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by Otto Dargan
Tue Oct 27, 2009 9:01 am
Forum: Home Loan Forum
Topic: Lo Doc recommendation
Replies: 3
Views: 5355

Re: Lo Doc recommendation

Thanks Simon we may be able to use your foreign tax returns as evidence of your potential earning capacity. This type of loan is available up to 80% of the property value and can be approved on a case by case basis. If we can do it that way then that would be great as you would get an excellent loan.
by Otto Dargan
Tue Oct 27, 2009 8:33 am
Forum: Home Loan Forum
Topic: Lo Doc recommendation
Replies: 3
Views: 5355

Re: Lo Doc recommendation

Hi Canuck Your situation is a little complicated so we would likely have to see your full situation to work out exactly what can be done. We have done quite a lot of Australian expat loans and in many cases the borrower was just returning to Aus. There are several ways you can get a loan here: * If ...
by Otto Dargan
Fri Oct 23, 2009 8:30 pm
Forum: Home Loan Forum
Topic: Guarantors and Debt Consolidation
Replies: 1
Views: 3877

Re: Guarantors and Debt Consolidation

Unfortunately if you are looking to borrow 100% or more then you will need a security guarantee. An income guarantee will not work as from a lenders point of view the income isn't the problem, it is the lack of security. You should talk to your extended family about being a guarantor (must have cash...
by Otto Dargan
Mon Oct 19, 2009 6:52 am
Forum: Home Loan Forum
Topic: ABN NUMBERS & Guarentors.
Replies: 1
Views: 4201

Re: ABN NUMBERS & Guarentors.

Hi Smiddy, It really depends on what type of guarantee your father is offering. If your income is excellent however you have no deposit then it is likely that what you need is a security guarantee . With a security guarantee with some lenders it does not matter what your father's employment situatio...
by Otto Dargan
Sun Oct 18, 2009 5:08 pm
Forum: Home Loan Forum
Topic: Not happy
Replies: 1
Views: 4105

Re: Not happy

This would be an issue for you to sort out with the vendor. If it is a new building and there are defects of faults then you may be able to get the vendor or builder to fix these problems. You should talk to your conveyancer about the various options available as there is some variation between diff...
by Otto Dargan
Mon Oct 12, 2009 4:03 pm
Forum: Home Loan Forum
Topic: 80% Lo-Doc LOCS
Replies: 1
Views: 3989

Re: 80% Lo-Doc LOCS

Hi Robert, We've been speaking to the major banks regularly about their low doc loan policies. At the moment they are all very strict with low doc loans and the general indication is that they intend to keep these policies in place for 1 - 2 years +. They are taking a "wait and see" approa...
by Otto Dargan
Mon Oct 12, 2009 3:56 pm
Forum: Home Loan Forum
Topic: Strata-titling a encumbered block
Replies: 1
Views: 4102

Re: Strata-titling a encumbered block

Hi Robert, When the block of units is subdivided your bank will need to be notified of and consent to the subdivision. When they do this you can request that they revalue the units and release one or more of them as security, if they are no longer required. As a general rule as long as the loan amou...
by Otto Dargan
Mon Oct 12, 2009 10:13 am
Forum: Home Loan Forum
Topic: 457 visa
Replies: 3
Views: 6205

Re: 457 visa

Hi Helen, As a general rule the amount of the guarantee plus your loan must be less than 80% of the value of your property. The math for this can be a little complex so if you like we can call you or your son in law to discuss this in detail. So for example say your son in law wanted to buy a home f...
by Otto Dargan
Mon Oct 12, 2009 7:16 am
Forum: Home Loan Forum
Topic: 457 visa
Replies: 3
Views: 6205

Re: 457 visa

Hi Helen, In most cases your son would require around 24% of the purchase price to be able to buy a property. This is 20% as a deposit and 4% to cover costs such as stamp duty. He can borrow up to 80% of the property value with a mortgage. There are some exceptions to this rule: * If he is a medical...
by Otto Dargan
Thu Oct 08, 2009 4:01 pm
Forum: Home Loan Forum
Topic: guarantor loan and bad credit history
Replies: 3
Views: 9174

Re: guarantor loan and bad credit history

Hi Bruce. If we could get a letter from your managing agent confirming your rent is being paid on time and that you are an excellent tenant then I expect this would be ok for a guarantor loan because the default is old, it is small and there is a good reason for it. If you could provide some kind of...
by Otto Dargan
Thu Oct 08, 2009 2:38 pm
Forum: Home Loan Forum
Topic: guarantor loan and bad credit history
Replies: 3
Views: 9174

Re: guarantor loan and bad credit history

Hi Bruce, Yes this would likely be an issue. Most lenders will not accept any adverse credit history with guarantor home loans . Unfortunately there are rarely any exceptions to this policy. If you have a VERY good reason for the default (divorce, serious illness etc) and evidence to back this up OR...
by Otto Dargan
Fri Oct 02, 2009 2:20 pm
Forum: Home Loan Forum
Topic: First home buyer
Replies: 1
Views: 4090

Re: First home buyer

Hi Oli, Yes you can use the $10,500 as part of your deposit. That being said you will need a little additional money of your own to pay for some costs. How much you will need depends on the State / Territory that you are in and also if the lender adds LMI to your loan (capitalises) or deducts it fro...
by Otto Dargan
Fri Oct 02, 2009 10:05 am
Forum: Home Loan Forum
Topic: How can I apply for home if I new start current job?
Replies: 3
Views: 6098

Re: How can I apply for home if I new start current job?

Hi Jian, Your situation is a perfect example of where we would be able to get a few of our lenders to make an exception to their policy and approve the loan. This is because of the following: * You have an excellent savings history. * You are in a professional line of work & have experience stud...
by Otto Dargan
Fri Oct 02, 2009 9:55 am
Forum: Home Loan Forum
Topic: Queries about off-the-plan house purchase!
Replies: 3
Views: 5647

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

Ok so if you buy the land and have a contract with a builder to build the home then this is considered to be a normal construction loan and does not have to meet the off the plan criteria that most lenders normally have. For house and land packages you can often borrow 90% of the property value or 9...
by Otto Dargan
Fri Oct 02, 2009 8:22 am
Forum: Home Loan Forum
Topic: How can I apply for home if I new start current job?
Replies: 3
Views: 6098

Re: How can I apply for home if I new start current job?

Hi Jian, Most lenders have very strict policies for people who have just started a new job , particularly if you are borrowing more than 80% of the property value. For example to borrow 95% with Suncorp you must have been in your job for 12 months! Some lenders do not have policies for the minimum a...

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