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by Otto Dargan
Tue Aug 06, 2019 8:23 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 517

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hi Jennifer, While the size of the deposit impacts the interest rate , it’s not the only factor, a lot of it depends on your overall situation. If you show a lender that you are a good borrower with employment stability, stable income and good asset position, etc., you may enjoy the same rates as bo...
by Otto Dargan
Tue Aug 06, 2019 8:12 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 517

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hi Jennifer, It should not be an issue if you are making payments on time. However, you might look into reducing your credit card limit or cancelling the credit cards that you do not use to improve your borrowing power . Using the borrowing power calculator, you could assess how the lender would vie...
by Otto Dargan
Tue Aug 06, 2019 7:03 pm
Forum: Home Loan Forum
Topic: How do I increase my chances of getting approved by a lender, even with low deposit
Replies: 5
Views: 517

Re: How do I increase my chances of getting approved by a lender, even with low deposit

Hello Jennifer. Welcome to the forums. Most lenders have strict lending criteria for borrowers with low deposits , but if you meet the following requirements, you might have a good chance of getting approved. ⋅ The lenders will look into your income carefully as this forms the basis of you...
by Otto Dargan
Sun Aug 04, 2019 6:57 pm
Forum: Home Loan Forum
Topic: Owner Builder Construction Loan
Replies: 1
Views: 472

Re: Owner Builder Construction Loan

Hi Leisam18, Welcome to our forum. For owner-builders who are not qualified builders, your loan is limited to 60% of the land value plus cost of construction. In your case, if the land value value plus cost of construction is $865,000 ($365,000 + $500,000), you’ll be able to borrow up to $519,000. S...
by Otto Dargan
Sun Aug 04, 2019 6:21 pm
Forum: Home Loan Forum
Topic: ING assessment rate..what is it now?
Replies: 1
Views: 483

Re: ING assessment rate..what is it now?

Hi Robbo, Welcome to the forum. ING is very strict with serviceability, their assessment rate of 8% p.a. is one of the highest and hasn’t changed as of now. It is likely to remain the same. As you’ve rightly pointed out, they are still basing their assessment off 2.5% over the revert rate for fixed-...
by Otto Dargan
Fri Aug 02, 2019 8:24 pm
Forum: Home Loan Forum
Topic: How to apply for a mortgage even when my partner has bad credit?
Replies: 5
Views: 524

Re: How to apply for a mortgage even when my partner has bad credit?

Different lenders have different requirements. By increasing your deposit , it means the lenders are taking less risk in lending you money to buy the property. As a general rule of thumb, home buyers will need to show between 5% to 10% of the purchase price of the house as a deposit. In this instanc...
by Otto Dargan
Fri Aug 02, 2019 8:04 pm
Forum: Home Loan Forum
Topic: How to apply for a mortgage even when my partner has bad credit?
Replies: 5
Views: 524

Re: How to apply for a mortgage even when my partner has bad credit?

Hi Mindy, Yes, there are ways to apply for a home loan with your partner even with medium credit score: ⋅ You can apply as a solo applicant provided that you can service the loan on your single income and the property title will only have your name. ⋅ The major caveat here is tha...
by Otto Dargan
Fri Aug 02, 2019 7:29 pm
Forum: Home Loan Forum
Topic: How to apply for a mortgage even when my partner has bad credit?
Replies: 5
Views: 524

Re: How to apply for a mortgage even when my partner has bad credit?

Hello Mindy. Thank you for reaching out to us and welcome to the forum. This is not an uncommon situation to be in and you can apply for a home loan, even if your husband has bad credit. Before applying for the loan, look into the credit file of you and your husband by requesting a free annual copy ...
by Otto Dargan
Wed Jul 31, 2019 8:14 pm
Forum: Home Loan Forum
Topic: Help! I don’t think I have enough deposits to apply for a home loan
Replies: 3
Views: 561

Re: Help! I don’t think I have enough deposits to apply for a home loan

Hi Bryon, Lenders have strict lending criteria for borrowers with low deposits, but if you meet the following criteria, you increase your chances of approval even with a low deposit: ⋅ Your income will be looked into carefully as this is the basis of their assessment of your capacity to ma...
by Otto Dargan
Wed Jul 31, 2019 7:52 pm
Forum: Home Loan Forum
Topic: Help! I don’t think I have enough deposits to apply for a home loan
Replies: 3
Views: 561

Re: Help! I don’t think I have enough deposits to apply for a home loan

Hello Bryon. Welcome to the forums. The first thing you’ll have to do is calculate the Loan to Value Ratio (LVR), which is the amount you are borrowing over the value of your property, represented as a percentage. For example, if there is a property valued at $600,000 and an applicant is looking for...
by Otto Dargan
Tue Jul 30, 2019 8:22 pm
Forum: Home Loan Forum
Topic: First home buyer here - What are my options?
Replies: 5
Views: 581

Re: First home buyer here - What are my options?

Hi Kara, Genuine savings are funds that a home loan applicant has saved themselves gradually over time. Most lenders require at least 5% of the property value as savings saved over three months. The following types of savings are considered to be examples of genuine savings: ⋅ Savings held...
by Otto Dargan
Tue Jul 30, 2019 8:06 pm
Forum: Home Loan Forum
Topic: First home buyer here - What are my options?
Replies: 5
Views: 581

Re: First home buyer here - What are my options?

Hi Kara, There are many factors that lenders will look into. Most of these lenders have their own credit scoring system that will check: ⋅ Your credit history which includes late and missed payments, defaults, bankruptcy, etc on your credit file. You can use our credit score calculator to ...
by Otto Dargan
Tue Jul 30, 2019 7:37 pm
Forum: Home Loan Forum
Topic: First home buyer here - What are my options?
Replies: 5
Views: 581

Re: First home buyer here - What are my options?

Hi Kara, Thank you for reaching out to us and welcome to the forums. The home buying process for a first-timer might seem like a daunting process, but there are many options and support you’ll get. The options available for first time home buyers are as follows: ⋅ You can borrow up to 105%...
by Otto Dargan
Mon Jul 29, 2019 8:38 pm
Forum: Home Loan Forum
Topic: How difficult is it for a retiree to get a home loan?
Replies: 5
Views: 595

Re: How difficult is it for a retiree to get a home loan?

A bridging loan is basically finance that allows you to buy a new property without having to sell your existing property first. Banks work out the size of the loan by adding the value of your new home to your existing mortgage then subtracting the likely sale price of your existing home. This calcul...
by Otto Dargan
Mon Jul 29, 2019 8:05 pm
Forum: Home Loan Forum
Topic: How difficult is it for a retiree to get a home loan?
Replies: 5
Views: 595

Re: How difficult is it for a retiree to get a home loan?

Hi Hank, Before you choose to sell your home, look into the following options: ⋅ Choose to sell first if you have little to no equity or if your property will take a long time to sell. ⋅ Choose to buy first if you have strong equity and income to hold both properties. ⋅ ...

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