Hi guys,
I am close to getting my credit listing removed, and I am ready to start fresh.
I am on a full time permanent role and earning 49k + super salary.
the down fall to all this is that I have only been here for 2months it was a career move, prior to this i was with
my previous employer for 5years.I understand I may not get what I want which is 300k.
I will be going on this Loan by myself NO garuantor.
I have $7k deposit
and no real asset to back up my application.
I am from Sydney NSW if there is any lenders here that can help me out or anyone that can give me advice I am all ears.
thanks.
Hey,
Im not a professional, just a novice that was in your position not long ago. So other people will prob have different views to me.
Anyway I think your first move should be to a decent mortgage broker, if you dont qualify(i suspect there could be some problems) then ask what you need to do to qualify in the future…..
How much you can borrow is relative to which lender you choose: For example, Lender 1 could be willing to finance you for a max of just $150k secured against a property. whereas another lender may be prepared to lend twice as much. A mortgage broker will help you with this. Be wary though as you will prob pay with higher interest rates with the second option. This is just an example.
Also it will depend greatly if the property is an investment or owner occupied.
I suspect you may have some issues, but it is worth making that appointment anyway if you are serious at least then you will know exactly where you stand.
As for Sydney property I have read that it is on the rebound after considerable 'market adjustments' however if the amount of finance offered isnt enough for a purchase in the Sydney market, consider further afield……. Cheaper growth area, use the equity gained to break into the sydney market in a few years.
Just my 10cents. Hope it helps.
First move, get your gear together, payslips-bank statments, employment history and get to a broker and ask so many questions you think he will kick you out if you ask just one more.
Best of Luck!!
Mick
Hi Mick,
Being new to all this how do i tell a good broker from a bad one?
what kind of questions should i be asking?
and how do i know a good offer from a bad one?
I will be living in this property that i hope to get.
I really appreciate your comment Mick.
Look on this forum and seeing the answers to previous posts is a good start for someone who knows his onions.
In my humble opinion if you are Sydney based you could not go past Terry W from Discovery Home loans who is one of the longest contributors to this forum.
Look at some of valuable answers to previous posts and drop him an email.
Richard Taylor | Australia's leading private lender
Mark.p wrote:Being new to all this how do i tell a good broker from a bad one?
and how do i know a good offer from a bad one?
1. The best three ways I think are – Firstly, if you know someone personally or that you trust who recommends them from having used there services that is pretty hard to go past. . Note – that you know or trust repeated for emphasis.
Secondly, what sort of image is conveyed when you walk into their office. That should help. It can be small, but should still be smart, tidy, and have a private area to talk. Are the staff well presented? Or do they look like caryard rejects?
Thirdly, if a broker is affiliated with a franchise it may give you recourse if for some reason you are not happy, but they should have membership of the MFAA or FBAA and the COSL. Lot of initials, but you'll see that referred to somewhere in their office most likely without having to ask.2. The deals should be the same, as most should have access to the mainstream bank and non bank lenders, and a couple of non conforming ones too. I would be very wary of any brokers pushing their own 'branded' loan products at this time, as in most case this is done because they make a heap more commission – and have you locked into them for the term of the loan – that is why they are offered. (If you want more detail just ask – won't confuse you with any more info)
I would suggest once you have a lender and loan product that has been recommended, you ask why? And then ask for who would they recommend if that lender did not exist. Then, before committing to anything, go home and check out the lenders websites, and make sure that you can compare some of the other loans, and that you have been quoted any current specials or promotional loan rates. There are plenty around at the moment. St. George and the NAB are offering some terrific deals, especailly fixed rate loans, which are hard to go past, Rams has a great variable discounted loan special, with no app fees, or other fees……and that is just three lenders!. A 'good broker' should be up on all this stuff and more; however some just use the same couple of lenders all the time without doing much work at all because it suits them rather than suiting you.All the best with your plans anyway.
