- BrizzaParticipant@brizzaJoin Date: 2003Post Count: 75
Just wondering whether she can get finance.
No credit cards
Seperated – Single
Clean credit rating
Keep car (She currently has car loan and pays $520/month in repayments).
Sell car (therefore no repayments).
She is looking to buy a house in victoria and would be eligible for FHOG as well as bonus $3000.
She currently doesn't have any savings, would it be possible for her to put the fhog as a deposit or would she require some sort of savings?
Is it be possible for her to get finance under both options and if so, upto how much?v8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
The first thing lenders look at is the ability to 'service' the loan. In round figures, using your two scenarios, around$182k loan with car, and around $245 without. Gives you a rough idea. The FHOG would be looked after by the lender, and go towards costs etc on a 100% homeloan as you mentioned. All the best,MortgagemanParticipant@mortgagemanJoin Date: 2004Post Count: 164
How long has this "she" been working in her current job? If she is PAYG and has been working in her job for a decent amount of time she could get a loan, but she isn't going to be able to borrow much with no deposit and a car loan. If her parents were open to it, a family equity style loan with a parents guarantee may be one solution.
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
http://www.perryfinance.comBrizzaParticipant@brizzaJoin Date: 2003Post Count: 75
Thanks for your responses.
I remember about 18months ago I had the impression that 100% home loans were only available for high income earners, has that changed now?
She worked for two years after high school, had a six month break to travel then rejoined with the same organisation in a different location and has been with them for three months now.v8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
Hi Brizza – Does not matter what your income is as long as it is enough to service the loan amount. 100% loans are readily availalbe for anyone, with the main criteria being a clean credit history and stable employment. The 100% loans are a key part of the market, and generally what many first homebuyers avial themselves of – and a major part of the lending specialised in by non bank lenders. All the best