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by Otto Dargan
Mon Feb 18, 2019 8:16 pm
Forum: Home Loan Forum
Topic: 52-year-old looking for a home loan
Replies: 6
Views: 34

Re: 52-year-old looking for a home loan

Hey Terry, Almost all lenders will require a written exit strategy , evidence of your superannuation and other assets that can be sold to repay the proposed debt. They will require evidence of your current employment and income situation in the form of your last two payslips and your most recent gro...
by Otto Dargan
Mon Feb 18, 2019 7:30 pm
Forum: Home Loan Forum
Topic: How many credit enquires is considered too many?
Replies: 5
Views: 26

Re: How many credit enquires is considered too many?

Hi Davidbeck, welcome to the forum. In most cases, credit enquiries show up when you apply for a home loan. However, it can also include: ⋅ Loans such as mortgages, personal loans and car loans. ⋅ Credit facilities such as credit cards or store cards. ⋅  Interest-free f...
by Otto Dargan
Mon Feb 18, 2019 7:11 pm
Forum: Home Loan Forum
Topic: 52-year-old looking for a home loan
Replies: 6
Views: 34

Re: 52-year-old looking for a home loan

Hey Terry, Most lenders are very aware of the risks associated with annuity income home loans. Even though annuity income is quite a stable form of income, most lenders still consider it to be high-risk. This is mostly because it is directly affected by the economy and market conditions. Lenders wil...
by Otto Dargan
Mon Feb 18, 2019 6:03 pm
Forum: Home Loan Forum
Topic: How many credit enquires is considered too many?
Replies: 5
Views: 26

Re: How many credit enquires is considered too many?

Hi Michelle, Credit enquiries will remain on your credit file for five years from the date that they were lodged. That's not a big deal in itself. For example, if you made more than two enquiries in the last 6 months, there are specialist lenders that can consider your home loan application. It real...
by Otto Dargan
Mon Feb 18, 2019 4:20 pm
Forum: Home Loan Forum
Topic: 52-year-old looking for a home loan
Replies: 6
Views: 34

Re: 52-year-old looking for a home loan

Hi Terry, Welcome to the forums. Unfortunately, it’s true! Australian banks tend to have strict lending policies that restrict the borrowing capacity of mature borrowers or borrowers nearing retirement age such as yourself. However, there are still lenders who implement flexible policies that approv...
by Otto Dargan
Mon Feb 18, 2019 3:31 pm
Forum: Home Loan Forum
Topic: How many credit enquires is considered too many?
Replies: 5
Views: 26

Re: How many credit enquires is considered too many?

Hello Michelle. Welcome to the forums. As a general rule when applying for a home loan, most lenders prefer that you only have one or two credit enquiries over a 6-month period. Any more than that and they may consider you a high-risk borrower and decline your mortgage application. Credit enquiries ...
by Otto Dargan
Fri Feb 15, 2019 9:30 pm
Forum: Home Loan Forum
Topic: What is an Equifax score?
Replies: 6
Views: 76

Re: What is an Equifax score?

Hey Jonathan, An Equifax score is graded: - Excellent: Any score above 700. - Good: Any score from 600 to 700. - Average: 550 is the average score. - Bad: Any score from 400 to 500. - Very bad: Any score below 400. The average score for all Australians who are credit active is 550, however, your sco...
by Otto Dargan
Fri Feb 15, 2019 9:07 pm
Forum: Home Loan Forum
Topic: What is an Equifax score?
Replies: 6
Views: 76

Re: What is an Equifax score?

Hey Jonathan, At the most basic level, Equifax Score is ultimately a score of all the details of your credit file. It consists of the following details: Basic personal information This includes your full name, date of birth, gender, address, previous address, drivers licence number, employer and pre...
by Otto Dargan
Fri Feb 15, 2019 8:47 pm
Forum: Home Loan Forum
Topic: What is an Equifax score?
Replies: 6
Views: 76

Re: What is an Equifax score?

Hi Jonathan, Welcome to the forums. An Equifax Score is a score which compares you as a borrower to the rest of the Australian population. It can be found on your credit file that’s held by Equifax (formerly known as Veda Advantage). It is one of the many factors lenders consider when they assess yo...
by Otto Dargan
Fri Feb 15, 2019 8:19 pm
Forum: Home Loan Forum
Topic: What is my LVR?
Replies: 5
Views: 68

Re: What is my LVR?

Hi Rodrick, Lenders Mortgage Insurance (LMI) generally applies to home loans which are above 80% LVR. Please use our LMI calculator to find the cheapest LMI premium from the most competitive lenders on our panel. By choosing the right lender you can save thousands of dollars. Give us a call on 1300 ...
by Otto Dargan
Fri Feb 15, 2019 8:06 pm
Forum: Home Loan Forum
Topic: Australian expat looking for a home loan
Replies: 5
Views: 81

Re: Australian expat looking for a home loan

Hey Ryan, To get your loan approved, you will need to provide the most recent payslip and a letter from your employer confirming the nature of your employment. Most Australian lenders will also require three-month bank statements that show your salary being deposited into your account. Cheers, Otto
by Otto Dargan
Fri Feb 15, 2019 6:03 pm
Forum: Home Loan Forum
Topic: What is my LVR?
Replies: 5
Views: 68

Re: What is my LVR?

Hi Rodrick, The Loan to Value Ratio (LVR) that the banks will allow you to borrow depends on the loan amount you need, the location of the property, your credit history and the type of home loan you’re applying for. Generally, full doc (income evidence provided) applicants can borrow upto 80% LVR. H...
by Otto Dargan
Fri Feb 15, 2019 2:22 pm
Forum: Home Loan Forum
Topic: What's considered genuine savings by the banks?
Replies: 5
Views: 83

Re: What's considered genuine savings by the banks?

Hi Vaughn, The Lenders Mortgage Insurance (LMI) premium on a $730,000 property with a $40,000 deposit can be anywhere between $28,290 to $31,500. To find the cheapest LMI premium from our panel of lenders, please use our LMI calculator . You could potentially save thousands of dollars by choosing th...
by Otto Dargan
Fri Feb 15, 2019 12:45 pm
Forum: Home Loan Forum
Topic: What is my LVR?
Replies: 5
Views: 68

Re: What is my LVR?

Hello Rodrick. Welcome to the forums. The Loan to Value Ratio (LVR) is the amount you’re borrowing, represented as a percentage of the value of the property being used as security for the loan. In your case, with a deposit of $75,000 for a property valued at $810,000, your LVR will be 90.74%. Lender...
by Otto Dargan
Fri Feb 15, 2019 11:25 am
Forum: Home Loan Forum
Topic: What's considered genuine savings by the banks?
Replies: 5
Views: 83

Re: What's considered genuine savings by the banks?

Hi Vaughn, When you buy a property, you can expect to spend up to 5% of the property on stamp duty, Lenders Mortgage Insurance (LMI), legal fees and home loan set up costs. This doesn't include your 5% deposit! In your case, for a $730,000 home, there may be up to $36,500 of extra costs involved in ...

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