Ask Our Brokers A Question After Hours

personOtto Dargan access_timeFebruary 6, 2017

Need a home loan but not sure where to start? Have a question about the home buying process? Maybe you just want to get an idea if you qualify.

At Home Loan Experts, we understand that you have busy lives so you’re not always able to call our 1300 889 743 number during business hours.

That’s why our team of specialist mortgage brokers are available online after work hours and during weekends to answer your burning questions.

Alternatively, you can fill in our online enquiry form and we can get back to you with a free assessment.

How do I ask a question?

To get answers in real-time, you can start by getting in touch on our Live Chat messenger.

If at least one of our brokers is logged into the system, you’ll find the ‘Chat with us’ icon on the bottom right-corner of any of our webpages.

Simply click it and start your mortgage advice online chat with one of our brokers.

What if we’re not on Live Chat?

Our ‘Chat with us’ icon won’t always be active.

If your question isn’t urgent, you can always leave a question in the comments section located at the bottom of each of our website pages.

We manage our comments section 24/7 so, even if it’s after work hours, we’ll endeavour to have your question answered quickly.

You can also leave a question on our forum or complete our enquiry form if you want to get started with your home loan application.

What’s the best way to make an enquiry?

When we’re not helping customers with their home loan needs, we occasionally need to sleep, eat or watch a cat video on YouTube.

That means live chat mortgage advice won’t be available or it may take some time to answer your question in the comments section.

If you really want to get started on applying for a home loan, you’re best off making an online enquiry using our simple assessment form.

You have the option to make comments and ask questions as part of your enquiry.

One of our mortgage brokers will contact you within 24 hours to discuss your situation.

The best part is that it’s absolutely free so there is no obligation to you.

We believe in educating Australians on their home loan options so they can make informed financial decisions.

What home loan types can we assist you with?

We know the banks’ policies and have agreements with some of them if your situation falls outside of traditional eligibility requirements. We can assist:

Want to speak to someone in person?

You can give our office a call on 1300 889 743 during business hours and we will put you in touch with the next available broker.

  • Akhilesh Singh

    how much in percentage you will lend for a unit in Southport QLD?

  • Hi Akhilesh,

    It depends on the unit type but up to 95% with a normal loan and up to 105% with a guarantor loan. Please note that Southport is a high density location. If your unit is in a high rise building then some (but not all) lenders will reduce your loan to 80% of the property value.

  • Courtney Lynn Cockrell

    Hello we are first time home buyers but we need to get a personal loan and a moratage loan but was wondering if we get a personal loan will it hurt us getting a moratage loan and what if I get the personal loan in my name with him cosinging would that be better then him taking a personal loan in his name while applying for a moratage loan

  • Hi Courtney
    We’d have to look at your full situation to be sure. But in most cases it is best to get the mortgage first unless the personal loan is part of your deposit. If it’s part of your deposit then there are only a couple of lenders who will accept this

  • Courtney Lynn Cockrell

    well its really for taxes and paying off credit card but i have bad credit think its like 512 but his is 742 so the mortage will b in his name but if i get a personal loan in my name with him cosinging would that hurt him in getting the moratage loan…And his debt to income ratio is low…We have a couple thousand right now but was wanting that for closing cost or some down payment

  • It may be best to get your current debts under control before buying. Again we’d have to see your full situation to be sure.

    Best of luck!

  • Gareth

    Hi i exchanged contracts on a new build the other week just waiting to complete .. in the meantime my card has gone caput and needs £1000 spending on it could I put this on my credit card or would it affect the mortgage

  • Hi Gareth,
    In Australia this would have a negligible effect. In the UK I couldn’t be sure but as long as your card doesn’t go over the limit and is paid on time then this should be ok.

  • Gareth

    Thank you for the reply I think I’m going to wait until completion until I use the card thank you

  • Caitlin fletch

    Hi, my partner and I have been stuck in a renting rut for a while now and are struggling to save up for a deposit for home loan and I was wondering if there is a way we can get around it. My dad said he would be gaurentor for us but will that cover 100% of the loan and not require a deposit? Can we use our rental history as proof of “saving” per say? The property we are looking at is $149,000 if that makes any difference.

