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by Otto Dargan
Fri Apr 26, 2019 3:18 pm
Forum: Home Loan Forum
Topic: Potential issues I may face as an Australian expat working in Dubai
Replies: 5
Views: 30

Re: Potential issues I may face as an Australian expat working in Dubai

Hi Genevieve, Australian lenders will apply a higher interest rate to your foreign debt as a buffer to make sure if your overseas rates were to rise, you would still be able to afford the repayments. It’s also known as loaded repayments on your foreign loans. Our mortgage brokers specialise in Austr...
by Otto Dargan
Fri Apr 26, 2019 11:34 am
Forum: Home Loan Forum
Topic: Potential issues I may face as an Australian expat working in Dubai
Replies: 5
Views: 30

Re: Potential issues I may face as an Australian expat working in Dubai

Hi Genevieve, Cash out or refinance is one of the simplest options when it comes to accessing equity. However, cross-collateralisation is another option. This is where more than one property is used as security for a mortgage rather than a standard home loan where you have one property securing one ...
by Otto Dargan
Thu Apr 25, 2019 6:27 pm
Forum: Home Loan Forum
Topic: What are my no deposit home loan options?
Replies: 5
Views: 22

Re: What are my no deposit home loan options?

Hey Sawyer, Every Australian citizen who is looking to buy their first property can receive a one-time First Home Owner Grant (FHOG) . It is funded by the federal government and managed by the state government. The first home owners grant amount will vary depending on which state you are in, if you ...
by Otto Dargan
Thu Apr 25, 2019 6:25 pm
Forum: Home Loan Forum
Topic: What are my no deposit home loan options?
Replies: 5
Views: 22

Re: What are my no deposit home loan options?

Hey Sawyer, Excellent question! When it comes to no deposit home loans, you need to consider the following points: You have to meet stricter lending criteria than if you had a deposit. Some lenders charge a higher interest rate for no deposit loans, although this is not the case with all lenders. Si...
by Otto Dargan
Thu Apr 25, 2019 5:56 pm
Forum: Home Loan Forum
Topic: Potential issues I may face as an Australian expat working in Dubai
Replies: 5
Views: 30

Re: Potential issues I may face as an Australian expat working in Dubai

Hello Genevieve. Welcome to the forums. There are certain issues you need to be aware of when you’re refinancing an investment property to purchase another property especially for Australian expats working overseas. You can cash out up to 80% of the value of your current investment property ($480,00...
by Otto Dargan
Thu Apr 25, 2019 4:04 pm
Forum: Home Loan Forum
Topic: What are my no deposit home loan options?
Replies: 5
Views: 22

Re: What are my no deposit home loan options?

Hi Sawyer, Welcome to the forums. You have quite a few options to receive a no deposit home loan through some of our lenders. You can use: - Guarantor home loans : You can borrow up to 90-105% of the property value if your parents act as guarantor by securing the loan on their property. - Gifted dep...
by Otto Dargan
Thu Apr 25, 2019 3:48 pm
Forum: Home Loan Forum
Topic: $5 million needed in my SMSF for a NAB SMSF loan?
Replies: 5
Views: 30

Re: $5 million needed in my SMSF for a NAB SMSF loan?

Hi Shawn, Yes, shares traded in the Australian Securities Exchange (ASX) are accepted as liquid assets. It varies but generally speaking, the post-settlement liquidity requirement is between 10% and 20% of the property value in cash within the SMSF. We have some lenders who do not have a liquidity r...
by Otto Dargan
Wed Apr 24, 2019 8:28 pm
Forum: Home Loan Forum
Topic: $5 million needed in my SMSF for a NAB SMSF loan?
Replies: 5
Views: 30

Re: $5 million needed in my SMSF for a NAB SMSF loan?

Hi Shawn, Yes, you can refinance your SMSF loan , in fact, you should. A lot of people have an SMSF loan with a major bank who’ve pulled out of lending in this sector such as St George , CBA , NAB, Westpac, Macquarie and AMP . There’s simply fewer options for them refinance. Typically, when there is...
by Otto Dargan
Wed Apr 24, 2019 6:43 pm
Forum: Home Loan Forum
Topic: $5 million needed in my SMSF for a NAB SMSF loan?
Replies: 5
Views: 30

Re: $5 million needed in my SMSF for a NAB SMSF loan?

Hello Shawn. Welcome to the forums. Yes, it’s still possible to borrow within SMSF. There’s a range of non-bank lenders who still offer SMSF loans and that’s who we’re working with. Even though NAB technically still offer SMSF loans, in reality, they don’t. Like you mentioned, with NAB you’d need to...
by Otto Dargan
Wed Apr 24, 2019 2:51 pm
Forum: Home Loan Forum
Topic: What are the benefits of guarantor loans?
Replies: 5
Views: 38

Re: What are the benefits of guarantor loans?

Hey James, Guarantor loans are secured by both the property you’re buying and the property owned by the guarantor. Generally, a guarantor loan is structured as 80/20, 80% is the property you’re buying and 20% being the limited guarantee secured on the guarantor’s property. You can use our guarantor ...
by Otto Dargan
Wed Apr 24, 2019 2:44 pm
Forum: Home Loan Forum
Topic: What are the benefits of guarantor loans?
Replies: 5
Views: 38

Re: What are the benefits of guarantor loans?

Hey James, In most cases, guarantees are set up because the borrower has no deposit. So removing the guarantee most often depends on how much the property appreciates in value and how much in extra repayments you as a borrower are able to afford. You can release your parents as your guarantors once ...
by Otto Dargan
Wed Apr 24, 2019 2:34 pm
Forum: Home Loan Forum
Topic: What are the benefits of guarantor loans?
Replies: 5
Views: 38

Re: What are the benefits of guarantor loans?

Hi James, Welcome to the forums. Guarantor loans have become very popular in recent years as they cost less than standard home loans. Your guarantor will provide a guarantee for your home loan which is secured on their property. In most cases, this is your parents assisting you to buy a home. With g...
by Otto Dargan
Tue Apr 23, 2019 7:54 pm
Forum: Home Loan Forum
Topic: ELI5: How does credit scoring work?
Replies: 5
Views: 40

Re: ELI5: How does credit scoring work?

Hi Suraj, A lot of people don’t realise this but as few as one or two enquiries on your credit file in the last six months is enough to make you fail the credit score of several banks. Too many credit enquiries from a number of different lenders in a short time frame may look as if you’re spread ver...
by Otto Dargan
Tue Apr 23, 2019 6:34 pm
Forum: Home Loan Forum
Topic: ELI5: How does credit scoring work?
Replies: 5
Views: 40

Re: ELI5: How does credit scoring work?

Hi Suraj, We’ve created a list of all the common reasons why people fail a bank’s credit score and put them into three categories: Your personal situation: ⋅ Employment: Lenders like to see you’ve been in your current job for at least 6 to 12 months (some exceptions apply). ⋅  Ge...
by Otto Dargan
Tue Apr 23, 2019 3:57 pm
Forum: Home Loan Forum
Topic: ELI5: How does credit scoring work?
Replies: 5
Views: 40

Re: ELI5: How does credit scoring work?

Hello Suraj. Welcome to the forums. That’s right, lenders have their own internal automated credit scoring system that takes into account information from your credit file and your mortgage application. An Equifax Score of 600 is considered good and will definitely factor in as a positive aspect of ...

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