All Topics / Help Needed! / What if you know you can service a loan but cannot prove it, via tax etc.

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  • Profile photo of IWANTMORECASHIWANTMORECASH
    Member
    @iwantmorecash
    Join Date: 2010
    Post Count: 45

    Any ways around this PM me if need be thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    There are many ways to achieve this subject to the usual conditions.

    Lodoc and Nodoc lending is still alive should this avenue be necessary but in same cases clients think they need this way forward when in fact full doc options are still achievable.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of IWANTMORECASHIWANTMORECASH
    Member
    @iwantmorecash
    Join Date: 2010
    Post Count: 45

    Yes but im talking about 45k + super,  But i have other income which is no tax :) i have another property with only 40k equity  they wont allow me to get another loan, they think i wont be able to service it has to be 90% lend no cash in pockets ATM. any ways around it?  fake paylsips lol ??

    Profile photo of never too latenever too late
    Member
    @never-too-late
    Join Date: 2009
    Post Count: 18

    I say a bit of bad luck if you can't come up with an idea to vouch for you……Funny story… I was in a simmilar position in 2001……….I worked house cleaning for a well off guy ( 15 hrs per week) 8 years in total… when my mother inherited money and gave it to me to find us a house.  80 k .  I immediatley sort to buy a home for her, myself and my two children to live in…kids aged 11 and 9…….I approached a few banks. NAB finally listened to me in that I could afford to repay a mortgage even though I was getting cash in hand to supplement my sole parent pension. They requested that I supply proof from my employment,,he was more than happy to do that and see me get ahead…He owned a rather large buisness in Melb from Queens St and supported my application..Thus in them conferring with him .bingo I got a home loan…He is not a guarentee or anyway connected to my loan other than word of mouth and a few faxes of guarenteed income and personal reference….So it can be done if you have a simillar story…..Good luck and don't give up….Ps…I also provided 4 years of rent receipts with the same landlord and pleaded that if I could pay them successfully over the last 4 years then I could pay without trouble a cheaper mortgage….you do have to be diligent and rather confident if you want to prove yourself…..Good luck and keep trying..I did and it paid off….I have since quadruppled my inital 80k and am ready to take on more……….

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hate to say providing fake payslips is mortgage fraud and certainly not something we would be involved in.

    Also what income is not taxable have to enlighted me because i was under the impression all income was Taxable.

    If the other income is from self employment then limited doc loan is a possibility even to 90% but the rate is ugly and the set up costs not cheap. You would need to cover these as well as your 10% deposit.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

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