Search found 7713 matches

by Otto Dargan
Tue Oct 15, 2019 8:19 pm
Forum: Home Loan Forum
Topic: With our small deposit, what options do we have?
Replies: 5
Views: 124

Re: With our small deposit, what options do we have?

Hi Kira, No, it is not necessary to get the same bank account. As long as you can prove to the banks or lenders that there are regular deposits made to both of your accounts, it should not be an issue. Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for ...
by Otto Dargan
Tue Oct 15, 2019 7:44 pm
Forum: Home Loan Forum
Topic: With our small deposit, what options do we have?
Replies: 5
Views: 124

Re: With our small deposit, what options do we have?

Hi Kira, Yes, we have lenders on our panel who will allow you to borrow up to 97% of the property value inclusive of LMI . LMI has to be paid for any loans with a loan to value ratio of above 80%. However, to qualify for 97% home loan , stricter lending criteria applies like having sufficient income...
by Otto Dargan
Tue Oct 15, 2019 6:53 pm
Forum: Home Loan Forum
Topic: With our small deposit, what options do we have?
Replies: 5
Views: 124

Re: With our small deposit, what options do we have?

Hello Kira. Welcome to the forums. There are many options available to get a home loan despite not having a large saving. However, a minimum of 5% of the property price is required as genuine savings . In your case, you will have to show a savings of at least $10,000. There are also some lenders who...
by Otto Dargan
Tue Oct 15, 2019 4:05 pm
Forum: Home Loan Forum
Topic: Will lenders assess the income of my part-time job and business?
Replies: 5
Views: 102

Re: Will lenders assess the income of my part-time job and business?

Hi Matt, Lenders Mortgage Insurance (LMI) is only paid when the loan to value ratio (LVR) is more than 80%. Calculating the LVR, it is 78% so you do not have to pay LMI. LMI is a one-off fee paid by borrowers who need to borrow more than 80% of the property value. It is an insurance that assists the...
by Otto Dargan
Tue Oct 15, 2019 3:29 pm
Forum: Home Loan Forum
Topic: Will lenders assess the income of my part-time job and business?
Replies: 5
Views: 102

Re: Will lenders assess the income of my part-time job and business?

Hi Matt, There are some major lenders who will look into your application and offer you competitive interest rates , even when you are working part-time. Although the options are few, one or two lenders can look into your situation and get you the best deal for your situation. If you are a riskier b...
by Otto Dargan
Tue Oct 15, 2019 2:50 pm
Forum: Home Loan Forum
Topic: Will lenders assess the income of my part-time job and business?
Replies: 5
Views: 102

Re: Will lenders assess the income of my part-time job and business?

Hello Matt. Welcome to the forums. Yes. There are lenders who will assess your part-time and business income when calculating your serviceability (borrowing power) Some lenders and banks are quite conservative when it comes to assessing the income of part time employees as these borrowers are seen a...
by Otto Dargan
Fri Oct 11, 2019 4:40 pm
Forum: Home Loan Forum
Topic: Keystart home loans - Are they worth it?
Replies: 5
Views: 277

Re: Keystart home loans - Are they worth it?

Hi Darryl, There isn’t a waiting period per se, rather it’s how much equity you have on your home loan. Typically, you’ll require at least a 20% equity in your home loan to refinance without incurring lenders mortgage insurance (LMI). Although, you can refinance your home loan up to 90% loan to valu...
by Otto Dargan
Thu Oct 10, 2019 7:41 pm
Forum: Home Loan Forum
Topic: Keystart home loans - Are they worth it?
Replies: 5
Views: 277

Re: Keystart home loans - Are they worth it?

Hi Darryl, Keystart low deposit home loans work best in a rising market but can become a trap with falling housing prices. As you’re contributing only 2% of the property value for the house and taking out a home loan for the rest at a high-interest rate if property prices fall that means you won’t h...
by Otto Dargan
Thu Oct 10, 2019 3:51 pm
Forum: Home Loan Forum
Topic: Keystart home loans - Are they worth it?
Replies: 5
Views: 277

Re: Keystart home loans - Are they worth it?

Hello Darryl. Welcome to the forums. Keystart home loans are designed to make homeownership a reality sooner and are mostly a transitional lender. Their qualifying criteria for low deposit home loans are very lenient in some aspects and can save you thousands of dollar in lenders mortgage insurance ...
by Otto Dargan
Thu Oct 10, 2019 1:43 pm
Forum: Home Loan Forum
Topic: How do I get a free copy of my credit report?
Replies: 1
Views: 214

Re: How do I get a free copy of my credit report?

Hello Joel. Welcome to the forums. You can obtain one free credit report from each of the three credit reporting bodies per year. Additional reports are provided at a fee. To get your free copy, please contact the credit reporting bodies directly: Equifax (previously known as Veda Advantage): 138 33...
by Otto Dargan
Fri Oct 04, 2019 8:27 pm
Forum: Home Loan Forum
Topic: How can a freelancer get a home loan approved?
Replies: 5
Views: 418

Re: How can a freelancer get a home loan approved?

Hi Carlton, Having multiple credit cards might be a red flag for lenders as it might indicate that you are living beyond your means. However, if you have been able to make regular repayments and never used the cards to their full limit, then banks and lenders will look at this favourably. If you hav...
by Otto Dargan
Fri Oct 04, 2019 8:18 pm
Forum: Home Loan Forum
Topic: How can a freelancer get a home loan approved?
Replies: 5
Views: 418

Re: How can a freelancer get a home loan approved?

Hi Carlton, Australian lenders deal with self-employed borrowers regularly so you’re more likely to get approval if you can qualify as one. This means you’ll need to have an Australian Business Number (ABN) and have completed your financials for at least two years. They work on a contractual basis a...
by Otto Dargan
Fri Oct 04, 2019 8:07 pm
Forum: Home Loan Forum
Topic: How can a freelancer get a home loan approved?
Replies: 5
Views: 418

Re: How can a freelancer get a home loan approved?

Hello Carlton. Welcome to the forums. Getting your home loan approved depends on how lenders will assess your application. Most lenders might think that your income is inconsistent and is project-based. Therefore, you will be subject to stricter lending criteria and might reduce your borrowing capac...
by Otto Dargan
Fri Oct 04, 2019 4:10 pm
Forum: Home Loan Forum
Topic: Husband is a foreigner, can we still apply for a mortgage in Australia?
Replies: 5
Views: 378

Re: Husband is a foreigner, can we still apply for a mortgage in Australia?

Hi Samantha, Generally speaking, if you’re buying a property in the name of your partner that is either an Australian citizen, permanent resident or 444 visa holder, the stamp duty surcharge doesn’t apply. In New South Wales specifically, if you’ve been living in Australia on a partner visa (subclas...
by Otto Dargan
Fri Oct 04, 2019 2:57 pm
Forum: Home Loan Forum
Topic: Husband is a foreigner, can we still apply for a mortgage in Australia?
Replies: 5
Views: 378

Re: Husband is a foreigner, can we still apply for a mortgage in Australia?

Hi Samantha, The Great British Pound (GBP) is one of the acceptable foreign currencies by banks and lenders in Australia. Banks will often assess his base income by converting it to Australian dollars, and then reduce it by 10% as a buffer for any currency fluctuations. Some lenders will only use 80...

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