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by Otto Dargan
Fri Oct 02, 2009 8:13 am
Forum: Home Loan Forum
Topic: Queries about off-the-plan house purchase!
Replies: 3
Views: 5605

Re: Queries about off-the-plan house purchase!

Hi Jian, We'd just like to clarify exactly what you are after. Which one are you looking to buy: * A house that has not yet been built that you will purchase when the developer has completed construction. * A house and land package where you buy the land and pay for the construction of the house usi...
by Otto Dargan
Mon Sep 28, 2009 2:27 pm
Forum: Home Loan Forum
Topic: Question regarding Auction!
Replies: 1
Views: 4603

Re: Question regarding Auction!

Hi Jian welcome back 1. Yes you can bid and win an auction without having your finance approved however it is not recommended. If you can't qualify for a loan then you could lose your deposit and be sued by the vendor. The ideal solution is to get a pre-approval which is only subject to a valuation ...
by Otto Dargan
Mon Sep 28, 2009 2:24 pm
Forum: Home Loan Forum
Topic: Enquiries about PPR concession and FOHG returned!
Replies: 1
Views: 5194

Re: Enquiries about PPR concession and FOHG returned!

Hi Jian, In many cases it is possible to buy a property as an investment and then if you change your mind and decide to live in it you can claim the FHOG. You must move in within the first year and stay there for at least 6 months. Note that other benefits such as state government bonuses or stamp d...
by Otto Dargan
Fri Sep 25, 2009 8:15 am
Forum: Home Loan Forum
Topic: Loan Mortgage Insurance Requirements
Replies: 1
Views: 3905

Re: Loan Mortgage Insurance Requirements

Yes that is correct they are far stricter than the banks themselves. You will have to meet LMI policy and pay an LMI premium if you borrow over 80%. Generally they are moderately strict with 85% loans and become almost impossible for 95% loans. The policies for the main mortgage insurers are extensi...
by Otto Dargan
Mon Sep 21, 2009 1:06 pm
Forum: Home Loan Forum
Topic: Guarantor's
Replies: 3
Views: 5361

Re: Guarantor's

Yes it may be acceptable. It isn't simple so we would need you to provide the full details of your situation then we would check with several specialist guarantor loan lenders to find out which one can accept your situation. Please contact us or enquire online and we'll contact you to discuss.
by Otto Dargan
Mon Sep 21, 2009 8:41 am
Forum: Home Loan Forum
Topic: Guarantor's
Replies: 3
Views: 5361

Re: Guarantor's

In some situation is may be possible to have a guarantor that is living overseas however the guarantor's property that they are offering as security must be in Australia. This is a very tricky one and is assessed on a case by case basis by our lenders. Please contact us for more information.
by Otto Dargan
Mon Sep 21, 2009 8:39 am
Forum: Home Loan Forum
Topic: Warehouse conversion loan
Replies: 1
Views: 3958

Re: Warehouse conversion loan

As long as the unit is allowed to be permanently occupied then this should be acceptable for a loan. Note that many lenders will not accept this unit as security because of the zoning. Usually what we do in this situation is call the credit departments of several lenders that accept warehouse conver...
by Otto Dargan
Wed Sep 16, 2009 4:28 pm
Forum: Home Loan Forum
Topic: Please advise
Replies: 5
Views: 7019

Re: Please advise

My understanding is that you would not require FIRB approval as you are a temporary resident. Please refer to their FIRB website or speak to your conveyancer to double check this.
by Otto Dargan
Wed Sep 16, 2009 3:02 pm
Forum: Home Loan Forum
Topic: Please advise
Replies: 5
Views: 7019

Re: Please advise

Hi Lay

Yes that is normally fine as long as you intend to extend your stay in Australia and if you are not borrowing more than 80% of the property value. Do you think you could work with these requirements?
by Otto Dargan
Mon Sep 14, 2009 8:49 am
Forum: Home Loan Forum
Topic: Can i get a loan as a foreigner
Replies: 1
Views: 3895

Re: Can i get a loan as a foreigner

Hi Ayowande, Yes it is possible for you to get a loan however as a foreign citizen (not an Australian) living overseas you can only borrow a maximum of 80% of the property value. Therefore you will need approximately 20% of the purchase price to cover your deposit and in addition to that around 4% -...
by Otto Dargan
Wed Sep 09, 2009 5:22 pm
Forum: Home Loan Forum
Topic: No Doc Asset Loan
Replies: 1
Views: 3947

Re: No Doc Asset Loan

Hi Sue, I'll assume that the construction will cost $280,000, that you will be hiring a builder to do the construction for you and that your credit history is clear. If this is the case then lenders would view your situation as follows: * $180,000 + $280,000 = $460,000. This is what the valuation wo...
by Otto Dargan
Wed Sep 09, 2009 5:16 pm
Forum: Home Loan Forum
Topic: 95% Loan on a display home
Replies: 1
Views: 4101

Re: 95% Loan on a display home

95% loans are very difficult to get at present. There is one lender that can consider 95% however their policy is so strict that it is highly unlikely that you can get approval. It is more likely that you will be able to get 90% (inclusive of LMI). If you can work with a 90% loan or if you have a gu...
by Otto Dargan
Wed Sep 09, 2009 5:11 pm
Forum: Home Loan Forum
Topic: Loans for people on income from pensions
Replies: 1
Views: 4159

Re: Loans for people on income from pensions

In some cases you may be able to borrow. Loans such as Reverse Mortgages are specifically designed for pensioners, unfortunately because your son also owns the property you can't qualify for this type of loan. If your son is working then you may be able to get a loan using his income. The main quest...
by Otto Dargan
Wed Aug 12, 2009 4:49 pm
Forum: Home Loan Forum
Topic: Bridging loan?
Replies: 3
Views: 6083

Re: Bridging loan?

Yes that is correct. If you are building right away then we would just do one loan, if the land will be purchased long before construction then we'd do a land loan and a preapproval for construction.
by Otto Dargan
Wed Aug 12, 2009 4:03 pm
Forum: Home Loan Forum
Topic: Bridging loan?
Replies: 3
Views: 6083

Re: Bridging loan?

Most people would do this in the following order: 1. Buy land. 2. Get pre-approval for construction & commence council approval process. 3. While waiting for council approval begin selling your house. 4. Ideally sell your house with a long settlement, allowing you to build prior to completing th...

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