All Topics / Help Needed! / Planning to buy first home. Few queries

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  • Profile photo of HarryHarry
    Participant
    @harryinc
    Join Date: 2015
    Post Count: 4
    April 12, 2015 - 12:51 pm

    Hi All,

    We have just immigrated to Australia in Aug 2014 and were planning to buy a house. We were told that we will not get a bank loan before filing income tax returns. I am self employed, work for home and will file my income tax this year. I have about 300K in my bank which I am planning to invest in my home country. Should I let this money be in my bank account before applying for a loan? If I do that and get my loan approved, will I be able to then invest that money abroad?

    Secondly, what are the chances of me getting a loan so soon. Also, how much loan would I get and how much will the govt. fund me?

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 15, 2015 - 7:43 pm

    Hi Harry

    Firstly welcome to the forum and hope you enjoy your time with us.

    Must admit i got slightly confused with your post.

    You mention you have 300K in cash but are looking to use these funds to buy in your home country ?
    Regretfully you will need a decent deposit in Australia and there is no Govt funding / loan.

    I hate to say most lenders are going to require you to have had you Australian Business Number (ABN) for at least 2 years before they will consider you income so come June 30 when you lodge your first Tax Return this will only be for a partial year.

    There are a few lenders that will consider a variety of other forms of income evidence i.e BAS / Bank Statements etc but the loan to value will be reduced and in most cases the rate will be slightly higher.

    Without further details it is difficult to assess the deal further.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Howard MoralesHoward Morales
    Participant
    @howardm673
    Join Date: 2015
    Post Count: 16
    April 15, 2015 - 10:15 pm

    There are many decisions to make when buying your home and it is not always easy when you are running an existing household with day to day activities taking much of your time. A Real Estate Salesperson will help you find the home you are looking for. They will work with you to fill your key requirements for a home and will most importantly, save you time when looking.

    Howard Morales | Selling investment property in brisbane
    http://www.mcbeathrealestate.com.au/

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