Search found 7729 matches

by Otto Dargan
Tue Feb 09, 2010 9:19 pm
Forum: Home Loan Forum
Topic: Employment Letter
Replies: 5
Views: 10381

Re: Employment Letter

The letter would need to come from the recruitment company as they are technically your employer, not the company that you are currently assigned to. The best way to state your income on your employment letter is for example $50 / hour for 40 hours each week plus overtime as required. Lenders would ...
by Otto Dargan
Tue Feb 09, 2010 7:35 am
Forum: Home Loan Forum
Topic: US citizen with Australian non-resident wife
Replies: 1
Views: 4230

Re: US citizen with Australian non-resident wife

Hi Dylan, Your situation should be no problem. You should be able to borrow up to 90% of the property value if you buy in both names. It should be quite simple buying in one name or two so you can choose whichever way you prefer. As an American Citizen married to an Australian Citizen living oversea...
by Otto Dargan
Mon Feb 08, 2010 3:47 pm
Forum: Home Loan Forum
Topic: No deposit loan?
Replies: 5
Views: 7288

Re: No deposit loan?

They would lend you a maximum of 90% of the property value. If the valuation came in good then $60k would be fine, if the valuation was low then they would decline the loan or reduce the amount.
by Otto Dargan
Fri Feb 05, 2010 5:22 pm
Forum: Home Loan Forum
Topic: Getting negatively geared tax benefits from a Family Trust
Replies: 1
Views: 4454

Re: Getting negatively geared tax benefits from a Family Trust

Sorry buddy I can't help with this one. You would need to talk to an accountant for tax advice for a family trust . I believe for a unit trust you can put the loan in your name but the property in the trust name and this can give you the benefit you seek. Speak to your accountant for the full details.
by Otto Dargan
Wed Feb 03, 2010 12:37 pm
Forum: Home Loan Forum
Topic: Purchase of an overseas property
Replies: 1
Views: 4325

Re: Purchase of an overseas property

Unfortunately this isn't something we can help with. You would need to approach a NZ lender. for assistance with this. We can help people living overseas to buy a property in Australia however we cannot use a property overseas as security for an Australian loan.

Thanks
by Otto Dargan
Tue Feb 02, 2010 9:35 am
Forum: Home Loan Forum
Topic: %110 home loan
Replies: 1
Views: 4539

Re: %110 home loan

Hi Dan,

Sorry no lender can consider your situation. If you have a problem with your credit history then the maximum you can borrow is 90% and in most cases 80%. For a 110% guarantor loan you would need to have only minor credit problems (paid default <$1,000).

Thanks

Otto
by Otto Dargan
Thu Jan 21, 2010 7:22 am
Forum: Home Loan Forum
Topic: home loans with partIX debt agreement
Replies: 1
Views: 3922

Re: home loans with partIX debt agreement

Hi Peta, You may be able to get a loan when your Part IX has been paid off however you will need to have a minimum 10% deposit and ideally a little more. Non-conforming lenders will be able to assist however the major lenders will not help you, so you are very restricted as to how much you can borro...
by Otto Dargan
Tue Jan 19, 2010 7:02 am
Forum: Home Loan Forum
Topic: Second mortgage
Replies: 1
Views: 4194

Re: Second mortgage

Very few if any lenders will accept this type of loan at a good rate as with a 2nd mortgage the new lender is taking the majority of the risk however receives very little of the interest. For that reason it is primarily private lenders that charge 2% to 6% per month that operate in the 2nd mortgage ...
by Otto Dargan
Mon Jan 18, 2010 11:16 am
Forum: Home Loan Forum
Topic: No deposit loan?
Replies: 5
Views: 7288

Re: No deposit loan?

What your broker has told you is correct. The best option is likely to wait until you have more equity then to increase your Rams loan to help fund the deposit for the new property. On loan increases the Lenders Mortgage Insurance is usually much cheaper than for a refinance so best to stick with ra...
by Otto Dargan
Sun Jan 17, 2010 7:12 pm
Forum: Home Loan Forum
Topic: No deposit loan?
Replies: 5
Views: 7288

Re: No deposit loan?

Hi Stephan,

How much is your current property worth and which lender is your loan with? Once I know this then I can work it out for you.
by Otto Dargan
Sun Jan 17, 2010 7:09 pm
Forum: Home Loan Forum
Topic: Investment Properties
Replies: 1
Views: 4501

Re: Investment Properties

Hi Gary, You could increase your current loans up to 90% of the total property value to release funds to buy another investment. However because you would pay a significant amount of LMI and you have a large amount of credit card debt it probably isn't worth it for you to proceed. I would recommend ...
by Otto Dargan
Mon Jan 11, 2010 3:58 pm
Forum: Home Loan Forum
Topic: guarantor loan with deposit
Replies: 1
Views: 3969

Re: guarantor loan with deposit

Hi Mel, It is possible that you could borrow more with the guarantee as the size of your deposit is likely to be the limiting factor. With a guarantee the size of your deposit is less important. The best way to structure the loan will depend on your brother's situation. Are you a permanent resident ...
by Otto Dargan
Mon Jan 11, 2010 8:03 am
Forum: Home Loan Forum
Topic: Guarantor with retired parents
Replies: 3
Views: 5920

Re: Guarantor with retired parents

Hi Narelle,

I have emailed you further details.

Thanks
by Otto Dargan
Sun Jan 10, 2010 11:03 am
Forum: Home Loan Forum
Topic: Guarantor with retired parents
Replies: 3
Views: 5920

Re: Garentor with retired parents

Hi Narelle, Many lenders do not like having retired people being part of a loan for borrowers that are younger, particularly if their home is security for the loan. That being said there are some lenders that can likely assist with your situation as long as your farm is just a hobby farm as you said...
by Otto Dargan
Sat Jan 09, 2010 1:24 pm
Forum: Home Loan Forum
Topic: Deposit
Replies: 1
Views: 4516

Re: Deposit

Generally the banks do not like it when you use a personal loan to make up a small shortfall in the funds required. I'd recommend you look for other sources of funds first and discuss with the lender before proceeding with a PL.

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