  • Yes you can borrow 100% if your dad guarantees your loan using his property

    Whereas without a guarantee you’ll find a rental history can help in that the bank will allow your deposit to come from any source as opposed to it being saved by you. So a gift from your dad would be an acceptable source of a deposit. It doesn’t mean that you don’t need a deposit. Without a guarantor you still need a deposit

  • FYI We cannot assist with loans under $300,000 at this time as we’re short staffed. However other mortgage brokers may be able to.

  • Nikita Horne ˚͜˚

    hi me and my partner are looking to buy a house with uk help to buy scheme and can only get a mortgage for £230000, the house we want to buy is £257500 do we have any options to get a larger mortgage?

  • Hi Nikita,
    We can only finance properties in Australia sorry.

  • Joanne Paroci

    My parent’s are going guarantor for us using a property with no mortgage.
    We’ve already been told our borrowing capacity was 558k with a 30k debt consolidation and stamp/legal cost by one of your brokers but havent heard back as he is probably busy.
    Question i wanted to ask is ive since commenced working part time permanent consisting of 25 hrs approx $550 gross. I am currently recieving fam tax a and b and husband also works full time (105k annually) with 3 dependents.
    I was told that by working it would def boost borrowing power but just curious to know how long id need to be in work for to be able to get an idea of how much more we could intially borrow if that makes sense.

    Could we apply right away or do we have to wait 3 months.

    Cant get much of a home for 558k in sydney.

  • Joanne Paroci

    Should state the husbands tax return last year was 79k but his projected outcome with weekly overtime was calculated to be 105k according to his YTD currently.

    Prior to working i was only receiving fam tax a and b of 850 per fortnight and will reduced to about half id say in a month or so.

    Which is why borrowing power was 558k max.

    So as it stands now i receive 850 per fortnight plus 550 per week until my working credits reduce.

    If that makes sense.

  • Hi Joanne,
    Sorry about that issue regarding our broker not getting back to you. Please call us on 1300 889 743 and ask for Maria and she can make sure that your file is being looked after.
    It’s hard to say how long you’d have to wait for your income to be accepted. The lenders that can do a guarantor loan with debt consolidation are also quite conservative when assessing income. I just checked their policy and it requires you to be in your job for 6 months before they will consider your income.

  • Joanne Paroci

    Thanks for your reply. I will give the broker until tuesday, feel bad as he has all our details etc anyhow. But thanks for that!
    Hmmm. Kind of confused now abit though,
    If my income cant be used to boost our power for an additional 6 months thats quite disappointing.

    We just do have a deposit hence why mums guaranteeing the loan.

    Weve been renting for almost 3 years at $520 per week etc hence wht no deposit. If that makes sense

  • Hi Joanne,
    Can you please send the broker a follow up email and cc maria at just to make sure.
    If you aren’t consolidating debt (i.e. just a guarantor loan) then we can use your income now. That’s based on what you’ve told me. The broker would know better as they’ve seen your whole situation

  • Joanne Paroci

    Ok may do that shortly thanks! So we can use my income only if we do not consolidate?
    Its just because my husband has a cba personal loan of 27k outstanding i believe and a 3000 harvey norman 50 month int free promotion via ge money.

    The broker said we should consolidate etc as they weekly amount he pays is 170 per week.
    Makes sense i guess.

    I used your borrowing calculator and the figure was spot on witb the original max borrowing power prior to me getting this job.

    Now its saying we can borrow up to 730k?.

    Hoping its pretty accurate haha.

  • If you consolidate and use your income as well then you can borrow more. However you may need to wait so that you can qualify.

  • Joanne Paroci

    Ok great to know.
    Will send an email atleast that way il know if its possible or how long i need to wait for.

    Appreciate the promot responses, you’ve been super helpful!
    Kindest regards!

  • No problem good luck with your purchase.

  • Gemma

    At what stage of home loan process will lenders protection plan insurance be offered? Before or after approval

  • Hi Gemma,
    LMI protects the lender not you, however they obtain the LMI policy at the same time as the loan is formally approved. You can read more about LMI here

  • Gemma

    Thanks for that but also when is the type of insurance offered for us to cover us Incase of illness etc not sure what it’s actually called? Hope that makes sense. Thanks

  • Hi Gemma
    There’s income protection insurance and mortgage protection insurance and trauma insurance which may help. I’m not an insurance expert however I’ll email you the details of an insurance expert that should be able to help you with this.

