Search found 7657 matches

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: 5648

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...
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: 5648

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: 4667

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: 5234

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: 3946

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: 5415

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: 5415

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: 3997

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: 7076

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: 7076

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: 3933

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: 3980

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: 4136

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...

Go to advanced search