All Topics / Help Needed! / Alternative lenders when banks say no???

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of George75George75
    Member
    @george75
    Join Date: 2011
    Post Count: 2

    Hi all, we have signed up a contract on PPOR in Hervey Bay thinking finance no problem with 50% deposit, no so! We have been travelling Australia since last October only working sometimes, partner is now working but it is casual fifo, not self employed, no abn. Excellent money but banks won't look at us as this is not permanant employment… we have excellent credit, no debts, more money in bank in NZ, afew assests… Surely there is some lender out there for us??? Any tips???

    Profile photo of pinkboypinkboy
    Participant
    @pinkboy
    Join Date: 2010
    Post Count: 49

    X + Y = Z

    Deposit + Servicability = Loan

    Can you cash in any assets or bring money into Australia to purchase PPOR outright?

    pinkboy

    Profile photo of George75George75
    Member
    @george75
    Join Date: 2011
    Post Count: 2
    pinkboy wrote:
    X + Y = Z

    Deposit + Servicability = Loan

    Can you cash in any assets or bring money into Australia to purchase PPOR outright?

    pinkboy

    Sadly we don't have enough to buy outright or we would. Our last loan was low doc in WA 18mths ago, I didn't realise it had all changed now. I am just hopeful that there is an option out there for us. I have emailed afew "non bank lenders".

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

    Hi George

    Hate to say that the new era of Credit legislation puts emphasis solely on serviceability and responsible lending.

    All lenders are covered by the same legislation so you are not going to get preference by contacting a non bank lender.

    If your partner is in receipt of regular casual income then at a 50% lvr it might be possible with a couple of lenders but would need additional information to provide a more structured answer.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of xdrewxdrew
    Participant
    @xdrew
    Join Date: 2010
    Post Count: 479

    It will all bounce back in time. What we have now is the feedback effect from the disaster of 2008. It just means that the capital flows will be muted until everyone feels safe again. Which may take a couple of years at least.

    But historically speaking .. by the time your kids go looking for property .. it will be hard to find a decent property all over again. And banks and lending institutions will be under pressure to get a little lax and a lot more flexible.

    There is no such pressure now .. its time to grit your teeth and get money any which way possible.

    Legally, of course.

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.