Search found 7727 matches

by Otto Dargan
Tue Nov 19, 2019 8:12 pm
Forum: Home Loan Forum
Topic: Not GST registered
Replies: 1
Views: 46

Re: Not GST registered

Hi Aussiejoe12, You may qualify for low doc loans with alternate income verification . Not being registered for GST may not be a problem, however, along with the bank statements you’ll need either: Company financials or Business Activity Statements (BAS); or A letter/declaration from an accountant t...
by Otto Dargan
Thu Nov 14, 2019 3:47 pm
Forum: Home Loan Forum
Topic: Can we get a loan with Minimal deposit
Replies: 1
Views: 147

Re: Can we get a loan with Minimal deposit

Hi Booey00, From the details you’ve provided, you’re borrowing power (serviceability) works out fine. To get an accurate estimate of your borrowing power we’ll need to do a full assessment. If you can get the $15,000 as a gift plus your own savings of $10,000, that would get your deposit to the mini...
by Otto Dargan
Fri Nov 01, 2019 8:38 pm
Forum: Home Loan Forum
Topic: Will my home loan be approved? I’m a UK citizen.
Replies: 5
Views: 400

Re: Will my home loan be approved? I’m a UK citizen.

Hi Victoria, The home loan application process at Home Loan Experts goes through the following phases: Once you’ve made contact with our mortgage broker, you will discuss your situation and our broker will determine your eligibility for a home loan. If you move ahead, you will need to complete a sho...
by Otto Dargan
Fri Nov 01, 2019 8:31 pm
Forum: Home Loan Forum
Topic: Will my home loan be approved? I’m a UK citizen.
Replies: 5
Views: 400

Re: Will my home loan be approved? I’m a UK citizen.

Hi Victoria, We do have lenders on our panel that will accept overseas saving in your UK account as genuine savings. In some cases, lenders will allow you to borrow 90% of the property value even with overseas savings. This is looked into on a case by case basis. Lenders will even accept overseas sa...
by Otto Dargan
Fri Nov 01, 2019 7:35 pm
Forum: Home Loan Forum
Topic: Will my home loan be approved? I’m a UK citizen.
Replies: 5
Views: 400

Re: Will my home loan be approved? I’m a UK citizen.

Hello Victoria. Welcome to the forums. Even on PR visa, you can get a mortgage . Permanent residents living in Australia can borrow up to 95% of the property value, provided you have an acceptable PR visa. Generally, to avoid paying Lenders Mortgage Insurance, you will require at least 20% deposit o...
by Otto Dargan
Thu Oct 31, 2019 1:14 pm
Forum: Home Loan Forum
Topic: What’s the difference between cash out and equity release?
Replies: 5
Views: 589

Re: What’s the difference between cash out and equity release?

Hi Kenna, With cash out, you can: Borrow up to 80% of the property value if you give a reason for it. Borrow up to 90% if you provide concrete evidence for the use of funds. Banks and lenders do not have a limit on the amount you can borrow. With equity release, you can: Top up your loan to 90% of t...
by Otto Dargan
Wed Oct 30, 2019 6:43 pm
Forum: Home Loan Forum
Topic: What’s the difference between cash out and equity release?
Replies: 5
Views: 589

Re: What’s the difference between cash out and equity release?

Hi Kenna, Most banks and lenders will usually choose full valuation, where a valuer will visit and inspect your property to come to an accurate value for your property. This is the best and most accepted type of valuation as it physically inspects all the renovations or other improvements that have ...
by Otto Dargan
Wed Oct 30, 2019 6:13 pm
Forum: Home Loan Forum
Topic: What’s the difference between cash out and equity release?
Replies: 5
Views: 589

Re: What’s the difference between cash out and equity release?

Hello Kenna. Welcome to the forums. An equity release is a top up on your current home loan whereas a cash out is when you release equity from your from your home using an equity loan. With cash out, your current home loan is refinanced to a larger mortgage, providing you with funds equal to the inc...
by Otto Dargan
Fri Oct 25, 2019 2:47 pm
Forum: Home Loan Forum
Topic: Can my parents be guarantors, even if their property is in New Zealand?
Replies: 5
Views: 502

Re: Can my parents be guarantors, even if their property is in New Zealand?

Hi Blanche, You would need to save at least 20% of the property value to avoid paying LMI . For instance, if there is a property valued at $500,000, you will need to save a deposit of $100,000 to avoid paying LMI. Essentially, you would only be borrowing 80% of the property value - and this is seen ...
by Otto Dargan
Fri Oct 25, 2019 2:09 pm
Forum: Home Loan Forum
Topic: Can my parents be guarantors, even if their property is in New Zealand?
Replies: 5
Views: 502

Re: Can my parents be guarantors, even if their property is in New Zealand?

Hi Blanche, Yes, you can still get a home loan approved even with little to no deposit, but you will have to pay Lenders Mortgage Insurance (LMI) . There are lenders who will accept at least a 5% deposit to get approved for a home loan, but very strict lending criteria apply since you’re essentially...
by Otto Dargan
Fri Oct 25, 2019 12:30 pm
Forum: Home Loan Forum
Topic: Can my parents be guarantors, even if their property is in New Zealand?
Replies: 5
Views: 502

Re: Can my parents be guarantors, even if their property is in New Zealand?

Hello Blanche. Welcome to the forums. No, unfortunately, the guarantor’s property must be located in Australia . Banks and lenders will not accept properties located outside of Australia as security. However, there are other ways your parents can help besides being a guarantor. One option is for the...
by Otto Dargan
Fri Oct 25, 2019 11:20 am
Forum: Home Loan Forum
Topic: What are the options for a first home buyer intending to borrow 100%?
Replies: 5
Views: 531

Re: What are the options for a first home buyer intending to borrow 100%?

Hi Chanda, A guarantor can be removed from your home loan once your loan to value ratio reaches 80%. You will need to get a loan guarantor release from the lender, if not the guarantor will stay for the life of your loan. Once the guarantor is removed, you can refinance your home loan and you can: S...
by Otto Dargan
Wed Oct 23, 2019 7:07 pm
Forum: Home Loan Forum
Topic: What are the options for a first home buyer intending to borrow 100%?
Replies: 5
Views: 531

Re: What are the options for a first home buyer intending to borrow 100%?

Hi Chanda, It should not be an issue if your parents have sufficient equity in their property. The lender will assess both your parents’ current home loan and how much limited guarantee they’ll be taking on for your home loan. For example, if your parents have $100,000 owing on their home loan and t...
by Otto Dargan
Wed Oct 23, 2019 6:50 pm
Forum: Home Loan Forum
Topic: What are the options for a first home buyer intending to borrow 100%?
Replies: 5
Views: 531

Re: What are the options for a first home buyer intending to borrow 100%?

Hello Chanda. Welcome to the forums. If your parents own their property, then the best option might be to go for a guarantor home loan . Using a guarantor, you can borrow up to 105% of the property value and even cover the costs of purchasing a property. If a guarantor is not a viable option, then t...
by Otto Dargan
Tue Oct 22, 2019 7:30 pm
Forum: Home Loan Forum
Topic: Does having a larger deposit mean I can reduce stamp duty?
Replies: 5
Views: 474

Re: Does having a larger deposit mean I can reduce stamp duty?

Hi Zanele, Not necessarily! The amount of interest charged does not depend on your visa. If you can show that you’re a strong borrower, you might get the same interest rates as an Australian citizen. To increase your chances of approval and getting competitive interest rates, you should: Have at lea...

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