  • Gemma

    Thanks I have been given a quote for this insurance from the company I’m refinancing with but as yet to hear of my approval from them so wanted to know if this is a good sign if they have already offering insurance cover? So is this likey a good sign for an approval for my loan?

  • Hi Gemma,
    It’s hard to say without knowing the name of the lender and insurance provider. Personally we always believe it isn’t approved until you get the formal loan approval. Best not to rely on that as an indicator.

  • jamieprestage

    so my fiancé and I are desperately trying to get a mortgage the problem where having is his credit score is a 575 he has collections on his credit report 2 of the collections are doctors bills the other two are bills that we didn’t know were on their and no one will help us

  • Hi Jamie,
    For Australia 575 is usually a good enough credit score to get a loan. Are you in the USA by any chance?
    If you have a good deposit you can apply for a bad credit home loan and you should be accepted depending on the nature of your situation.

  • Tish

    My husband and I are looking into purchasing our home. However, we do not have a great credit history. What may be the chances of getting approved for an FHA home loan with a score of 618? Also, is it possible to ask for a loan and one spouse not be on the loan, but including that spouse’s income? I ask, becuase I have a lower credit score due to taking out a student loan. My student loan isn’t in default or anything, I just dont have to make any payments on it until after I finish with my education. Thoughts on what options are available and how to proceed?

  • Courtney Jayne

    My partner and I are about to start looking at a home loan for our first home. My boyfriend’s dad is going to be our guarantor. We both have car loans, my boyfriend’s is through finance in his business so we can’t pay it out, but mine is just a personal loan of about $7000. We have about $45,000 saved at the moment. Is it better that we pay off my car loan or continue to add to our savings?

  • Hi Courtney,
    It’s probably best that we get a full application from you and then we can let you know the best course of action. Likely it’s best for your savings to pay out your car loan but we can’t be sure just yet.
    Particularly self employed applications are more complicated and the income evidence your boyfriend can provide would determine the best way forward. You can contact us here

  • Briana Sukosd

    Hi! my boyfriend and i are in the process of trying to get an FHA loan for our first home. we require a co-borrower, and i was curious if it had to be related to him, since he is the one on the loan, i am not. but my grand parents could ci-sign, we wondered if they could since we are not married. thanks!

  • Hi Briana,
    FHA loans are in the USA and we’re in Australia so unfortunately we can’t advise on this. We can help with USA citizens buying a property in Australia or Australian citizens living in the USA who are buying a property in Australia

  • Dee

    I’m trying to purchase a home with my husband. Prior to our marriage I own a property that is now currently a rental. We have this property listed on our taxes. The rental income is enough to cover the mortgage. I have student loans and other debt but with this property push my debt to ratio over the percentage. My question is can this rental be excluded from the debt to ratio so it won’t impact if I can prove it is on our taxes and I receive rental payments.

  • Hi Dee,
    Your situation would be assessed in full including your rental property and any loans secured by it. You can’t exclude it in this case.

  • Dee

    Thank you for your quick response

  • Sarah Rice

    Hello, I’m looking into remortgaging my house for an additional 120k. We currently have a 110k$ Mortgage with 105K equity in the house as well. We are first time home owners and only had our mortgage for just over a year but we want to remortgage to do an addition on our home since our family is growing. What things would i need to bring with me to an appointment to get approved for a loan that size for something like this?

  • Hi Sarah,
    Yes that sounds doable. You should bring with you:
    – Evidence of your income e.g. payslips
    – Statements for your existing home loan (6 months)
    – Your internet banking login details (in case your broker needs more statements)
    – As much ID as possible
    – If available, details of the renovations that you’d like to complete
    Best of luck with your renovation

  • Lisa Herd

    Hello, My partner and I are looking at buying either land or a house. We can either keep renting buy a $50k 1 acre block of Bush residential to pay off quick thinking to use as equity to then buy house. Or keep renting buy a 800m rural residential for $80k qualifying us for the extra $10k to build down the track. Or opportunity to buy small 3bdr house $260k in town. I’m on carers pension getting around $25,000 in total a year, my partner is on 80k salery but just started job 1 month ago, I’m guessing we will have to wait min 3 months employment. We will have 15k deposit in 2 months. I’m eligible for first home buyers, can this be used on land? The 50k land is such good value and investment for future, but the opportunity to stop renting is exciting too.

