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by Otto Dargan
Tue May 21, 2019 7:01 pm
Forum: Home Loan Forum
Topic: Are annual bonus and a gifted deposit accepted as genuine savings?
Replies: 5
Views: 19

Re: Are annual bonus and a gifted deposit accepted as genuine savings?

Hi Nolan, Lenders Mortgage Insurance (LMI) is generally applicable when borrowing over 80% of the property value. You can use our LMI calculator to get the cheapest quote by comparing the LMI premium of six prime lenders. There are a few lenders who allow you to capitalise the LMI on top of the home...
by Otto Dargan
Tue May 21, 2019 6:06 pm
Forum: Home Loan Forum
Topic: Are annual bonus and a gifted deposit accepted as genuine savings?
Replies: 5
Views: 19

Re: Are annual bonus and a gifted deposit accepted as genuine savings?

Hi Nolan, Yes, you can use the first home owners grant (FHOG) as part of the deposit. If you’re buying or building a new home then you may be eligible for FHOG. The FHOG amount will vary depending on the state you’re buying in and whether you’re buying a new or established home or vacant land and bu...
by Otto Dargan
Tue May 21, 2019 2:27 pm
Forum: Home Loan Forum
Topic: Are annual bonus and a gifted deposit accepted as genuine savings?
Replies: 5
Views: 19

Re: Are annual bonus and a gifted deposit accepted as genuine savings?

Hello Nolan. Welcome to the forums. Most lenders require that when borrowing more than 90% of the property value, as a minimum you would require 5% of the deposit to be in the form of genuine savings . It essentially means funds that you’ve saved up yourself over time. There are lenders that accept ...
by Otto Dargan
Tue May 21, 2019 12:33 pm
Forum: Home Loan Forum
Topic: Getting a mortgage with a temporary resident
Replies: 5
Views: 33

Re: Getting a mortgage with a temporary resident

Hi Abby, Not necessarily, just because an AU PR holder is buying with a temporary resident (482 visa or otherwise) doesn’t mean you’ll be paying a higher interest rate. In fact, you may qualify for significant home loan fee discounts and special interest rates that are way below the Bank Standard Va...
by Otto Dargan
Mon May 20, 2019 11:02 pm
Forum: Home Loan Forum
Topic: Getting a mortgage with a temporary resident
Replies: 5
Views: 33

Re: Getting a mortgage with a temporary resident

Hi Abby, Most lenders will ignore your partner’s income if they are not an Australian citizen or permanent resident. However, this a very grey area of policy, we’ve helped many clients get approved by making a strong case. Your partner’s full income is likely to be considered if: ⋅ Partner...
by Otto Dargan
Mon May 20, 2019 5:44 pm
Forum: Home Loan Forum
Topic: Getting a mortgage with a temporary resident
Replies: 5
Views: 33

Re: Getting a mortgage with a temporary resident

Hello Abby. Welcome to the forums. A temporary resident in a de facto relationship with an Australian permanent resident or citizen can borrow up to 95% of the property value, regardless of your visa status. When buying with a temporary resident as a permanent resident you would have to consider FIR...
by Otto Dargan
Mon May 20, 2019 2:49 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a default?
Replies: 5
Views: 149

Re: How much can I borrow with a default?

Hi Shelly, To improve your chances at approval, you can take these simple steps: ⋅ Provide a default explanation letter . ⋅ Provide evidence to back up your explanation of the cause of your defaults. ⋅ Save as large of a deposit as you can, the minimum required is 5% of...
by Otto Dargan
Fri May 17, 2019 5:45 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a default?
Replies: 5
Views: 149

Re: How much can I borrow with a default?

Hi Shelly, To qualify with one of our banks, you must meet the following criteria: ⋅ You must have less than $500 in defaults if you’re borrowing up to 95%. ⋅ You must have less than $1,000 in defaults if you’re borrowing up to 90%. ⋅ You must have a reasonable explanat...
by Otto Dargan
Fri May 17, 2019 3:49 pm
Forum: Home Loan Forum
Topic: How much can I borrow with a default?
Replies: 5
Views: 149

Re: How much can I borrow with a default?

Hello Shelly. Welcome to the forums. You can get approved for a home loan even if you have defaults on your credit file. The type of default, amount, and how old they are, are all taken into account. Generally speaking, paid defaults are looked at more favourably than unpaid defaults. ⋅  L...
by Otto Dargan
Fri May 17, 2019 1:17 pm
Forum: Home Loan Forum
Topic: What are the differences between low doc and full doc?
Replies: 5
Views: 61

Re: What are the differences between low doc and full doc?

Hi Garfie, It is pretty straight forward to refinance your low doc home loan to a full doc, provided you have all the necessary documents ready. Like I mentioned earlier, you’ll need to provide your last 2 years business and personal tax returns and NOA, as well as 2 years’ financial statements to q...
by Otto Dargan
Thu May 16, 2019 7:50 pm
Forum: Home Loan Forum
Topic: What are the differences between low doc and full doc?
Replies: 5
Views: 61

Re: What are the differences between low doc and full doc?

Hi Garfie, Lenders will calculate your gross annual turnover figure from each quarter of your BAS statements and then use 40% of the turnover as your income. Some of our lenders will consider up to 50% of your turnover as income. The percentage that the lenders will consider also depends on the indu...
by Otto Dargan
Thu May 16, 2019 6:52 pm
Forum: Home Loan Forum
Topic: What are the differences between low doc and full doc?
Replies: 5
Views: 61

Re: What are the differences between low doc and full doc?

Hello Garfie. Welcome to the forums. Yes, a low doc home loan is a suitable option for self-employed borrowers whose income documents do not reflect their actual income. To qualify for a full doc or a standard home loan as a self-employed borrower , you’d need to provide at least 2 years tax returns...
by Otto Dargan
Wed May 15, 2019 7:58 pm
Forum: Home Loan Forum
Topic: Going on 60 years old Looking to purchase an investment property
Replies: 3
Views: 75

Re: Going on 60 years old Looking to purchase an investment property

Hi Andre, The exit strategy depends on your income, assets and retirement plans. Commonly accepted strategies include: ⋅ Downsizing to a smaller home when you reach retirement (not accepted by all lenders) ⋅ The sale of assets such as investment property or shares. ⋅ Lu...
by Otto Dargan
Wed May 15, 2019 7:15 pm
Forum: Home Loan Forum
Topic: Going on 60 years old Looking to purchase an investment property
Replies: 3
Views: 75

Re: Going on 60 years old Looking to purchase an investment property

Hello Andre. Welcome to the forums. The secret to getting approved if you’re 50 years or older is to apply with a lender that has flexible lending policies for mature borrowers nearing retirement age . Most banks are likely to decline your application if you’re over 60 years old. However, if you’ve ...
by Otto Dargan
Tue May 14, 2019 7:27 pm
Forum: Home Loan Forum
Topic: My AMP SMSF loan got knocked back! Need a lender that can help me
Replies: 5
Views: 80

Re: My AMP SMSF loan got knocked back! Need a lender that can help me

Hi Fardeen, You hit the nail on the head in regards to limited recourse borrowing arrangement (LRBA) . The LRBA structure limits the recourse of banks and other creditors to the asset you’re using as security protecting all the other assets held in the super fund. You can see why a lot of lenders ar...

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