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by Otto Dargan
Wed Aug 14, 2019 10:49 pm
Forum: Home Loan Forum
Topic: Can we get a home loan while on maternity leave?
Replies: 5
Views: 563

Re: Can we get a home loan while on maternity leave?

Hi Taika, Your tentatively calculated maximum borrowing power is between $540,000-$560,000. You can also use our borrowing power calculator . We’ll need to do a full assessment for an accurate figure. A simple way to quickly improve your borrowing power is to cancel a few credit cards as lenders wil...
by Otto Dargan
Wed Aug 14, 2019 10:11 pm
Forum: Home Loan Forum
Topic: Can we get a home loan while on maternity leave?
Replies: 5
Views: 563

Re: Can we get a home loan while on maternity leave?

Hi Taika,

Yes, both government benefits such as Centrelink income and gifts from parents can be used to evidence that you can afford the loan while on parental leave. Lenders will require evidence of the gift amount being in your account and statements for the centre link income.

Cheers,
by Otto Dargan
Wed Aug 14, 2019 8:27 pm
Forum: Home Loan Forum
Topic: Would my employment history be a problem when getting a loan?
Replies: 5
Views: 416

Re: Would my employment history be a problem when getting a loan?

Hi Trevor, You can use our borrowing power calculator to find out how much you can borrow. Assuming you earn an income of $80,000 yearly and have no debts or personal loans and you're looking to borrow $500,000, then a lender could let you borrow up to $514,000. While you are borrowing close to your...
by Otto Dargan
Wed Aug 14, 2019 8:14 pm
Forum: Home Loan Forum
Topic: Would my employment history be a problem when getting a loan?
Replies: 5
Views: 416

Re: Would my employment history be a problem when getting a loan?

Hi Trevor, To improve your chances of getting your home approved: ⋅ Make sure you do not have blemishes on your credit file , and if you do, sort them out quickly to improve your credit score. ⋅ If you have any existing debts such as car loans, personal loans, etc, it might be a ...
by Otto Dargan
Wed Aug 14, 2019 7:51 pm
Forum: Home Loan Forum
Topic: Would my employment history be a problem when getting a loan?
Replies: 5
Views: 416

Re: Would my employment history be a problem when getting a loan?

Hello Trevor. Welcome to the forums. Welcome to the forums and thank you for reaching out to us. The secret to getting your home loan approved even when you are working on casual employment basis is to show banks/lenders that you have a steady flow of income from your job. Most lenders will look at:...
by Otto Dargan
Wed Aug 14, 2019 7:09 pm
Forum: Home Loan Forum
Topic: Can we get a home loan while on maternity leave?
Replies: 5
Views: 563

Re: Can we get a home loan while on maternity leave?

Hello Taika. Welcome to the forums and congratulations on the baby! Maternity leave home loans are offered by a few lenders and only a few among them accept borrowers on unpaid leave. The one thing lenders want to work out is whether or not you can afford the home loan without any significant hardsh...
by Otto Dargan
Fri Aug 09, 2019 7:50 pm
Forum: Home Loan Forum
Topic: Slightly confused about who can be my guarantor
Replies: 5
Views: 479

Re: Slightly confused about who can be my guarantor

Hi Kassie, You will still be able to borrow 105% of property value or 105% Loan to Value ratio . A limited guarantee is where only part of the loan is guaranteed by the guarantor. This is most often used with security guarantors so as to reduce the potential liability secured on the guarantor’s prop...
by Otto Dargan
Fri Aug 09, 2019 6:21 pm
Forum: Home Loan Forum
Topic: Slightly confused about who can be my guarantor
Replies: 5
Views: 479

Re: Slightly confused about who can be my guarantor

Hi Kassie, Guarantor loans are the only way to borrow up to 105% of the property value. As a borrower, you get the following benefits from a guarantor loan: ⋅ You do not need to save up a deposit, allowing you to buy a home immediately. ⋅ You do not have to pay Lenders' Mortgage ...
by Otto Dargan
Fri Aug 09, 2019 6:02 pm
Forum: Home Loan Forum
Topic: Slightly confused about who can be my guarantor
Replies: 5
Views: 479

Re: Slightly confused about who can be my guarantor

Hello Kassie. Thank you for reaching out to us and welcome to the forums. Having a guarantor is a great way to get a home loan if you do not have a big enough deposit. Most banks and lenders allow your parents, spouse or de facto partner to be guarantors. Some lenders even make exceptions for siblin...
by Otto Dargan
Wed Aug 07, 2019 8:46 pm
Forum: Home Loan Forum
Topic: Will the gift amount increase my chances of getting a home loan?
Replies: 5
Views: 465

Re: Will the gift amount increase my chances of getting a home loan?

Hi Kimberly, Lenders will look into the following to check if you qualify for a home loan: ⋅ Your credit score to ensure there is no bad credit history, missed or late payments, instability of address or employment, etc. You can find out your credit score using our free credit score calcul...
by Otto Dargan
Wed Aug 07, 2019 8:30 pm
Forum: Home Loan Forum
Topic: Will the gift amount increase my chances of getting a home loan?
Replies: 5
Views: 465

Re: Will the gift amount increase my chances of getting a home loan?

Hi Kimberly, You usually need to pay Lenders Mortgage Insurance (LMI) if you borrow more than 80% of the property value. Paying LMI protects the lender in case you default on your loan. The more you borrow, the riskier it is for the lender, and the amount of LMI you’ll have to pay will be higher. He...
by Otto Dargan
Wed Aug 07, 2019 8:10 pm
Forum: Home Loan Forum
Topic: Will the gift amount increase my chances of getting a home loan?
Replies: 5
Views: 465

Re: Will the gift amount increase my chances of getting a home loan?

Hello Kimberly. Welcome to the forums. A gift for a deposit from parents is one of the popular ways of avoiding genuine savings requirement. With a gifted deposit home loan, you do not need to save a deposit or wait 3 months to show genuine savings. To use the gift as a deposit: ⋅ Get your...
by Otto Dargan
Tue Aug 06, 2019 8:23 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 496

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hi Jennifer, While the size of the deposit impacts the interest rate , it’s not the only factor, a lot of it depends on your overall situation. If you show a lender that you are a good borrower with employment stability, stable income and good asset position, etc., you may enjoy the same rates as bo...
by Otto Dargan
Tue Aug 06, 2019 8:12 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 496

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hi Jennifer, It should not be an issue if you are making payments on time. However, you might look into reducing your credit card limit or cancelling the credit cards that you do not use to improve your borrowing power . Using the borrowing power calculator, you could assess how the lender would vie...
by Otto Dargan
Tue Aug 06, 2019 7:03 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 496

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hello Jennifer. Welcome to the forums. Most lenders have strict lending criteria for borrowers with low deposits , but if you meet the following requirements, you might have a good chance of getting approved. ⋅ The lenders will look into your income carefully as this forms the basis of you...

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