I just wanted to ask everyone what are my options for now regarding applying for a mortgage on my own so that I could apply for my FHOG. Currently I am earning $67k but I have a personal loan of $28k. The personal loan is variable rate and the fee fluctuates every month depending on the amount of outstanding balance figure. I don't really have much savings at the moment also.
I had a look at Keystart Finance, as I'm from WA, because they only needed 2% deposit but I am not able to qualify as my expenses have to be 7% of my income and I'm paying $650 per month for my personal loan at the moment.
Does this mean I won't be able to apply for mortgage with any other vendors due to my situation and with no cash savings even though I would have planned to use my FHOG? Is my option right now just to pay off my personal loan as much as I can and try to save up some money? I don't have any guarantors and don't really know anyone to have joint ventures with either.
Think this one has been answered on Sommersoft and cant see any other solutions.
Richard Taylor | Australia's leading private lender
disregarding the personal loan for a moment, these days you will need at least 3 to 5% deposit as genuine savings in addition to the FHOG. Some lenders also know back people whose net asset position is negative. So, i don't like your chances I am afraid.
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
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