Loan for PPOR

Viewing 5 posts - 1 through 5 (of 5 total)

rpbrown
Member
@rpbrown
Join Date: 2005
Post Count: 29
February 18, 2007 - 5:45 am
Can someone tell me how long you have to be working before a financial institution will lend you money for your PPOR? If you have cash from the sale of house of about $260,000 and need to borrow maybe $50,000 max. more to get a property you’d be happy to live in.???
N. Brown
neilandkategorman
Member
@neilandkategorman
Join Date: 2006
Post Count: 18
February 18, 2007 - 6:02 am
Dear RPBROWN,
The answer is that it depends on which lender you speak to and what type of work you do (full time, contract, casual, self employed etc etc).
Assuming you work full time, most would ‘prefer’ for you to have been working for 2 years plus for the same employer, however many will accept 6 months, and some even 3 (partly dependant on what you were doing before).
For this reason I’d advise you find a broker so they can do the ‘legwork for you.
I hope this is of assistance,
Regards
Neil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
tel: 0430 500 848
e-mail: [email protected]
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 18, 2007 - 2:31 pm
1 day.
Terryw
Discover Home Loans
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 18, 2007 - 2:59 pm
There are 1 or two lenders who have waived their probationary requirements and will lend once you have confirmation of employment.
As Terry states 1 day is sufficient as long as you have continuous employment previously.
Other alternative is a PAYG nodoc loan.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.
Richard Taylor | Australia's leading private lender
rpbrown
Member
@rpbrown
Join Date: 2005
Post Count: 29
February 19, 2007 - 3:37 am
Richard, who are the guys that waive the probationary period and would the interest charged be higher due to a perceived risk? Employment history isn’t good. Chose to spend as much time with the kids as possible while they were at school so employment was very casual and money not good.
N. Brown