Search found 7730 matches

by Otto Dargan
Sat Jan 09, 2010 1:24 pm
Forum: Home Loan Forum
Topic: Deposit
Replies: 1
Views: 6852

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.
by Otto Dargan
Thu Jan 07, 2010 7:30 am
Forum: Home Loan Forum
Topic: 100% Deposit
Replies: 3
Views: 9395

Re: 100% Deposit

If they have a property in Australia then no problem. If the property is in NZ then it cannot be done.
by Otto Dargan
Wed Jan 06, 2010 6:53 pm
Forum: Home Loan Forum
Topic: 100% Deposit
Replies: 3
Views: 9395

Re: 100% Deposit

The only way this is possible is with a guarantor loan. You would need to get what is known as a security guarantee.
by Otto Dargan
Wed Jan 06, 2010 3:15 pm
Forum: Home Loan Forum
Topic: qusetions about loans for multiple occupany properties
Replies: 1
Views: 9378

Re: qusetions about loans for multiple occupany properties

Yes financing company title & community title properties can be a little tricky. Unfortunately it is very difficult for me to say with any certainty exactly how much you could borrow for this type of property. Because this is a relatively unique type of property I would need to get the full details and then talk to several lenders credit departments to see if they can consider it. I would estimate that for some properties you would likely be able to borrow 80% and in some cases 85%. For community title 90% may be possible depending on the property.

If it is normal company title / community title then you do own the property so no problems there.

If it is leasehold (pay site fees / lease the land) then there is no finance available in Australia. Sorry!
by Otto Dargan
Tue Jan 05, 2010 9:49 am
Forum: Home Loan Forum
Topic: stratum loan
Replies: 1
Views: 6543

Re: stratum loan

This is quite a tricky situation as there is more than one credit issue to take into account. We need to find a lender that can accept:

* Stratum title
* Resort / hotel unit
* Company name
* Pensions loan scheme (if available)

We would really need to know the full details of your situation before we could find out which lenders can help you. Otherwise we would spend several days researching this for you and come back with an inaccurate result.

If you would like to discuss this in detail then please call us or enquire online. Thanks
by Otto Dargan
Mon Jan 04, 2010 7:14 am
Forum: Home Loan Forum
Topic: using equity to borrow to buy property and develop
Replies: 1
Views: 8459

Re: using equity to borrow to buy property and develop

Unfortunately banks are not looking very favourably at builders using a low doc loan to fund a project of their own. If you had full income evidence or were using another builder then they would likely have no problems with this. To do this as a low doc loan we would have to look at private finance which is quite expensive. My suggestion would be to get a friend who has full income evidence as a JV partner and get them to buy the block and hire you as the builder. This would look much better to the banks.
by Otto Dargan
Sun Jan 03, 2010 2:17 pm
Forum: Home Loan Forum
Topic: Medical BIlls
Replies: 1
Views: 6714

Re: Medical BIlls

If your credit file shows defaults of any type then this will be taken into account when you apply for a loan. Generally if you borrow over 80% of the property value then major lenders will not help you. If you borrow less than 80% then they may help you if you have a good explanation and the defaults are paid. Otherwise you will have to resort to more expensive non-conforming lenders that can consider applicants with bad credit.
by Otto Dargan
Wed Dec 23, 2009 12:01 pm
Forum: Home Loan Forum
Topic: Agency Employee Home Loan
Replies: 1
Views: 6534

Re: question

Hi Ruby,

Yes if you are employed by an agency and your agency has a "host employer" that you then work for then we can accept this type of employment. Home loans for agency employees are assessed in the same way as contractors. We have a couple of lenders that could help for your situation, all of which have mortgage products that are competitively priced with discounts below the bank standard variable rate.

You can borrow 90% + LMI if you have at least 5% in genuine savings. If you don't have genuine savings then we can get you a guarantor home loan for up to 100% or we can get you a non-genuine savings loan for 85% + LMI (cannot qualify for more with no savings if employed via an agency).

Please give us a call on 1300 889 743 so we can discuss this before the Christmas break.

Thanks!
by Otto Dargan
Sun Dec 20, 2009 1:11 pm
Forum: Home Loan Forum
Topic: Guarantor loan with debt consolidation
Replies: 1
Views: 7120

Re: Guarantor loan with debt consolidation

Hi,

We may be able to help you borrow up to 110% of the purchase price using a guarantor mortgage. Since around 4% will go to paying stamp duty & conveyancing costs this leaves you 6% to reduce your debts. So maybe we can get rid of the most expensive debt and pay down one of the others as well.