    Any advice?
    Thank you

  • Hi Lisa,
    I’s day once your partner is 3 months in his job and you have $15k saved then it’s best to buy a house in town. Building a home is really difficult and there’s always unforeseen expenses. We don’t recommend building unless someone has a lot of spare money in case things go wrong.

  • Andie Red

    Hello, my partner and I are looking at buying an apartment as our first home. We are looking at one tomorrow, however its a property that is tenanted and was only rented out two months ago. The real estate agent said there is 10 months left on the lease.
    We would ideally want a property that we can move straight into once settled, but understand that if you buy a property with a fixed term lease that that lease stays in place no matter if the place is sold and that we would inherit that lease and the tenants.
    What would happen when applying for a mortgage? We don’t mind waiting til the tenants move out, but we are concerned that we’ll be paying extra interest for an investment property loan when its going to be our first home. Can the vendor offer an incentive to the tenants to move out? Can it be a condition on our offer that its subject to having the place vacant? I don’t quite know what to do! Any advice would be much appreciated.

  • Hi Andie,
    I assume the agents advice is correct on the lease as this can vary between states and tenancy agreements. If so then yes you need to wait 10 months to move in.
    When applying for the loan we can apply as a ‘home loan’ rather than an investment loan. So you’ll still get good rates. Not all lenders allow this.
    Yes you or the vendor can offer the tenants an incentive to move out. They may or may not accept it.
    You can ask for a long settlement so you only settle in 10 months and you take vacant possession.

    Just please make sure you have a pre-approval before you proceed with the offer. If you need our help then please call us on 1300 889 743. Good luck!

  • Valentina

    I understand that commercial lenders have a risk matrix where they take a whole bunch of things into account. Can I have a few examples of what it is that they consider?

  • Well the risk matrix of many commercial lenders will take into account the location of the security property, diversification of the property portfolio, condition and appeal of the security property, Loan to Value Ratio (LVR), etc. You can check out more about this here:

  • Shenay

    Hi, I’m in part 9 debt agreement I’ll have it payed out in two years. Will I be able to apply for a home loan after I’ve payed it out using a guarantor who is using there house to fund the %20 deposit or do I have to wait 5 years until the debt arrangement is off my credit file?

  • Hi Shenay
    You can proceed with a guarantor as an exception. The best structure is where:
    – Guarantor borrows on their property
    – Guarantor lends this to a lender or to you directly
    – You borrow 80% (if the guarantor lent you the other 20%) or 100% (if the guarantor lent the lender the 20%)
    If your guarantor isn’t working then the 2nd option is if they own a small part of your property, say 10% or so, then you can secure the loan on both properties. This isn’t ideal as the guarantee isn’t limited. However it does work.

    For either structure we would do more investigation into your situation than we do for most loans to make sure that we aren’t putting your guarantor at risk. E.g. have you made any savings? are you paying rent on time? what other evidence is there that you’re good with your money? Due to the part 9 agreement we just want to make 100% sure you’re ready before we help you to buy.

  • Shenay

    It’s my mum and her partners house which they own outright and they work. they want to use their house to pay the deposit for a home loan for me.

  • Yes we can do this. I’ll email you and cc one of our mortgage brokers trained in this area.

  • Chris Wright

    Hi there we have recently (2 months ago) bought a house that we bought with out much thought and we are really unhappy in it, we bought location over house and should of gone for house over location, it was our first home so we got the free stamp duty. We are considering next year either selling to buy another in a different area, or renting it out so we can rent in another place. My question is what are the possible obstacles in doing either.

  • Hi Chris,
    Yes you can do this but we’d need to do a full assessment to be sure which option is best and if you qualify. Selling and buying again is very expensive due to agents fees and stamp duty. If you can afford to keep it as an investment and you have sufficient equity / deposit to buy a 2nd property then this may be better in the long term.

