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by Otto Dargan
Tue Apr 20, 2010 2:11 pm
Forum: Home Loan Forum
Topic: lots of questions....
Replies: 3
Views: 5233

Re: lots of questions....

Yes you can buy a company title unit with a guarantor's property as additional security for your loan. However you can't use any form of vehicle as security, only term deposits or mortgages over real estate are accepted as security for a home loan. I don't think your husbands employment change would...
by Otto Dargan
Mon Apr 19, 2010 5:17 pm
Forum: Home Loan Forum
Topic: Guarantor Option?
Replies: 3
Views: 5642

Re: Guarantor Option?

This one can be considered if you can provide evidence of your time overseas in the UK (the more the better). One of our lenders can consider debts of up to $5,000 paid > 6 months ago on a case by case basis. This is by no means an easy loan. The approval will depend on the overall strength of your ...
by Otto Dargan
Mon Apr 19, 2010 1:23 pm
Forum: Home Loan Forum
Topic: 80% low doc loans (with self declare income) for investments
Replies: 9
Views: 9966

Re: 80% low doc loans (with self declare income) for investments

Yes QBE is the ideal mortgage insurer however as you have suggested there are issues here. Suncorp will not approve low doc loans to people with > $1.5m in loans. BankWest technically has no issue with this however their loans all have to go to QBE LMI for approval, the loan will be credit scored an...
by Otto Dargan
Mon Apr 19, 2010 10:59 am
Forum: Home Loan Forum
Topic: what about company title properties?
Replies: 1
Views: 3988

Re: what about company title properties?

Hi Jack, Yes it is still possible to get a home loan on a company title property . The lender will take security over shares in the company rather than a mortgage over land so for this reason it is a little more complicated and the banks will be more conservative than when lending for a normal prope...
by Otto Dargan
Mon Apr 19, 2010 8:43 am
Forum: Home Loan Forum
Topic: Guarantor Option?
Replies: 3
Views: 5642

Re: Guarantor Option?

Hi Michael, Your savings position and proven ability to pay a high amount each month in rent is excellent and lenders will view this favourably. However the default is from a financial institution (as opposed to for utilities) which will count against you. Home loans supported by a guarantee do not ...
by Otto Dargan
Fri Apr 16, 2010 2:39 pm
Forum: Home Loan Forum
Topic: UNCONDITIONAL HOME LOAN APPROVAL DOES IT EXPIRE?
Replies: 4
Views: 10635

Re: UNCONDITIONAL HOME LOAN APPROVAL DOES IT EXPIRE?

Yes it is the policy of CBA's LMI provider Genworth Financial that has been forced upon CBA. CBA are telling you the truth that it isn't their fault. There is a chance that they can decline your loan if the loan no longer meets their serviceability policy. My recommendation would be to ask CBA when ...
by Otto Dargan
Fri Apr 16, 2010 8:05 am
Forum: Home Loan Forum
Topic: UNCONDITIONAL HOME LOAN APPROVAL DOES IT EXPIRE?
Replies: 4
Views: 10635

Re: UNCONDITIONAL HOME LOAN APPROVAL DOES IT EXPIRE?

Yes this is correct an unconditional approval can expire. Usually if you provide new payslips etc prior to the expiry then you can extend the approval. Was your loan with CBA by any chance?
by Otto Dargan
Thu Apr 15, 2010 8:43 am
Forum: Home Loan Forum
Topic: Home Loan Pre-Approval
Replies: 1
Views: 4192

Re: Home Loan Pre-Approval

Hi Kathryn, Unfortunately your situation is all too common in the finance industry. Many lenders either do not do proper pre-approvals meaning they give people a pre-approval however they do not actually assess the loan! In other cases they don't get into the finer details such as if the LMI will be...
by Otto Dargan
Wed Apr 14, 2010 8:51 am
Forum: Home Loan Forum
Topic: Can i get a loan with a judgment and a default?
Replies: 1
Views: 4012

Re: Can i get a loan with a judgment and a default?

I believe it may be possible for you to get a loan as you would need to borrow less than 80% of the property value there are some lenders who would be quite flexible about your credit history. The major banks will not help with someone in your situation, we would have to go with a specialist lender....
by Otto Dargan
Tue Apr 13, 2010 9:01 am
Forum: Home Loan Forum
Topic: Possibilities and our situation???
Replies: 1
Views: 4325

Re: Possibilities and our situation???

Wow this is a complex one! Just to let you know even if a default is paid immediately and if you were unaware of the bill then lenders will count it against you when you apply for a loan. In particular this will be a problem if you are borrowing over 80% of the property value. The guidelines for def...
by Otto Dargan
Mon Apr 12, 2010 6:33 pm
Forum: Home Loan Forum
Topic: when is an accountant's letter required?
Replies: 1
Views: 4460

Re: when is an accountant's letter required?

When applying for most home loans you will not require a letter from your accountant . As a general rule you will only need to provide one when there is something unusual about your situation that your bank requires further clarification about. Some examples are: * Changes to company structure. * Ex...
by Otto Dargan
Mon Apr 12, 2010 6:27 pm
Forum: Home Loan Forum
Topic: repayment amount - getting ripped-off?
Replies: 7
Views: 8998

Re: repayment amount - getting ripped-off?

Yes we may be able to switch your loan to a full doc to enable you to get a better rate. Be careful as lenders assess self employed income in very different ways. Some such as ING look at two years tax returns then use the average of the two years. If your income has risen more than 20% then they wi...
by Otto Dargan
Mon Apr 12, 2010 3:18 pm
Forum: Home Loan Forum
Topic: company car allowance
Replies: 1
Views: 4138

Re: company car allowance

Hi Jasmine, Each lender has their own view on income received as a car allowance from your employer. Some see this income as being required to cover the cost of travel that is part and parcel of your employment. Others see it as regular income. There are several ways that a lender can assess this in...
by Otto Dargan
Sun Apr 11, 2010 7:57 pm
Forum: Home Loan Forum
Topic: Part nine agreement questions
Replies: 4
Views: 6498

Re: Part nine agreement questions

Yes you could use money in the profit share to pay off the part IV ahead of time. That would increase your chances of getting a loan. Until we know the full details of your situation we can't be sure if you can qualify for a bank loan or if we will have to use a 2nd tier funder. The equity in your e...
by Otto Dargan
Sun Apr 11, 2010 6:17 pm
Forum: Home Loan Forum
Topic: Guarantor Loans / General Loan info
Replies: 1
Views: 3979

Re: Guarantor Loans / General Loan info

Hi Colin, $700k sounds realistic based on your salary and what casual teachers usually earn (assumed F/T Casual). We have helped many teachers who are employed on a casual basis, it seems the government needs full time teachers yet prefers to hire teachers as casual employees then ask them to work f...

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