Search found 7729 matches

by Otto Dargan
Fri Mar 12, 2010 6:56 pm
Forum: Home Loan Forum
Topic: 100% loan?
Replies: 3
Views: 5716

Re: 100% loan?

Yes the 3% genuine savings would need to be money you have saved yourself. Sale of assets, government grants, tax refunds etc are all excluded from genuine savings.
by Otto Dargan
Fri Mar 12, 2010 3:26 pm
Forum: Home Loan Forum
Topic: 100% loan?
Replies: 3
Views: 5716

Re: 100% loan?

Firstly are you an Australian Citizen, Permanent Resident or are you on a temporary visa ? Assuming you are an Australian Citizen or PR then you can only get a 100% home loan with a guarantor . You can get a 95% loan if you save at least 3% of the purchase price. This needs to be saved yourself with...
by Otto Dargan
Thu Mar 11, 2010 2:44 pm
Forum: Home Loan Forum
Topic: Split Home Loans
Replies: 3
Views: 5475

Re: Split Home Loans

Make sure that at the end of the 1 yr term that the rate drops to an acceptable rate. Also be wary of any high exit fees. Currently we have a 1 yr fixed rate loan from one of our lenders that is at 6.29%, allows extra repayments and redraw (so you do not need any variable portion!) and reverts to a ...
by Otto Dargan
Thu Mar 11, 2010 1:56 pm
Forum: Home Loan Forum
Topic: Split Home Loans
Replies: 3
Views: 5475

Re: Split Home Loans

This question is always a hard one to answer. The reason being is that for every person the situation is different. Usually I work out how much the person is likely to make in extra repayments over the fixed rate period and then we put that amount + a 30% buffer or so as variable. The rest can be fi...
by Otto Dargan
Wed Mar 10, 2010 7:49 am
Forum: Home Loan Forum
Topic: Apply for two loan?
Replies: 1
Views: 3864

Re: Apply for two loan?

Hi Joe, Yes what you are suggesting sounds like no problem at all. There are a couple of different loan structures that are suitable for what you are doing that we can discuss in detail over the phone. We have a broker that specialises in unusual employment including contract & casual income. If you...
by Otto Dargan
Tue Mar 09, 2010 5:01 pm
Forum: Home Loan Forum
Topic: LVR
Replies: 5
Views: 6993

Re: LVR

Ok great, give me a call on 1300 889 743 at your convenience and I'll go through it with you in detail.
by Otto Dargan
Tue Mar 09, 2010 2:39 pm
Forum: Home Loan Forum
Topic: LVR
Replies: 5
Views: 6993

Re: LVR

At 80% LVR the rate you would be able to get would range from 6.26% to 7.7% depending on if you can provide income evidence or not and the nature of your business. So it is quite possible that you may be eligible for quite a cheap loan. This has taken the recent rate increase into account. Note that...
by Otto Dargan
Mon Mar 08, 2010 9:18 pm
Forum: Home Loan Forum
Topic: LVR
Replies: 5
Views: 6993

Re: LVR

Hi, LVRs for non-residents ( Foreign Citizens living in Australia ) vary depending on the situation. If you cannot prove your income then generally you need to put down a 40% deposit. A recently registered company that is GST registered would be fine for this type of loan. Depending on the details o...
by Otto Dargan
Fri Mar 05, 2010 7:25 am
Forum: Home Loan Forum
Topic: Need Help: First Home Buyer
Replies: 1
Views: 3866

Re: Need Help: First Home Buyer

You would need to save a 3% deposit as a bare minimum. This cannot be a gift or from any other source, it must be saved yourself. Note that for 95% loans they are very conservative and will look at all of your accounts for the last 6 months. Any missed payments, overlimits, declined direct debits et...
by Otto Dargan
Tue Mar 02, 2010 7:37 am
Forum: Home Loan Forum
Topic: Buying as non resident
Replies: 1
Views: 3855

Re: Buying as non resident

As a long term skilled visa holder you are eligible to get a loan in Australia. Unlike other countries such as the US we use a "negative" credit file system not a "positive" system. For example in the US if you make all of your payments on time and have several loans then then this gives you a good ...
by Otto Dargan
Mon Mar 01, 2010 12:18 pm
Forum: Home Loan Forum
Topic: amalgamation and two loans
Replies: 3
Views: 5653

Re: amalgamation and two loans

Unfortunately many lenders and brokers do not look for a long term solution for their customers and so in getting them a loan just cause trouble for them down the track. Your current broker could not have foreseen that Rams would require BAS statements however they could have set up the loan in a di...
by Otto Dargan
Sun Feb 28, 2010 3:57 pm
Forum: Home Loan Forum
Topic: amalgamation and two loans
Replies: 3
Views: 5653

Re: amalgamation and two loans

Hi Russell, Yes this is very tricky one. When subdividing the lenders can quite easily cope with this adding a new security property (the new subdivided section) and so overall there is no change to the loan account itself. If it is two separate loans one two separate properties that are now being c...
by Otto Dargan
Fri Feb 26, 2010 12:41 pm
Forum: Home Loan Forum
Topic: advice required
Replies: 2
Views: 4454

Re: advice required

Hi, Unfortunately the lenders that would consolidate debt with a guarantor mortgage have now withdrawn this option. This has only happened this month, we will be updating our website shortly. You can still get a loan for 105% of the purchase price, however getting more than this is no longer an opti...
by Otto Dargan
Fri Feb 26, 2010 9:07 am
Forum: Home Loan Forum
Topic: Home Loan if you have an investment property?
Replies: 2
Views: 4396

Re: Home Loan if you have an investment property?

Yes what you are proposing sounds like a good idea. You can buy a property now and then in two years either sell the property or rent it out when you move. When you move to Wagga it would be a good idea to rent for 6 months or so before buying just so you can get a feel for the town. If you already ...
by Otto Dargan
Fri Feb 26, 2010 7:45 am
Forum: Home Loan Forum
Topic: Home loan query????
Replies: 1
Views: 3762

Re: Home loan query????

Hi, this is a question for your conveyancer or solicitor as the rules for this situation vary from state to state and contract to contract. In many states there is a cooling off period or a finance clause that allows you to exit the contract if your finance is declined. However once that clause expi...

Go to advanced search