Search found 7729 matches

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: 10157

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: 9002

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...
by Otto Dargan
Tue Oct 22, 2019 7:03 pm
Forum: Home Loan Forum
Topic: Does having a larger deposit mean I can reduce stamp duty?
Replies: 5
Views: 9002

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

Hi Zanele, Under TSS Visa , the amount you can borrow depends on which stream you are working in: For a 4 years stream (Medium-term or MLTSSL), you can borrow up to 90% of the property value with some of our lenders. For 1 - 2 years (Short-term of STSOL) you can borrow up to 80% of the property valu...
by Otto Dargan
Tue Oct 22, 2019 6:41 pm
Forum: Home Loan Forum
Topic: Does having a larger deposit mean I can reduce stamp duty?
Replies: 5
Views: 9002

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

Hello Zanele. Welcome to the forums. No, the amount of stamp duty you pay is not dependent on the size of your deposit. The amount of stamp duty paid depends on the value of your property, which state or territory you are buying your property and type of property you buy. You can use our stamp duty ...
by Otto Dargan
Mon Oct 21, 2019 9:15 pm
Forum: Home Loan Forum
Topic: How do lenders view seasonal income?
Replies: 5
Views: 9181

Re: How do lenders view seasonal income?

Hi Simone, The biggest ticket costs associated with purchasing a property is stamp duty which is waived off in Northern Territory (NT). Still, there are other costs involved such as: Mortgage registration fee: Government fee for registering your lender’s mortgage on the title. For a $380,000 propert...
by Otto Dargan
Mon Oct 21, 2019 6:01 pm
Forum: Home Loan Forum
Topic: How do lenders view seasonal income?
Replies: 5
Views: 9181

Re: How do lenders view seasonal income?

Hi Simone, There are two things to consider when calculating how much you can borrow: Loan to value ratio (LVR): The maximum LVR a couple of our lenders are willing to lend to seasonal workers is 90% of the property value. So, your deposit should cover it. If you can come up with a bigger deposit sa...
by Otto Dargan
Mon Oct 21, 2019 12:13 pm
Forum: Home Loan Forum
Topic: How do lenders view seasonal income?
Replies: 5
Views: 9181

Re: How do lenders view seasonal income?

Hello Simone. Welcome to the forums. Lenders consider someone in temporary/ seasonal employment a higher risk than someone in a full-time permanent position. Seasonal workers will need to establish a reliable income with evidence that you’ve worked for the same employer for the past two years even i...
by Otto Dargan
Mon Oct 21, 2019 12:10 pm
Forum: Home Loan Forum
Topic: HSBC won’t do a construction loan - Need a house and land package
Replies: 2
Views: 9278

Re: HSBC won’t do a construction loan - Need a house and land package

Hi Roxy, We would recommend getting pre-approved for the vacant land loan before putting in the deposit on the land. Prior to the commencement of construction , the banks will want to see the following documents: Signed building contract Council approved plans Construction certificate (NSW) Builders...
by Otto Dargan
Fri Oct 18, 2019 7:58 pm
Forum: Home Loan Forum
Topic: Will we be eligible for a home loan when we have worked for less than 6 months?
Replies: 5
Views: 9104

Re: Will we be eligible for a home loan when we have worked for less than 6 months?

Hi Delora, Most banks and lenders require 5% of the property value ($34,000) but to avoid Lenders Mortgage Insurance (LMI) , it is best to save 20% of the property value ($136,000). Besides deposit, banks and lenders will also look into the following factors: Ideally, applicants must be in their cur...
by Otto Dargan
Fri Oct 18, 2019 7:45 pm
Forum: Home Loan Forum
Topic: Will we be eligible for a home loan when we have worked for less than 6 months?
Replies: 5
Views: 9104

Re: Will we be eligible for a home loan when we have worked for less than 6 months?

Hi Delora, Depending on whether your partner has been making regular and timely repayments on the car loan, it could either positively or negatively affect your credit score. Getting a car loan will automatically leave on an enquiry on your partner’s credit file . However, with Comprehensive Credit ...
by Otto Dargan
Fri Oct 18, 2019 7:34 pm
Forum: Home Loan Forum
Topic: Will we be eligible for a home loan when we have worked for less than 6 months?
Replies: 5
Views: 9104

Re: Will we be eligible for a home loan when we have worked for less than 6 months?

Hello Delora. Welcome to the forums. You might be able to get a home loan approved, even when you are on probation . The applicant’s employment status is a crucial factor that banks and lenders will scrutinize to understand the risk posed by the applicant. Your employment and income stability forms ...
by Otto Dargan
Fri Oct 18, 2019 7:14 pm
Forum: Home Loan Forum
Topic: HSBC won’t do a construction loan - Need a house and land package
Replies: 2
Views: 9278

Re: HSBC won’t do a construction loan - Need a house and land package

Hi Roxy, Drawdown or construction progress payment request is different stages of construction which once completed the bank will only then release the funds to the builder. The lender will release the first drawdown when certain requirements are met, such as when you provide them with council appro...
by Otto Dargan
Fri Oct 18, 2019 6:52 pm
Forum: Home Loan Forum
Topic: HSBC won’t do a construction loan - Need a house and land package
Replies: 2
Views: 9278

Re: HSBC won’t do a construction loan - Need a house and land package

Hello Roxy. Welcome to the forums. HSBC historically haven’t been great at construction loans and it looks like they’ve now completely stopped offering them altogether. However, there are a few lenders on our panel who’re great at this who can help you with a house and land package loan . The first ...
by Otto Dargan
Wed Oct 16, 2019 8:17 pm
Forum: Home Loan Forum
Topic: Would lenders accept an applicant on Bridging Visa?
Replies: 5
Views: 9317

Re: Would lenders accept an applicant on Bridging Visa?

Yes, as long as he meets the eligibility criteria for a First Home Owners Grant (FHOG) , then he can receive the grant. The eligibility criteria for the grant are: At least one applicant is a citizen or a Permanent Resident Neither applicant has owned a residential property in Australia before 1 Jul...
by Otto Dargan
Wed Oct 16, 2019 7:56 pm
Forum: Home Loan Forum
Topic: Would lenders accept an applicant on Bridging Visa?
Replies: 5
Views: 9317

Re: Would lenders accept an applicant on Bridging Visa?

Hi Tina, Saving a large deposit is one of the ways to improve your chances. The best part is, the deposit can be a gifted deposit from your parents. You might even get a guarantor home loan with LMI waived . There are other factors that lenders will look into when assessing your application: The len...