And you have just completed the 'broker 101' course on line!!!! thank you all for your comments.
obviously there is still alot of things that i need to know.i understand that the rates vary,
what other type of fee's are there?
sorry if this is such a nooby question, i just really want to prepare myself for the big day.can anyone recommand a book or maybe a website?
Hey again,
Look at all this support!!!
Your best bet, to find a reputable broker(important decision) would be via friends of yours who may have had dealings or at possibly via these forums. Be careful though, I imagine that if you have an initial bad experience with a 'cowboy' broker this may taint your view and force you to reconsider. If none of these are an option……. shop around! Go to several brokers(even if they are different offices of the same franchise). You will soon get a feel and be able to separate the men from the boys.
Questions will vary depending on your individual circumstance but here are a couple to get you started:
-If I do not meet the serviceability for any loans, what can I do to improve my situation?
-What are the difference between High-doc, Low-doc loans? (maybe useful if you have limited time in position at your new job)
-What specials are available(e.g. loan discounts/honeymoon loans)?
-Does the recommended lender offer 'professional packages'(Handy if you want to increase your portfolio of property and get rewards along the way – if you stick with the same lender)Also(at a later stage) dont be afraid to haggle about 'loan application fees' with the broker, these can be several hundred dollars and if your good you might just get the broker to fork out for it or the bank to waive it as to either of them your business is worth more than the application fee!
I encourage anyone else to contribute any other questions, but as stated before it depends on your circumstances and what you hope to achieve from this purchase.
If you can get finance, and you are comfortable with your own ability to meet the repayments of the loan(calculators available at echoice.com.au), then next I would recommend seeing an accountant who deals in property as there may be ways to legally claim a tax deduction on your PPOR(principal place of residence) or in other words, the place that you plan to live.
I just had a thought………. perhaps your tax accountant could recommend a broker?
All in all, I would go to the Broker/s with the expectation of rejection. Dont get dismayed if/when they say you need to fix a few things to meet the lenders requirements, this might take a little time and perserverance but there is a forum of people here that have seen and still see the reward of such efforts. Its worth it in the long haul.
Hope this helps!
Mick
If you dont understand anything in what I posted, please ask.
I will elaborate.Regards
Mick
Thanks heaps for that.
do you think it's a waste of time for me to look around now or should i just wait until my craa listings has been removed (early november)?
Could anyone recommand any brokers around Parramatta sydney area?
I really appreciate everyones support.
thanks again.
i had a great experience with an Aussie Broker, he is in BNE, give aussie a call. Ended up with the best deal.
thanks for that I'll be sure to look them up on google and get their site.
guys,
what would you all recommand in my situation, variable or fixed?
and what is the difference between the two?
Mark.p wrote:do you think it's a waste of time for me to look around now or should i just wait until my craa listings has been removed (early november)?
Wait another month or two before you get serious. You've waited this long. Naturally you can suss some lenders/brokers out meanwhile, but if you do decide to get serious prior, while I am all for encouraging loan 'preapprovals' i would advise against this until you know your CRAA report is 'clean' as you expect in Novemenber. (in other words, do not sign any applications or privacy dec. forms. All the best then.
I am a broker from the Parramatta area. I have 5 years experience and over 38 lenders on my panel.
I should be able to help you if you are still looking
Hi,
I just work at Rydalmere and would be interested in chatting and learning abit more.
as prev post suggestesd I dont think I will be rushing into any application forms at this stage until my craa has been cleaned.
but like i said I would be more the Happy to chat and know my options.
In my humble opinion if you are Sydney based you could not go past Terry W from Discovery Home loans who is one of the longest contributors to this forum.
Look at some of valuable answers to previous posts and drop him an email.
20 years in ther industry has to count for something. Alot of the Aussie guys have 20 minutes in the industry if you are lucky.
Richard Taylor | Australia's leading private lender
Hi,
ok thanks I'll check him out.
do you have an email address or maybe a website i can contact him on?
And you have just completed the 'broker 101' course on line!!!! 
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