Search found 7706 matches

by Otto Dargan
Mon Sep 23, 2019 10:13 pm
Forum: Home Loan Forum
Topic: Boarding House Loan
Replies: 1
Views: 438

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: 484

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: 484

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...
by Otto Dargan
Mon Sep 23, 2019 8:00 pm
Forum: Home Loan Forum
Topic: How will the bank split the property after a divorce?
Replies: 5
Views: 484

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

Hello Cheryl. Welcome to the forums. Thank you for reaching out to us and sorry to hear about the divorce. Firstly, you will need to get legal advice and set up a contract with the agreed price of the property. Once the property is valued, you will need to consider the share your husband will receiv...
by Otto Dargan
Fri Sep 20, 2019 8:16 pm
Forum: Home Loan Forum
Topic: What is a parent assist home loan? How does it differ from a guarantor home loan?
Replies: 5
Views: 558

Re: What is a parent assist home loan? How does it differ from a guarantor home loan?

Hi Lucille, Besides having a sizeable deposit, these are other things you should be aware of as a first home buyer: There are many additional costs involved in purchasing a property like conveyancing costs, transfer fees, registration fees, etc. Therefore, it is best to keep at least 3-5% of the con...
by Otto Dargan
Fri Sep 20, 2019 7:55 pm
Forum: Home Loan Forum
Topic: What is a parent assist home loan? How does it differ from a guarantor home loan?
Replies: 5
Views: 558

Re: What is a parent assist home loan? How does it differ from a guarantor home loan?

Hi Lucille, A parent assist home loan might be perfect for you as you do not have to show a deposit or genuine savings , as your parents are lending you 20% of the property value. Since you’re borrowing less than 80% of the property value, this means the loan to value ratio is also less than 80%, me...
by Otto Dargan
Fri Sep 20, 2019 7:26 pm
Forum: Home Loan Forum
Topic: What is a parent assist home loan? How does it differ from a guarantor home loan?
Replies: 5
Views: 558

Re: What is a parent assist home loan? How does it differ from a guarantor home loan?

Hello Lucille. Welcome to the forums. A parent assist home loan is where your parents provide you with a loan of up to 20% of the property value. Essentially, you’re borrowing money from your parents, but it is not a gifted deposit as you would need to pay them back with interest. By doing so, you a...
by Otto Dargan
Thu Sep 19, 2019 9:21 pm
Forum: Home Loan Forum
Topic: Can I get a home loan with only $5,000 deposit?
Replies: 5
Views: 508

Re: Can I get a home loan with only $5,000 deposit?

Hi Camden, These are the factors lenders will look into when you have a guarantor on your home loan : Your parents should have a stable income and good credit history so lenders are assured that they can make repayments on the mortgage. The guarantor’s property must be in Australia. The guarantor mu...
by Otto Dargan
Thu Sep 19, 2019 8:51 pm
Forum: Home Loan Forum
Topic: Can I get a home loan with only $5,000 deposit?
Replies: 5
Views: 508

Re: Can I get a home loan with only $5,000 deposit?

Hi Camden, Your parents might still be able to help you if they have enough equity remaining on their home loan. Some lenders will allow your parents to secure a guarantee on their property with a second mortgage. Lenders will look into the total debt secured on your parents’ property to calculate h...
by Otto Dargan
Thu Sep 19, 2019 8:37 pm
Forum: Home Loan Forum
Topic: Can I get a home loan with only $5,000 deposit?
Replies: 5
Views: 508

Re: Can I get a home loan with only $5,000 deposit?

Hello Camden. Welcome to the forums. Thank you for reaching out to us. As a general rule, a minimum of at least 5% of the property value is needed as a deposit as well as additional funds to cover the purchasing costs like stamp duty, conveyancing, etc. Unfortunately, a $5,000 deposit is not enough ...
by Otto Dargan
Wed Sep 18, 2019 8:26 pm
Forum: Home Loan Forum
Topic: Partner has good credit and I have bad credit. Can we still get a mortgage?
Replies: 5
Views: 505

Re: Partner has good credit and I have bad credit. Can we still get a mortgage?

Hi Tricia, Some other tips to improve your credit score are: Do not overdraw your cheque account. Pay all your bills on time. Do not apply for a new credit card Try your best to pay off your debts on time. Pay any defaults on your credit file as soon as possible instead of waiting for them to be rem...
by Otto Dargan
Wed Sep 18, 2019 8:01 pm
Forum: Home Loan Forum
Topic: Partner has good credit and I have bad credit. Can we still get a mortgage?
Replies: 5
Views: 505

Re: Partner has good credit and I have bad credit. Can we still get a mortgage?

Hi Tricia, There are many options you can choose from when a partner has bad credit when you’re applying for a home loan: Your husband could apply as the sole applicant but this would mean that only his income will be serviced and only his name will be on the property title. A common debt reducer ho...
by Otto Dargan
Wed Sep 18, 2019 7:35 pm
Forum: Home Loan Forum
Topic: Partner has good credit and I have bad credit. Can we still get a mortgage?
Replies: 5
Views: 505

Re: Partner has good credit and I have bad credit. Can we still get a mortgage?

Hello Tricia. Welcome to the forums. Thank you for reaching out to us. Yes, you can still move forward with getting a home loan even when your partner has with bad credit . However, if you have too many credit enquiries on your credit file , then you can be seen as a high-risk borrower. In most case...
by Otto Dargan
Wed Sep 18, 2019 12:10 pm
Forum: Home Loan Forum
Topic: How is DTI calculated? DTI and LTI - What's the difference?
Replies: 5
Views: 514

Re: How is DTI calculated? DTI and LTI - What's the difference?

Hi Anwar, Yes, personal and business loans for sole traders will need to be included in the DTI calculations. In addition, for revolving credit such as credit cards and overdraft, the full limit is to be used irrespective of the balance. So say you have a $10,000 cc with $1,000 balance (used) and an...
by Otto Dargan
Tue Sep 17, 2019 8:59 pm
Forum: Home Loan Forum
Topic: How is DTI calculated? DTI and LTI - What's the difference?
Replies: 5
Views: 514

Re: How is DTI calculated? DTI and LTI - What's the difference?

Hi Anwar, For self-employed borrowers , the income to be used for the DTI calculations is net profit before tax after acceptable add-backs . Yes, you can use the full gross (unshaded) rental and dividend income before tax. As for the liabilities part for the DTI calculation, the total of all loans i...

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