Search found 7729 matches

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: 9548

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...
by Otto Dargan
Fri Oct 04, 2019 2:34 pm
Forum: Home Loan Forum
Topic: Husband is a foreigner, can we still apply for a mortgage in Australia?
Replies: 5
Views: 9548

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

Hello Samantha. Welcome to the forums. You and your husband can apply for a partner visa mortgage and might even be able to borrow up to 95% of the property value if you fulfil the following lending criteria: The person on the temporary spouse visa must be buying the property with an Australian citi...
by Otto Dargan
Wed Oct 02, 2019 9:28 pm
Forum: Home Loan Forum
Topic: Can we get approved for a home loan with paid default?
Replies: 5
Views: 9605

Re: Can we get approved for a home loan with paid default?

Hi Cathy Bell, Some lenders are willing to accept a deposit that you’ve borrowed from your parents because you’re more likely to pay the loan back than if you were to get a personal loan . Please take note that any repayments you need to make on the borrowed deposit (including interest) will be take...
by Otto Dargan
Wed Oct 02, 2019 8:01 pm
Forum: Home Loan Forum
Topic: Can we get approved for a home loan with paid default?
Replies: 5
Views: 9605

Re: Can we get approved for a home loan with paid default?

Hi Cathy Bell, Genuine savings does not necessarily mean having savings in your accounts for more than 3 months. If you can prove that you have been making on-time rental payments , then these genuine savings are acceptable to some of our lenders. Gift : The gift must be in your account and a gift l...
by Otto Dargan
Wed Oct 02, 2019 7:35 pm
Forum: Home Loan Forum
Topic: Do late repayments affect credit score that much?
Replies: 5
Views: 9582

Re: Do late repayments affect credit score that much?

Hi Jess, To improve your Equifax score , there are a few simple steps you can: Get your credit report and check to ensure all the data is correct. You can get a free report by directly contacting Equifax. If there any discrepancies ask them to fix it. Avoid applying for any more credit. Pay all your...
by Otto Dargan
Wed Oct 02, 2019 7:21 pm
Forum: Home Loan Forum
Topic: Can we get approved for a home loan with paid default?
Replies: 5
Views: 9605

Re: Can we get approved for a home loan with paid default?

Hello Cathy Bell. Welcome to the forums. You could get your mortgage approved with some specialist lenders even if you have defaults on your credit file . It all depends on how old the defaults are, the total number and the dollar value of the defaults. In your case, since your husband has already p...
by Otto Dargan
Wed Oct 02, 2019 12:49 pm
Forum: Home Loan Forum
Topic: Do late repayments affect credit score that much?
Replies: 5
Views: 9582

Re: Do late repayments affect credit score that much?

Hi Jess, That’s true. Positive credit reporting or CCR has both benefits and negatives. The main negative is that previously lenders were only able to see if you had defaulted on a loan , however, now they can also see if you’re making regular repayments on time. That means a temporary change in fin...
by Otto Dargan
Tue Oct 01, 2019 8:42 pm
Forum: Home Loan Forum
Topic: Do late repayments affect credit score that much?
Replies: 5
Views: 9582

Re: Do late repayments affect credit score that much?

Hello Jess. Welcome to the forums. Comprehensive credit reporting (CCR) was implemented in Australia from July 2018, under which your credit file/ report also shows your ‘ repayment history information ’ for the last 24 months. So, if you’ve had any late repayments these get recorded which in turn n...
by Otto Dargan
Mon Sep 30, 2019 7:44 pm
Forum: Home Loan Forum
Topic: Buying a mixed property. Do I apply for a residential or commercial loan?
Replies: 5
Views: 9601

Re: Buying a mixed property. Do I apply for a residential or commercial loan?

Hi Mark, The lenders will need to know if the current tenants are running a profitable venture so they can keep paying rent and you can make your retail commercial loan repayments. The lender will look into: The profit and loss statements for the last two years. Lease remaining on the property. The ...
by Otto Dargan
Mon Sep 30, 2019 6:43 pm
Forum: Home Loan Forum
Topic: Buying a mixed property. Do I apply for a residential or commercial loan?
Replies: 5
Views: 9601

Re: Buying a mixed property. Do I apply for a residential or commercial loan?

Hi Mark, The banks will look into the following factors to value your retail space : The size of the shop as shops located in prime locations have larger floor space, so might be more expensive. However, banks are not conservative when it comes to shop size as any size can appeal to a business niche...
by Otto Dargan
Mon Sep 30, 2019 5:21 pm
Forum: Home Loan Forum
Topic: Buying a mixed property. Do I apply for a residential or commercial loan?
Replies: 5
Views: 9601

Re: Buying a mixed property. Do I apply for a residential or commercial loan?

Hello Mark. Welcome to the forums. While most lenders will classify mixed-use properties as commercial lending, they are others who can offer you a residential loan. It is important to distinguish between the two loans as commercial loans are higher in risk and tend to have a lower loan to value rat...
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: 9725

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: 9725

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: 9725

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: 9538

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...