Hi,
Just wondering whether she can get finance.
21yo
$42,000pa Gross
No credit cards
Seperated – Single
No dependants
Clean credit ratingOption 1:
Keep car (She currently has car loan and pays $520/month in repayments).Option 2:
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?Hey Brizza.
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,Hi Brizza,
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.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
http://www.perryfinance.comThanks 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.
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
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