Search found 7729 matches

by Otto Dargan
Tue Mar 30, 2010 12:30 pm
Forum: Home Loan Forum
Topic: Studio
Replies: 3
Views: 5918

Re: Studio

Hi Tom, Yes the areas you are looking at are considered "high density" / "inner city" by some lenders and not by others. If you are borrowing 80% then you should be fine. If you need to do work to the unit such as renovations then there are two methods you can use to fund this: 1. Use a guarantor lo...
by Otto Dargan
Sat Mar 27, 2010 9:23 pm
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 7555

Re: Self employed refinance

There are some new low doc refinance loans available now that have lower rates and less restrictive criteria (no bas, no business bank statements etc). The main catch is that you need to prove what you are using the funds for.
by Otto Dargan
Sat Mar 27, 2010 9:20 pm
Forum: Home Loan Forum
Topic: Mortgage required for overseas investment buyer
Replies: 3
Views: 5541

Re: Mortgage required for overseas investment buyer

Usually in these situations we would obtain all of your info and then give you a credit opinion rather than sending an application to a lender. The approval expires anyway during that time. If you would like to speak to our non-resident specialist then please call us on +61 2 8668 4038 during busine...
by Otto Dargan
Sat Mar 27, 2010 9:18 pm
Forum: Home Loan Forum
Topic: Studio
Replies: 3
Views: 5918

Re: Studio

Hi Tom, For units under 40m2 in the CBD the maximum LVR is 80%. Between 40m2 and 50m2 we can get 90% on a case by case basis depending on the location, size of the block and overall strength of the borrower (income / assets etc). Over 50m2 inner city units can be funded up to 90% without too many pr...
by Otto Dargan
Tue Mar 23, 2010 3:50 pm
Forum: Home Loan Forum
Topic: Mortgage required for overseas investment buyer
Replies: 3
Views: 5541

Re: Mortgage required for overseas investment buyer

Hi Paul, As a foreign citizen living outside of Australia you can still apply for a non-resident investment loan. Indicatively if the rent income in Australia (from the new property), pension and overseas rent income are enough to service the debt then you should qualify for a loan of up to 80% of t...
by Otto Dargan
Mon Mar 22, 2010 2:45 pm
Forum: Home Loan Forum
Topic: Investment help
Replies: 2
Views: 5916

Re: Investment help

We could consider increasing your ING loan (to avoid exit fees / break fees ) up to 90% of the property value. You could then use this money as a deposit to buy a new property. Or we could refinance your ING loan if it worked out to be cheaper for LMI / interest rate to do so. This means you could i...
by Otto Dargan
Sun Mar 21, 2010 5:25 pm
Forum: Home Loan Forum
Topic: home loan for discharged bankrupt
Replies: 1
Views: 4580

Re: home loan for discharged bankrupt

It may be possible if you have a guarantor to support your loan. Personally I believe it is unlikely unless you can get a larger deposit to reduce your loan down to 80% of the property value. Discharged bankrupts are looked upon very unfavourably by the Lender Mortgage Insurers so it is impossible t...
by Otto Dargan
Sun Mar 21, 2010 5:23 pm
Forum: Home Loan Forum
Topic: Father and Son From Rental to Ownership - is this possible
Replies: 1
Views: 4029

Re: Father and Son From Rental to Ownership - is this possible

The problem that I can see is that if there is no savings and no guarantor available then it simply will not be possible. From a banks point of view there is a lack of security, you would be borrowing 100% of the property value. So unfortunately it is unlikely we can help.
by Otto Dargan
Fri Mar 19, 2010 3:03 pm
Forum: Home Loan Forum
Topic: 2 jobs and gifted deposit
Replies: 3
Views: 6325

Re: 2 jobs and gifted deposit

Most lenders will see right away that you are employed by your husband and will then ask for 2 years tax returns to prove your income. For this reason I would recommend that you call us to discuss in detail now so that you can apply in July without any problems.

Thanks
by Otto Dargan
Fri Mar 19, 2010 7:09 am
Forum: Home Loan Forum
Topic: 2 jobs and gifted deposit
Replies: 3
Views: 6325

Re: 2 jobs and gifted deposit

Yes I believe we can help with your situation. There are a few possible problems however if we carefully choose what documents to provide to the lender then we should be able to get an approval without many hassles. The main potential problems are: * A gift can be accepted as genuine savings by some...
by Otto Dargan
Tue Mar 16, 2010 10:40 am
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 7555

Re: Self employed refinance

Hi Dee,

That all sounds fine. I expect you may qualify for a prime loan at a rate in the range 6% to 6.5%. We would need to see the full details to be sure.

Thanks
by Otto Dargan
Tue Mar 16, 2010 7:37 am
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 7555

Re: Self employed refinance

Hi Dee, If your income can be proven via tax returns then yes you can get a loan for 90% of the property value . You must have clear credit and a perfect repayment history on your existing loan otherwise refinancing will not be possible with a major lender. Most self employed people are unaware that...
by Otto Dargan
Mon Mar 15, 2010 8:51 am
Forum: Home Loan Forum
Topic: Stamp duty first home buyers
Replies: 1
Views: 3915

Re: Stamp duty first home buyers

Sometimes you can borrow to pay for the stamp duty and costs of buying a property as well. If you have a sizeable deposit OR you are applying for a guarantor home loan then there is no problem. If you have a small deposit then normally this is not possible.
by Otto Dargan
Mon Mar 15, 2010 7:29 am
Forum: Home Loan Forum
Topic: guarantor loans
Replies: 1
Views: 4096

Re: guarantor loans

Yes it looks like you would qualify for either a 90% or 95% without a guarantor OR guarantor loan (up to 100%). If you go for a guarantor loan then your lender would take a 2nd mortgage behind your parent's existing loans. This is not available from many lenders and can often be complicated when man...
by Otto Dargan
Mon Mar 15, 2010 7:20 am
Forum: Home Loan Forum
Topic: Can we get a guarantor loan?
Replies: 1
Views: 3984

Re: Can we get a guarantor loan?

Yes you can almost certainly qualify for a guarantor loan . In particular these days lenders are looking at your asset position relative to your income and tend to be wary of people who have excessive debts. As you have no debt and significant savings you should have no problems. For your situation ...

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