  • CJ

    Hello, I am currently going through the home loan process and so far everything has been very smooth. I have submitted all of my financial information, job history, credit history, etc and my lender says the file looks good. I am more than qualified financially to purchase this home. They are now going back and getting tax records from 2014, 2015, 2016 from the IRS. I had some issues with my taxes in 2014 and never ended up filing. At the time I owed $300-$400 for that tax year but never finalized my filing with the IRS. Everything was filed and accepted for 2015 and 2016 so no issues there. I am in the process of trying to resolve this but I am set to close on my house in a couple weeks. How will this affect the closing?

  • Hi CJ,
    Sorry we’re not sure about how this would affect your closing. We’re Australian mortgage brokers. I hope it goes well for you.

  • Brendan Bolster

    hi im currently going for a loan with a family member, though i have been in my job for 8 months. Is there any lenders who would be willing to work with us?

  • Hi Brendan
    Yes we have lenders that can consider you if you have been in your employment <12 months. Feel free to call us on 1300 889 743 during business hours and ask for Gina as she is our specialist in short term employment.

  • Steve Wright

    Hi me and my wife have jst pass the IPA for a mortgage with the Halifax and it has come back clear from the underwriters. However I have checked my credit history with equifax and have 4 defaults from almost 6 years ago but Halifax are still saying that we are been accepted? Can u spread any light on this ?

  • Allison

    Hi my partner and I are applying for a home loan (first home buyers). We were advised by our Mortgage Broker to make an offer subject to finance without even a pre-approval as he seems quite confident he would find us a lender. FYI our offer was accepted for 336k, we have 25k deposit and using my partners parents as guarantors. Our broker made an application with Suncorp. We paid a 5% deposit when we signed Contract of Sale. We have already extended the finance clause on our offer once as Suncorp said it was a 6 day wait for a response. Our next “due date” for this clause is Friday, today is Tuesday and our broker hasn’t had a conversation with Suncorp to say we’ve been conditional approved but they did send a property valuer to value my partners parents house (broker wasn’t aware they were doing this), they also asked for a form to be signed to give to his parent’s mortgage lender from Suncorp to advise them of their guarantor intentions (I’m assuming that’s what it’s for) and asked for an additional salary packaging statement from my partner. What does all this mean? Are we still waiting for a conditional approval? Should we be worried? It’s all very confusing and stressful. Thankyou for any advice you have.

  • Hi Allison,
    Sorry to hear about your experience. We have very similar experiences when we do guarantor loans with Suncorp as well. This is totally normal and I don’t think you should be concerned about it, instead you should inform the selling agent that because it is a guarantor loan that Suncorp will not issue a formal approval until they have consent for the 2nd mortgage on your parents property so it may take some time to get formal approval. However it is within their policy so it should be fine. Agents just get worried that you cannot get approval. Sometimes asking your broker to call the agent can help with getting further extensions.
    Suncorp tend to give few updates to us as brokers so it is not uncommon that they order a valuation and don’t tell us

  • Mark Jones

    Hi there. I have 2 properties, one was my marital home with $280000 owing and i have moved in to the rental with $480000 owing. I want to buy the wife out and give her $100k
    Total owning right now on both is $760k.
    The mortgage on the rental is now higher than than the property valve so the equity is in the smaller one.
    I would need to borrow $860 in total which i would then rent out the old marital home for $350 a week. Could i do this with a guarantor loan.
    I am paying both loans and am comfortable with that. I earn $175k per annum.
    Can you advise?

  • Hi Mark,
    In some cases it is possible to refinance with a guarantor loan, but usually this would only work if one was a regular loan and the other was a guarantor loan. I’ll email you and cc one of our guarantor specialists to see if this can work. Thanks

  • Tracy

    I am putting my 2 family house on the market by the end of the month. I have 150 worth of equity although my house may sell for a little more. I am looking for a townhouse in the price range of 160-170k.. my credit score is a 592, I have no car payment and my other debits are very little. What are my chances of getting financed for a 40k or 50k mortgage for 10 years if I put 120k as a down payment? I’ve been with current company for 16 1/2 years and a yearly income around 42k with a fixed monthly additional income of 250.00.

  • Hi Tracy,
    Assuming your income is sufficient then I expect you would qualify for a loan based on the information provided. Best of luck.

