HarryParticipant@harryincJoin Date: 2015Post Count: 4
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?
ThanksRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
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.
Yours in FinanceHoward MoralesParticipant@howardm673Join Date: 2015Post Count: 16
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