It all depends on how much you can afford as to if we can get you a loan. Your asset position must not be negative (you must not owe more than you own) and your credit history must be perfect.

I expect the limiting factory may be your borrowing capacity. If you would like to go through this in detail then please call us.
by Otto Dargan
Thu Dec 17, 2009 8:23 am
Forum: Home Loan Forum
Topic: No Deposit home loan with Parental Guarantor
Replies: 3
Views: 9114

Re: No Deposit home loan with Parental Guarantor

You should qualify with a major lender with a discounted pro pack or basic loan rate around 6%. You will not have to pay a high rate with a specialist lender.

Thanks
by Otto Dargan
Thu Dec 17, 2009 7:05 am
Forum: Home Loan Forum
Topic: No Deposit home loan with Parental Guarantor
Replies: 3
Views: 9114

Re: No Deposit home loan with Parental Guarantor

This is a difficult situation because there is the combination of a guarantee from retirees, probation and moving cities. We have a lender that can accept all of these conditions and can lend >100% to help you pay for duty and consolidate debt.

We'd have to get the full details of your situation, in particular your asset & liability position, and then discuss it in detail with our lenders before proceeding to a full application.
by Otto Dargan
Wed Dec 16, 2009 7:41 am
Forum: Home Loan Forum
Topic: just moved over from NZ
Replies: 1
Views: 6590

Re: just moved over from NZ

Hi Jacque,

Yes this is possible. For your situation the "credit issues" (problems from a lenders point of view) are:

* Short term employment (possibly also on probation?)
* Short term residency
* No credit history in Australia
* No genuine savings
* 90% loan required (required LMI approval)

Despite this I believe we can get you a loan with a major lender because from their point of view your situation actually meets policy:

*Short term employment and residence accepted as long as we can prove prior employment history in NZ.
* They can accept a copy of your NZ credit file (we can help you obtain this)
* They will accept sale of an overseas property as being an acceptable source of funds and will assess it as genuine savings. We would need to provide evidence of the sale.
*They can lend up to 90% of the property value plus LMI.
* NZ citizens that have never owned a property in Australia are eligible for first home benefits.

Please give me a call on 1300 889 743 to discuss in detail.

Thanks
by Otto Dargan
Tue Dec 15, 2009 8:20 pm
Forum: Home Loan Forum
Topic: Calculating LMI
Replies: 2
Views: 9410

Re: Calculating LMI

You can calculate LMI using our LMI calcualtor or our LMI rates page. Lenders don't give you much info on how they do their math, so a good mortgage broker is very well placed to help you compare premiums.

Generally if you do not have at least a 20% deposit then you will need to pay an LMI premium. Some people try to save up until they have a 20% deposit which is fine during a flat or falling property market, however if prices are rising it is usually cheaper to just pay the LMI. Saving up to meet an ever higher target often ends up costing much more in lost capital gains.
by Otto Dargan
Mon Dec 14, 2009 4:28 pm
Forum: Home Loan Forum
Topic: Selling a home and buying another
Replies: 3
Views: 9335

Re: What are our chances?

I am surprised about CBA, they can refinance at 95% LVR and can do the purchase at 95%. They will only do this if your history with them (bank accounts, PL payments etc) is absolutely flawless.

Yes the best option is to get a pre-approval for a purchase subject to you selling your current home. If you don't get a pre-approval then you risk selling your home only for the bank to decline your new application and for you to be left renting!

Better safe than sorry.
by Otto Dargan
Mon Dec 14, 2009 4:21 pm
Forum: Home Loan Forum
Topic: Comparing Lenders Mortgage Insurance - Australia
Replies: 1
Views: 6699

Re: Comparing Lenders Mortgage Insurance - Australia

Hi Michael,

Banks are well aware that customers almost NEVER compare the LMI premium between different banks. This is because banks don't publish their LMI rates, and customers rarely even know which Insurer the bank is using for their loan. I would say that for many people they can easily save more money by comparing LMI than by comparing interest rate alone. Ideally of course you should look at the rate, fees, LMI premium, features and service level offered by the lender before making a choice.

We have created a calculator that allows you to compare Lenders Mortgage Insurance premiums between 6 lenders. We can't publish the names of the lenders as otherwise we will get into trouble. However I can say that all of the 4 major banks (ANZ, CBA, NAB, WBC) are included in the calculator.