  • Vanessa

    I was on an government program I sold the house and then book keeping was wrong so it showsblate payments and I need a mortgage to buy another house can you help me please


    Hi my partner owns a house with current offers of 7-750 approaching auction in a short time. It has a secured loan of around 350k with suncorp. She has no income currently, our failed small business has ruined her perfect credit rating and the liquidity of her and her ex that own the house. I need a lender to advise and give them options. Suncorp will not lend against the house as neither of them are working.

  • Hi Ryan,
    If she’s seeking finance until the property is sold then it’s best to just wait for the property to sell. As she cannot make repayments there are no lenders that can assist and if any do offer to assist then they are likely to charge a fortune and her ex would need to be on the loan as well.
    If she’s seeking finance to buy a new property later then it’s best to wait until she is working. A problem with her credit file may not actually be a major problem as she will have a large deposit. A business failure is common and some of our lenders understand what she has been through and will still assist her.

  • Jess

    Hi, My husband and I own a house. It will sell for $360k, there is $80k owing on the mortgage. When we sell we’ll walk away with $280k. We wish to buy another house with these proceeds – we’re looking at houses around $600k mark. We’d use $280k as deposit. My husband has just began another job this week (previous job he finished last month was 13 year tenure), and won’t finish his probation period until November 2018. He earns $60k PA, I earn $80k PA. Can we get a loan before his probation period ends, or are we best waiting until November 2018 to apply?

  • Hi Jess,
    Yes that will be fine as long as his previous job was in the same line of work and there isn’t a significant gap in employment (i.e. over 2 months). We have several lenders who can assist in this situation and you’d still get discounted rates.
    I’ll email you and cc one of our mortgage brokers who specialises in short term employment. Best of luck with the sale of your home.

  • Sher

    Hello my score is 671 and my income is 40k and my husbands is 42k. My husband has a 5000+ loan that I cosigned on that is now delinquent and listed on my credit report. What are my chances for an approval for a VA loan at 100K for a house?

  • Hi Sher,
    It looks like you are in the USA. We’re specialists in lending in for Australian real estate for people located anywhere in the world. If you’re not buying real estate in Australia then we can’t advise you. Best of luck with your situation.

  • Neek

    I want to buy a house. I work a 9-5 job, however, invested in a side business and took a loss. How does my tax return affects my chances vs w2. I heard they will ask for both. My income is my income, but with the loss it looks bad. Please help

  • Hi Neek
    If you are no longer running your business then the loss that occurred is no longer relevant. All lenders should ignore this as long as you prove that your business has stopped by providing an accountant’s letter

  • Faith

    Hi i currently own a home valued at 700,000 im looking to rent my current property which will cover the repayment and purchase another property to live in which is valued at 630,000 with an interest only loan. I currently have 40,000 deposit and also 175,000 useable equity in my current home my current income will be sufficent to cover the repayments will the bank allow to me to get the loan pre approval as i have a house in mind thanks

  • Hi Faith
    Yes we can get a pre-approval from you from your bank or another lender. I’ll email you and cc a mortgage broker who specialises in purchases.

  • Faith

    Thank you

  • Dennis

    Hi- I have two full time sales jobs at the same time. Both have a base salary plus commission. Can both income qualify when I’m ready to purchase a house? When can both qualify? How would the salaries be calculated? Please see below.

    Job 1: base salary $45,000 plus $25,000 yearly commission, total yearly income $70,000. Been working 2 years now.

    Job 2: base salary $40K plus $20K commission yearly commission, total yearly income $60K. Been working 14 months now.

  • Hi Dennis
    Some of our lenders can accept commission income with just a 3 month history. So the length of time in your jobs is ok
    As for having two jobs this is fine as long as the total hours worked is considered sustainable. As a general rule up to 60 hours a week is ok. If you’re doing two full time jobs then most lenders will cap your income at 60 hours per week or decline your loan.
    It’s best we complete an assessment and then we can work out the best way forward from there.

  • thierry

    Hi I was wondering if its possible to get a no deposit homeloan if I’m buying privately for much less than what the property is worth

  • Hi Thierry
    We’ve written a page on this topic
    The short answer is yes. However the value must be genuinely higher than the purchase price e.g. a family member is selling a property to you below the market value.

