to my brother 12 months ago so he could put it on his home loan(he gave me a better rate then any term deposit).to get the loan they say the money needs to be in the account for 3 months.if i wait this long the deal will probably be gone.any ideas?Try Commonwealth (in Vic), they are keen for deals at the moment and say they’ll double my a loan when my own bank of 15 yrs wont. Also the SM said they are thinking seriously of not requiring a savings history anymore and will take lump sums into accounting. Don’t forget Super too, sometimes you can get a loan through your Super fund, but at least include it in calculations for the bank. Good luck
Fern
Hi gattaga,
You dont mention whether you are a first time buyer or not but on the assumption that you are you may qualify for a 100% or 106% loan.
If you have the serviceability then the interest rates are not too bad. An alternative would be a personal loan / crdit card for the deposit and then go for a 90/10 loan.
Another option is to see if the vendor is interested in leaving say 7% or so in the deal and you paying him a higher rate of interest than he could get on term deposit.
Unlikely as you say that you are purchasing it at below valuation but worth a try.
Email me if you want further help.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Gattaga,
It seems you have the deposit but the issue is the lenders policy regarding genuine savings,however this should not be a problem, providing you have 10% deposit you may qualify for a 90/10 non-genuine savings loan, the 10% deposit can be a gift or savings held for 1 day 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.
hi gattaga
post the price of the property and the state.
is this a ppor and have you got the deposit.
Then the wise wizards on here may be able to give you some clues.
You could get the contract put at $250,000 and if you settle within 7 weeks (normal time)they will give you a 10% discount the lender will lend on 80% of $250,000 depending on valuation.
post the above and let our creative pens give you acouple of ideashere to help
This is a problem that pops up every now and then.
It can be overcome, possibly, by showing the statements proving you transferred the money into your brother’s account and then him transferring it back.
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
In my eyes the logical thing to do whould be sign for a 3month+ settlement.
Simple as that!
Cheers
MattI would not recommend committing to a purchase without a subject to finance clause and finance approval. 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.
Granted the above point – I was under the impression gattaga had the finance under control, it was just that he needed the saving history – hence in 3 months they could demonstrate this.
Mattthanks for all the help.i rang the commonwealth bank and they said no worries,i got the loan.the guy at mortgage choice does not know what he is talking about.
Funny many clients have told me that about Mortgage Choice Franchises
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
McBrokers I call them….
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Thats funny coming from MR Macks
[biggrin][biggrin][biggrin][biggrin]hi gattaga
Did you get the property.
If not look outside the square and go to the vendor ask for an option( this will throw the mcbrokers) hold the property with say 1 or 2% don’t go over 5% or it can be classed as exchange(in nsw)do all your due diligencies and then purchase.
Chat to a few lending wizards here and they will be able to explain.
I don’t think I recommended mortgage choice ho I now remember why because I did recommend a broker that know’s what they are doing silly me for not mentioning this first.
hope its all gone wellhere to help
You must be logged in to reply to this topic. If you don't have an account, you can register here.
