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by Otto Dargan
Fri Sep 27, 2019 8:26 pm
Forum: Home Loan Forum
Topic: Is the income from my new job accepted?
Replies: 5
Views: 470

Re: Is the income from my new job accepted?

Hi Ben, LMI capitalisation is the process by which the LMI premium is added on top of your loan. This is also known as “capping the LMI premium” or having capped LMI. By capping your LMI premium, you will need a smaller deposit since you are not paying the LMI premium upfront, from the money that yo...
by Otto Dargan
Fri Sep 27, 2019 8:01 pm
Forum: Home Loan Forum
Topic: Is the income from my new job accepted?
Replies: 5
Views: 470

Re: Is the income from my new job accepted?

Hi Ben, Besides earning a regular income and having stable employment, you will also need a deposit of at least 10% of the property value. If this is your first home, the deposit amount can even include the first home owners grant (FHOG) . The major catch here is that you will need to pay Lenders Mo...
by Otto Dargan
Fri Sep 27, 2019 7:32 pm
Forum: Home Loan Forum
Topic: Is the income from my new job accepted?
Replies: 5
Views: 470

Re: Is the income from my new job accepted?

Hello Ben. Thank you for reaching out to us and welcome to the forums. Yes, even with a new job , we can find lenders that will accept income from it. However, before moving forward with getting a home loan make sure to: Check your employment contract to make sure your employment is subject to proba...
by Otto Dargan
Thu Sep 26, 2019 2:45 pm
Forum: Home Loan Forum
Topic: Do I have to get separate loans for land and construction?
Replies: 5
Views: 425

Re: Do I have to get separate loans for land and construction?

Hi Timothy, Unlike a standard home loan, construction loans are drawn-down (there is a repayment schedule to make construction progress payments.) Basically, you are asking your lender to pay your builder for the part of the construction work that is completed. Usually, five payments have to be made...
by Otto Dargan
Thu Sep 26, 2019 1:54 pm
Forum: Home Loan Forum
Topic: Do I have to get separate loans for land and construction?
Replies: 5
Views: 425

Re: Do I have to get separate loans for land and construction?

Hi Timothy, After you get approved for your construction loan, the bank will assess your financial situation by looking into your recent payslips, savings for the last 3 to 6 months, recent tax return and your deposit size. Besides looking into your financial situation, you will need to provide the ...
by Otto Dargan
Thu Sep 26, 2019 12:34 pm
Forum: Home Loan Forum
Topic: Do I have to get separate loans for land and construction?
Replies: 5
Views: 425

Re: Do I have to get separate loans for land and construction?

Hello Timothy. Thank you for reaching out to us and welcome to the forums. Since you are looking to buy land and build a house to live in it is advisable to split the loan into a land loan and a construction loan. By doing so, the loans will be advanced to you during the different stages (when buyin...
by Otto Dargan
Tue Sep 24, 2019 9:06 pm
Forum: Home Loan Forum
Topic: St George - accountant letter not accepted for a home loan
Replies: 5
Views: 473

Re: St George - accountant letter not accepted for a home loan

Hi Abe, Yes, it’s true that many experts are forecasting a further cash rate cut, but it is unclear how much of that is expected to be passed on to home loan borrowers. ‘ To fix your home loan or not ’ is a question we get all the time. It largely depends on your financial goals and needs. Generally...
by Otto Dargan
Tue Sep 24, 2019 8:14 pm
Forum: Home Loan Forum
Topic: Buy now or save for a larger deposit?
Replies: 5
Views: 447

Re: Buy now or save for a larger deposit?

Hi Alica, When you buy a property, you can expect to spend up to 5% of the contract price on fees, duties and charges. So for a purchase of $700,000, there may be up to $35,000 of costs involved to complete the purchase . The main government costs associated with buying a home are: Purchase stamp du...
by Otto Dargan
Tue Sep 24, 2019 7:36 pm
Forum: Home Loan Forum
Topic: St George - accountant letter not accepted for a home loan
Replies: 5
Views: 473

Re: St George - accountant letter not accepted for a home loan

Hi Abe,

The current record-low cash rate environment has led to the banks offering home loan interest rates below 3% p.a. Some of our lenders are offering sharp fixed rates for 1, 3 and 5 years.

Cheers,
by Otto Dargan
Tue Sep 24, 2019 7:28 pm
Forum: Home Loan Forum
Topic: Buy now or save for a larger deposit?
Replies: 5
Views: 447

Re: Buy now or save for a larger deposit?

Hi Alica, The best way to waive LMI is to save a larger deposit. These deposits can be in the form of your own savings, or even gifted deposit from your parents , inheritance, tax refunds, First Home Owners Grant , etc. Another way to avoid paying LMI is to have a guarantor on your home loan . If sa...
by Otto Dargan
Tue Sep 24, 2019 6:55 pm
Forum: Home Loan Forum
Topic: Buy now or save for a larger deposit?
Replies: 5
Views: 447

Re: Buy now or save for a larger deposit?

Hi Alica, Thank you for reaching out to us and welcome to the forums. Using the buy now or save more calculator , even with a deposit of $50,000, you would be better off buying now than saving for later. You would be better off by approximately $479,225 if you buy now. Please note that the calculato...
by Otto Dargan
Tue Sep 24, 2019 4:36 pm
Forum: Home Loan Forum
Topic: St George - accountant letter not accepted for a home loan
Replies: 5
Views: 473

Re: St George - accountant letter not accepted for a home loan

Hello Abe. Welcome to the forums. That’s St George’s new policy for self-employed borrowers - they no longer accept an accountant’s letter for a company that is not trading. Their new policy states that: If the company is not trading, a letter stating it’s not trading and has no liabilities is not g...
by Otto Dargan
Mon Sep 23, 2019 10:13 pm
Forum: Home Loan Forum
Topic: Boarding House Loan
Replies: 1
Views: 419

Re: Boarding House Loan

Hi Liam C, welcome to the forum. There aren’t a lot of lenders that accept boarding houses as security . We have a couple of lenders on our panel of lenders that can lend against these properties on a case by case basis. And that's who we're working with. Yes, boarding houses with 6 or more units/ b...
by Otto Dargan
Mon Sep 23, 2019 8:29 pm
Forum: Home Loan Forum
Topic: How will the bank split the property after a divorce?
Replies: 5
Views: 466

Re: How will the bank split the property after a divorce?

Hi Cheryl, It is understandable for a few missed repayment situations to arise in cases of a divorce settlement. It is a common occurrence when going through a divorce or separation because of advice from a lawyer not to make repayments on the mortgage as it is believed that the other partner will g...
by Otto Dargan
Mon Sep 23, 2019 8:19 pm
Forum: Home Loan Forum
Topic: How will the bank split the property after a divorce?
Replies: 5
Views: 466

Re: How will the bank split the property after a divorce?

Hi Cheryl , A refinance in this case is the same as applying for a new home loan, so the same bank lending criteria will apply. Also, you: Must have good repayment history on your existing loan. Must be able to prove you have funds to pay out your partner. Don't need to prove genuine savings . Lende...

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