Search found 7729 matches

by Otto Dargan
Tue Feb 23, 2010 1:37 pm
Forum: Home Loan Forum
Topic: Home laon query
Replies: 2
Views: 5046

Re: Home laon query

It depends! The bank may ask for statements later on or may later approve the loan with the condition that statements be provided. As a general rule ANZ, WBC & SGB do not often ask for statements for a purchase. CBA & NAB tend to ask for statements in some circumstances. Other lenders tend not to as...
by Otto Dargan
Thu Feb 18, 2010 2:08 pm
Forum: Home Loan Forum
Topic: What options do I have?
Replies: 1
Views: 4429

Re: What options do I have?

Hi, I'm sorry to hear about what has happened, that sounds terrible. You would either have to have a 10% or so deposit and then you could get a 90% loan or you would need to have a guarantor who would use their house to guarantee your loan in which case you could borrow 100%. I wish I had a better o...
by Otto Dargan
Thu Feb 18, 2010 7:28 am
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 7492

Re: What are our options?

Yes I think it would be possible to get you an approval. I can't be sure until we see the full details of your situation however based on the information provided I am confident we could help you. I haven't completed serviceability calculations as there is much more information required. For us to d...
by Otto Dargan
Wed Feb 17, 2010 12:36 pm
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 7492

Re: What are our options?

Just to clarify we'd need to know the full details of your situation to work out if you can afford the loan. One of our brokers can do this over the phone or you can send all of your documents such as payslips and loan statements that way we can give you a more accurate assessment.
by Otto Dargan
Wed Feb 17, 2010 12:35 pm
Forum: Home Loan Forum
Topic: What are our options?
Replies: 5
Views: 7492

Re: What are our options?

Hi, Yes it may be possible to get a loan with a guarantee from your parents . With a guarantor home loan it is possible to go with a lender that does not require genuine savings and does not need a deposit. The main concern would be that you can afford the debt. As you have an existing property the ...
by Otto Dargan
Tue Feb 16, 2010 3:29 pm
Forum: Home Loan Forum
Topic: Any chance?
Replies: 1
Views: 4571

Re: Any chance?

The maximum you could borrow with a no genuine savings loan would be 90% of the purchase price. If this plus the grant is enough to cover the costs then you may be able to do it. The possible problems are: * Lenders need to know why you haven't been able to save. Good reasons are because you have be...
by Otto Dargan
Tue Feb 16, 2010 7:37 am
Forum: Home Loan Forum
Topic: parents help
Replies: 1
Views: 4396

Re: parents help

Yes it is possible to have cash as security for a guarantee. Your mother would need to put her funds into a term deposit with the lender you are going with and then they could use this as security for a loan. Note that not all lenders have this option, in fact only a couple allow you to do this.
by Otto Dargan
Mon Feb 15, 2010 4:21 pm
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 7856

Re: Line of Credit

For both options the rate is in the range 5.9% to 6.1% (at current rates). Fees depend on if you go for a basic loan (est $700 establishment fees including hidden fees, no ongoing fees) or a professional pack (Est $100 in establishment fees and $300 to $400 in annual fees). For a line of credit as s...
by Otto Dargan
Mon Feb 15, 2010 7:32 am
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 7856

Re: Line of Credit

Yes a standard apartment would be fine as security as long as it was over 50m2 not including balconies and car spaces. Smaller apartments may be accepted on a case by case basis. Yes the income evidence you have listed is correct. These loans are available as a line of credit however a normal home l...
by Otto Dargan
Sun Feb 14, 2010 5:51 pm
Forum: Home Loan Forum
Topic: Line of Credit
Replies: 5
Views: 7856

Re: Line of Credit

Hi Mikey, As long as your income from working with your friend is sufficient to repay the loan then we may be able to help you. If you are employed however your income is hard to prove then as a general rule we can get you a no payslips home loan for up to 80% of your property value. The only requir...
by Otto Dargan
Fri Feb 12, 2010 5:40 pm
Forum: Home Loan Forum
Topic: Bad Credit
Replies: 1
Views: 4194

Re: Bad Credit

Hi, Please call Veda to see if it will remain on your file if you pay it now. My understanding is that if the 5 yrs is up and this has not been paid then the Telecom company can relist the default so it stays there for another 5 years! Please discuss this with Veda Advantage as I am not so sure. If ...
by Otto Dargan
Thu Feb 11, 2010 8:26 am
Forum: Home Loan Forum
Topic: rental income letter
Replies: 1
Views: 4648

Re: rental income letter

Lenders will not accept a rental letter from a builder. It must be from a licensed real estate agent. The same rental income letter template can be used for properties to be built. It just has to say "I have discussed the details of the proposed dwelling at 1 ABC St Sydney NSW 2000 with your custome...
by Otto Dargan
Thu Feb 11, 2010 8:23 am
Forum: Home Loan Forum
Topic: Employment Letter
Replies: 5
Views: 10750

Re: Employment Letter

It is highly unlikely that you will get approval. Westpac's agency employed / contractor policy is that two years tax returns are required, they average the income received over those two years. If <2 years in current employment then the application is outside of policy. Generally they would be decl...
by Otto Dargan
Thu Feb 11, 2010 8:10 am
Forum: Home Loan Forum
Topic: 100% Loan
Replies: 1
Views: 4550

Re: 100% Loan

Hi Peta, Indicatively you should be eligible for a guarantor loan . It will also depend on how much equity your parents / brother have in their home. Feel free to give us a call and we can go through it in detail with you. Please ask your family how much their home is worth, how much they owe and wi...
by Otto Dargan
Wed Feb 10, 2010 6:01 pm
Forum: Home Loan Forum
Topic: Employment Letter
Replies: 5
Views: 10750

Re: Employment Letter

That letter would be accepted by some lenders and rejected by others. Overall it is quite good. Certainly Westpac and St George would reject the letter however they are not good with contractors anyway so hopefully you are not applying with them. I'd strongly recommend that you give us a call becaus...