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by Otto Dargan
Mon Jun 15, 2009 8:56 pm
Forum: Home Loan Forum
Topic: 100% loans
Replies: 2
Views: 15643

Re: 100% loans

100% home loans are gone! This is because of a problem with funding the loans on the wholesale money markets. Many of the lenders we deal with have mentioned that they would love to keep doing no deposit loans however they just can't fund them at a reasonable price. As a result they are gone from the market.

The only way to borrow 100% nowadays is with a parental guarantee or family guarantee. This allows you to borrow 100% + and pay no LMI.

Rams and St George have both closed their no deposit departments. All lenders have closed their doors.
by Otto Dargan
Mon Jun 15, 2009 8:53 pm
Forum: Home Loan Forum
Topic: How long do I have to be employed to get a home loan?
Replies: 1
Views: 14102

Re: How long do I have to be employed to get a home loan?

Hi Ruby,

The minimum required is that you have been 1 day in your job. There is only one or two lenders that can help in this situation.

The majority of lenders require you to be off probation or a minimum of 6 months in your current job before approving your loan.
by Otto Dargan
Mon Jun 15, 2009 8:51 pm
Forum: Home Loan Forum
Topic: bad credit history loan
Replies: 2
Views: 15596

Re: bad credit history loan

Lenders are very wary about people credit history at the moment. I would only recommend that you apply for a loan if you have a 20% deposit if you have been bankrupt recently.

Some people may be able to get a home loan if they have a 10% deposit, all their defaults have been paid and they have stable employment. A good reason for the credit problem is essential and it must be backed up by a default explanation letter as well as other proof.
by Otto Dargan
Mon Jun 15, 2009 8:47 pm
Forum: Home Loan Forum
Topic: home loan for contract based workers?
Replies: 1
Views: 13534

Re: home loan for contract based workers?

Yes it is possible to borrow up to 90% of the property value if you are a contractor and in some cases we are able to obtain a 95% loan however this is rare. You will be required to have 5% in genuine savings if you are borrowing over 85% of the property value.

Our main concern is the stability of your contract. Will it be renewed? Can you find other work if it isn't? We'll discuss this with you in depth to make sure that a home loan is suitable for you.
by Otto Dargan
Mon Jun 15, 2009 8:42 pm
Forum: Home Loan Forum
Topic: Valuations coming in short
Replies: 1
Views: 15087

Re: Valuations coming in short

When a valuation comes in low you have several choices:

* Challenge the valuation using sales evidence (very rarely works).
* Coming up with the shortfall with help from your family, friends or a personal loan.
* Submitting the loan to another lender in the hope they will have a higher valuation.
* If it is a purchase then maybe it is best to pull out.

We recommend a difference course of action depending on the situation and the amount of the shortfall. Small shortfalls are usually made up with the help of family while large shortfalls mean it is best to try another lender!