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by Otto Dargan
Mon Jul 15, 2019 9:23 pm
Forum: Home Loan Forum
Topic: Advise on buy now build later
Replies: 1
Views: 347

Re: Advise on buy now build later

Hi Mozzie, If you’re buying land and you have no intention to build within 12 months of settlement, it may be a better option to hold onto your savings since they are much easier to access than equity. Lenders also generally want to see proof of build too, they want to see the capacity that clients ...
by Otto Dargan
Mon Jul 15, 2019 9:01 pm
Forum: Home Loan Forum
Topic: Got knocked back by the mortgage insurer - 95 per cent home loan
Replies: 3
Views: 380

Re: Got knocked back by the mortgage insurer - 95 per cent home loan

Hi Nigel, Yes, lenders will accept your older tax returns if you haven’t yet filed your tax returns for this financial year. Each lender has its own method of calculating your self-employed assessable income from your tax returns. Some lenders will use the average of the two years taxable income, wh...
by Otto Dargan
Mon Jul 15, 2019 7:54 pm
Forum: Home Loan Forum
Topic: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ
Replies: 5
Views: 580

Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Hi Warren, Yes, that’s absolutely correct, however, some lenders don’t have a minimum income requirement for doctors. There are two other primary qualifying criteria you’d need to meet to qualify for doctor home loans, such as: ⋅ Having membership of a recognised and accepted industry asso...
by Otto Dargan
Mon Jul 15, 2019 7:33 pm
Forum: Home Loan Forum
Topic: Got knocked back by the mortgage insurer - 95 per cent home loan
Replies: 3
Views: 380

Re: Got knocked back by the mortgage insurer - 95 per cent home loan

Hello Nigel. Welcome to the forums. Anytime, you’re borrowing more than 80% of the property value, you’ll paying Lenders Mortgage Insurance (LMI) . So, when you apply for a 95% home loan , most lenders don’t allow you to capitalise the LMI on top of your home loan. That means you’ll have to come up ...
by Otto Dargan
Mon Jul 15, 2019 7:03 pm
Forum: Home Loan Forum
Topic: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ
Replies: 5
Views: 580

Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Hi Warren, Self-employed doctors tend to have unique income types, depending on how your medical practice is set up. The exact documents we will require will depend on the nature of how you’re paid. Generally speaking, the documents required are: ⋅ Two year’s personal tax returns. ⋅&n...
by Otto Dargan
Fri Jul 12, 2019 6:06 pm
Forum: Home Loan Forum
Topic: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ
Replies: 5
Views: 580

Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Hello Warren. Welcome to the forums. That’s ANZ’s policy for medico loans. However, there are a few banks and specialist lenders who offer home loan for doctors that do not need a personal guarantee as long as the applicant’s direct ownership and/or directorship is evident. With a doctor home loan: ...
by Otto Dargan
Fri Jul 12, 2019 4:09 pm
Forum: Home Loan Forum
Topic: How does the new first home buyer scheme in ACT work?
Replies: 5
Views: 475

Re: How does the new first home buyer scheme in ACT work?

Hi Olly, Different lenders have ways of calculating the size of the limited guarantee . But, generally, the size of the limited guarantee is calculated as: Value of the limited guarantee = (loan amount / 0.8) – property price For example, if you’re borrowing 100% of the property value for a $400,000...
by Otto Dargan
Thu Jul 11, 2019 8:39 pm
Forum: Home Loan Forum
Topic: How does the new first home buyer scheme in ACT work?
Replies: 5
Views: 475

Re: How does the new first home buyer scheme in ACT work?

Hi Olly, The most popular no deposit first home buyer loan is a guarantor loan . With a guarantor: ⋅ You can borrow up to 105% of the property value. ⋅ Avoid the high cost of Lenders Mortgage Insurance (LMI). A guarantor is someone who is closely related to you like your parents ...
by Otto Dargan
Thu Jul 11, 2019 6:29 pm
Forum: Home Loan Forum
Topic: How does the new first home buyer scheme in ACT work?
Replies: 5
Views: 475

Re: How does the new first home buyer scheme in ACT work?

Hello Olly. Welcome to the forums. That’s right, the first home owners grant (FHOG) in Australian Capital Territories (ACT) has been replaced by the home buyer concession scheme effective 1 July 2019. Under the new scheme, both first home all eligible buyers pay no stamp duty on vacant residential l...
by Otto Dargan
Thu Jul 11, 2019 5:51 pm
Forum: Home Loan Forum
Topic: Which trust structure do mortgage lenders prefer - Discretionary or Unit trusts?
Replies: 3
Views: 435

Re: Which trust structure do mortgage lenders prefer - Discretionary or Unit trusts?

Hi Skip, Yes, a couple of our trust loan lenders have offset facilities , however, most don’t. Please note that the offset account is only allowed in the name of the same entity as the loan. So, you can’t have the offset in your personal name. Give us a call on 1300 889 743 or fill in our free asses...
by Otto Dargan
Wed Jul 10, 2019 9:47 pm
Forum: Home Loan Forum
Topic: Which trust structure do mortgage lenders prefer - Discretionary or Unit trusts?
Replies: 3
Views: 435

Re: Which trust structure do mortgage lenders prefer - Discretionary or Unit trusts?

Hello Skip. Welcome to the forums. Trust loans are complicated in general and only a few lenders are willing and able to handle discretionary trust loans , even fewer lenders among them are willing to lend to unit trusts . From a strictly mortgage lending perspective, a discretionary trust structure...
by Otto Dargan
Wed Jul 10, 2019 6:09 pm
Forum: Home Loan Forum
Topic: Need a better deal than BOQ's doctor home loan
Replies: 5
Views: 640

Re: Need a better deal than BOQ's doctor home loan

Hi Melvin, To get approved for a home loan for doctors: ⋅ Your medical field must be on the lender’s list of acceptable medical professionals . ⋅ You must be a member of an industry association that is acceptable to the lender. ⋅ Intern doctors, veterinarians, optometri...
by Otto Dargan
Tue Jul 09, 2019 7:50 pm
Forum: Home Loan Forum
Topic: Need a better deal than BOQ's doctor home loan
Replies: 5
Views: 640

Re: Need a better deal than BOQ's doctor home loan

Hi Melvin, Lenders are cutting each other to get business from doctors and they exclusively offer special interest rates and products not generally available to the public. Here are some golden tips to help you maximise your discounts: ⋅ Make sure you specifically ask about doctor home loa...
by Otto Dargan
Tue Jul 09, 2019 6:02 pm
Forum: Home Loan Forum
Topic: Need a better deal than BOQ's doctor home loan
Replies: 5
Views: 640

Re: Need a better deal than BOQ's doctor home loan

Hello Melvin. Welcome to the forums. That’s BOQ Specialist’s policy for doctor home loans . There are other lenders on our panel of lenders who lend with a similar structure but with better terms. For example, 90% with standard home loan rates and 30-year loan term while the remaining 10% is at a ra...
by Otto Dargan
Tue Jul 09, 2019 4:15 pm
Forum: Home Loan Forum
Topic: How much is my new borrowing power with the new changes?
Replies: 5
Views: 504

Re: How much is my new borrowing power with the new changes?

Hi Rahul, The home loan interest rates you get will depend on the lenders you qualify with. The three main qualifying criteria are your deposit, credit history and borrowing power. The deposit matters because it determines the loan to value ratio (LVR) of your home loan. Ideally, you want a 20% depo...

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