  • liongalahad

    Hi my girlfriend wants to build a house in Perth. The builder made some sneaky moves and promised (not in writing) some upgrades and now that the loan was approved by the bank, the builder is withdrawing form their promises, and now she is pondering the idea of giving up with the project completely. She had a meeting with them and they were trying to scare her saying that if she leaves the mortgage approval lapse, it will be a very bad stain in her credit report and she won’t be able to apply for a loan again anytime soon. We have looked on the internet for some info on this but could not find anything on this purpose. The mortgage was approved but she never signed any contract with the lender and therefore there was no settlement, of course. The only thing she signed is a preliminary contract with the builder and the land developer, and the permissions for the bank to assess her credit history when she applied for the loan.

    My question is, is the builder trying another sneaky move trying to scare her off, or is it true that leaving a mortgage approval lapse is such a bad mark on someone’s credit score? Thanks in advance

  • Hi
    In Australia if you apply for a loan and do not settle the loan then the approval will lapse but it will not have a significant effect on your credit file. I wouldn’t worry about it.
    To be sure I’d check with your bank or mortgage broker as we don’t know your specific circumstances.
    Sorry to hear about your builder. Unfortunately construction often has issues like these. Here’s some tips that might help you

  • Elaine Romero-Fernandez

    I am a new Realtor and currently have a client who wants to purchase a Condo. Does he have to apply for a Conventional loan, if so what’s the % down payment on that? And why do FHA loans not apply when buying a Condo? I’d like some clarification. Thank You

  • Kathy Jourdain

    I need some help with a few mortgage questions. My dad passed away and left me his house, there is still a mortgage on the property. He currently owes 131,693.29 @ 3.625% interest. We are going to do a contract for deed to sell the property. The “buyer” is going to pay 178XXX for the house, with 40,000 down and 3,000 a month for 46 months. The money down and mo payments include interest. They are paying more than the house is worth (160XXX) since we are doing the financing. The current loan is set up so that the taxes and insurance (374.79/mo) are built into the payment (1075.00/mo). My husband and I want to keep the 40XXX they are putting down (long story but we took out a loan on our house to do some rehab work to set it up for him to live with us, we want to pay that loan off) and then use the 3XXX a month payment to pay of the existing mortgage. Like I said the existing mortgage is 131,693.29, So to summarize we owe 131,693.29 @ 3.625% interest on the house, the current payment is 1075.00 with 374.79 going to taxes and insurance, the rest is principal and interest. The buyer is paying 178,000 for the house, with 40,000 down, leaving them with a balance of 138,000 to be paid off 3,000/mo for 46 months. My question is, if we apply the full 3000 a month to balance of the mortgage (131,693.29) for 46 months will the loan be paid off and should we be charging them the taxes and insurance seperate from the 3000 a month they will be paying?

  • john

    I am in difficult situation. My parents want to sell the house im in. I don’t want to go. And want to stay. However Id like to have assistance in keeping house. My parents want to give me and my sister share of the sale of the house. And have rest for the to live on. Is it possible for me to stay in house. my sister gets share and parents get share of cash. While I stay in house. As im running out of options due to this situation to keep me in house im in now and everybody wins. Its stressing me out and im not coping with it. Don’t want to live current house.

  • ally

    hi i currenlty live in my brothers house, he wants to sell, i work 38 hrs a week, he has a tenant in the downstairs part of the house, at the moment they pay him 250 week in rent, will i need a deposit to buy this house, he will sell to me for what is on his mortgage about 156,000 the house was originally bought for 220,000 but worth more than that, as concrete pool been put in and other renovations, can i do it without a deposit

  • Hi John,
    You can either buy the house from them at a price lower than the market price and keep it or have an agreement with the new buyer to live in (and keep your share of cash).

  • Lenders will consider the rental income while calculating the amount you could borrow and they usually seek at least 5% of the property value as you savings. You can read more about no deposit home loans here

  • john

    Thanks for the reply. My parents said to me within the last 48 hrs. That on the wage that I am on I am going to find it difficult to cope to stay in the house. I asked for them to take the money that they are giving me as a starter in life. To take it off the price of the house. When someone gives us a price. They don’t want to loose out regarding money and payments down the road. My sister is getting money from sale and they want cash to. But don’t want me to loose house and end up on street. And also have me struggling either. They as yet have done no looking or anything. But its got me stressed with sleepless nights and wondering who to go to find is there a way. Im earning about 13,000 year. Paying 370 for rent. Out of a 900 pound wage packed. So would be possible to get a mortgage with this. I also do extra hrs at weekends to get more than a basic wage.

  • The chances of a mortgage looks bleak with your income, to be honest as lenders assess the home loan application with added rates of interest than the actual one. You could try our “how much can I borrow” calculator and find out with your extra hours and all your other income and find out if you’re eligible or not.

    PS: John, are you not based in Australia?

  • Mercy Ogunji

    I need help please. I am a first time home buyer. My credit score is over 750 and I have no major debt. I have a new home under contract for $324k.The lender I contacted is giving me some figures that don’t add up.
    My seller is willing to give me 3% towards my closing but the lender is recommended by the builder, and he quoted a closing cost of exact amount the builder gave me. The rate he quoted is 4.875% for FHA loan, 3/5% down. APR 5.913%. The total closing cost he quoted is about $9,720(which I think is outrageous), but he also claims that he will pay the Title fee of about $3k, but because the builder gave me 3%, he said he cannot give me any more money towards closing. I am very confused and don’t think I am getting the best deal
    from this guy.Pls advise.

  • Hi Mercy,
    We can’t assure you of the rates without knowing your complete details but it’ll be highly competitive found in the market. You can call us on 1300 889 743 or fill out our online assessment form and find out the best available deals.

  • Mel

    Hi, I am a company owner who is employed by this company. In lenders eyes will they assess my income based on the business turnover or the salary I am paid?
    Also, would lenders look at the weekly amount paid or the total income I personally received over the year e.g would they accept an end of year $10,000 bonus on top of the salary amount? Thank you for your assistance.

  • Hi Mel,
    If you are the owner of your business, then the lenders will take both salary and business income. You’ll have to provide income evidence for both income. Regarding the income, they’ll consider the salary (weekly or the amount with which you are paying yourself) and annual income for the business income or profit. They may not consider the bonus as it’ll be already included in the business income. Call us on 1300 889 743 or fill out our online assessment form and find out how you can qualify.

  • robert deguzman

    hi I’m currently in the house market right now and I was just wondering would my payday loans and few overdrafts in my checking account would hurt my mortgage application? I’ve been paying all my bills on time and all my credit cards are paid off and i my credit score is in good status. I would really appreciate anyones opinion about my status thanks in advance

  • Hi Robert,
    It wouldn’t necessarily hurt your mortgage application but still, the lenders may look at your financials. Please note that if the loans are for a business purpose, then they will not keep in their assessment but will do if it’s for personal use. Call us on 1300 889 743 or fill out our online enquiry form and speak with an experienced mortgage broker.

  • Nella Arthur

    i have a balance of $116K on home loan and have shares worth $80K – should i cash in the shares and put that into home loan?

  • Hi Nella,
    Paying off your home loan is a significant milestone for many homeowners. And liquidating your shares to pay off the home loan will get you there quicker. You’ll also save on interest that you would have otherwise paid on the home loan.

    There are several other factors you need to consider. First, find out if your home loan is fixed or variable. There may be break fees or penalties involved for extra repayments on a fixed rate home loan. Second, you need to consider which investment strategy is better suited to your needs as both shares and equity are relatively easy to access. Finally, you need to consider your financial goals and retirement plans. If you’re close to retirement, it may be better for you to simply pay off your home loan. These are general advice, so we recommend you consult a financial planner or adviser to discuss your financial needs.

  • Steven

    Hi, Could someone please tell me if Residential Mortgage Group is operated by Aussie Home Loans and what is the relationship please. I have been offered a loan with them but cannot find any info on them. Thank you

  • Hi Steven,
    Aussie Home Loans source their finance from a panel of lenders and that includes Residential Mortgage Group Pty Ltd among others. They basically structure the home loan product and act as a mortgage manager. Depending on the branded product selected for you, the lender shown in the loan contract may be Residential Mortgage Group Pty Ltd (a wholly own subsidiary of Commonwealth Bank of Australia); Perpetual Limited, Macquarie Bank Limited, Pepper Finance Corporation Limited or Adelaide Bank (a division of Bendigo and Adelaide Bank Ltd). Please read the loan offer documents carefully. There’s no need for alarm.