Search found 60 matches

by alexjong
Wed Jun 19, 2013 7:26 pm
Forum: Property Investment Forum
Topic: LMI fee for 95% loan too costly?
Replies: 11
Views: 24168

Re: LMI fee for 95% loan too costly?

Hey I tried the calculator and the lowest fee is $31,521.

I got a bit confused about the headings “Final loan” and “Funds available” – I think this is related to LMI capitalisation?

-Alex
by alexjong
Wed Jun 19, 2013 1:13 pm
Forum: Property Investment Forum
Topic: LMI fee for 95% loan too costly?
Replies: 11
Views: 24168

LMI fee for 95% loan too costly?

I'm looking to purchase an investment property out in Victoria for the purpose of dividing it and selling part of it again. The property is worth about $840,000 and I hope to get a 95% home loan.

I haven’t gone through with the loan application because I’m worried about the LMI fees – I understand that the higher the loan amount, the higher the LMI fee is?

Do you guys think that this loan would be a good idea?

-Alex
by alexjong
Mon Feb 04, 2013 11:34 am
Forum: Home Loan Forum
Topic: How much of a deposit do I need?
Replies: 4
Views: 8856

Re: How much of a deposit do I need?

Hi Otto,

Thank you for all your information.

You have been a great help.

Alex
by alexjong
Mon Feb 04, 2013 9:37 am
Forum: Home Loan Forum
Topic: How much of a deposit do I need?
Replies: 4
Views: 8856

Re: How much of a deposit do I need?

Hi Otto,

Unfortunately I am unable to obtain a guarantor as my mother does not have enough equity in her property.

So at the moment the main thing holding me back is my deposit size right?

Over all how much of a deposit do you think I will require. (In a dollar figure).
by alexjong
Mon Feb 04, 2013 8:44 am
Forum: Home Loan Forum
Topic: How much of a deposit do I need?
Replies: 4
Views: 8856

How much of a deposit do I need?

Hi there,

I have recently found a couple of properties I would be interested in buying. The properties are around the 290k - 305k price range. The properties are located in the surrounding suburbs of the Gold Coast QLD. I am single with no children, so I am only looking at one or two bedroom apartments.

In my bank at the moment I have 15k to use as a deposit. I am currently a subcontractor. I only work for one company full time 38hrs a week. When I previously spoke with my bank they told me I would be unable to obtain a loan because I was a subcontractor.

I have a couple of questions:
Will banks accept my income as a subcontractor or should I go back to full time employment with a company?
Do I have enough of a deposit to obtain a loan?
Am I able to consolidate my 19k personal loan?

Any information would be awesome!

Alex
by alexjong
Thu Jan 03, 2013 10:01 am
Forum: Home Loan Forum
Topic: Can I Get A Loan On Commission Income?
Replies: 1
Views: 4985

Can I Get A Loan On Commission Income?

Hey,

My name is Alex.

I am interested in buying my first home because I am sick of renting. I work as a car salesman in Melbourne. I have been with my current company for 7 years.

I am unsure if I will qualify for a loan as my income is almost commission only. I receive $200 a week as a base income and the rest is commission. This being said I made over 100k last financial year alone.

I am looking at properties for roughly 300k. I only want a property that is small such as an apartment.

What I would like to know:
- Is it possible to obtain a loan when my income is from a commissioned job?
- Are there extra rules from the banks for someone in my situation
- Will all of my income be accepted by the banks?
- What kind of a deposit will I need? (I have some savings but want to use as little as possible).

Cheers!
by alexjong
Wed Jan 02, 2013 1:42 pm
Forum: Home Loan Forum
Topic: Looking for a family guarantee home loan
Replies: 1
Views: 5481

Looking for a family guarantee home loan

Hi Home Loan Experts

My name is Alex and I am looking for a home loan.

I heard that it is possible to borrow the full purchase price amount if you can get a parental guarantee. How do they work?

If my parents are going guarantor do they have to put their own property up as security? How long will the guarantee last?

Will rates be more expensive because of this arrangement?

Sorry for asking so many questions and thanks for your help.

Appreciated.
by alexjong
Fri Dec 21, 2012 12:24 pm
Forum: Home Loan Forum
Topic: Part IX Debt Agreement Loan
Replies: 1
Views: 6106

Part IX Debt Agreement Loan

Hello,

I am seeking some advice on how to go about getting a part IX debt agreement and the affect the part IX will have on potentially getting a home loan in the future. I am currently trying to save a deposit to purchase my first home.

I lost my job late last year and was hard pressed to make repayments on my loans and credit cards. I currently have 2 credit cards and 2 person loans. In total my debts are $50,000. Initially when I lost my job there were a couple of late payments on my loans.

For the last 12 months there have been no late payments and I do not have any defaults.

I am finding it hard to make repayments for all my debts on top of my rent and trying to save. Will the part IX have a big impact on my borrowing in the future? How long does a part IX last?

I am in very murky water at the moment and need some clarity as to what my options are and what is the best thing for me to do.

Thank you!

Alex
by alexjong
Fri Dec 07, 2012 4:39 pm
Forum: Property Investment Forum
Topic: Can I Buy A House In Australia On A 457 Visa?
Replies: 6
Views: 80723

Re: Can I Buy A House In Australia On A 457 Visa?

Hey,

Thank you for getting back to me.

The pages you have linked were very useful in answering some of the questions I had. Your information was a great help as well.

I have 70k AU savings from a sale of the house I had in Germany before I moved to Australia. I am looking to buy a property in the Sydney metro area with a purchase price of roughly 400k. Would my deposit be sufficient? With the funds coming from a sale of an asset would my deposit be considered genuine savings?

Cheers,

Alex Jong
by alexjong
Fri Dec 07, 2012 3:01 pm
Forum: Property Investment Forum
Topic: Can I Buy A House In Australia On A 457 Visa?
Replies: 6
Views: 80723

Can I Buy A House In Australia On A 457 Visa?

Hey there,

My name is Alex and I am currently living and working in Australia on a 457 Work Visa. I am employed as a Heavy Vehicle Mechanic. I am two years into my 4 year 457 visa and have applied for Permanent Residency in Australia.

I am single and currently renting a house through a real estate agent in Sydney (Dee Why). I am sick of wasting money renting and want to purchase a house in the Sydney region.

I am after some general information in regards to whether I would be eligible for a home loan in Australia. I also want some advice on what kinds of policies banks have in relation to getting a mortgage on a 457 Visa.

Any information you can provide me would be appreciated.

Have a nice day,

Alex Jong
by alexjong
Thu Nov 22, 2012 12:38 pm
Forum: Home Loan Forum
Topic: Sister buying half of my house
Replies: 3
Views: 12113

Re: Sister buying half of my house

Thanks for the info mate.

So what would it cost /week to refinance our outstanding $380,000 loan, into a principal + interest loan over 25 years, if we decide to keep the house ourselves and rent it out?
by alexjong
Thu Nov 22, 2012 11:34 am
Forum: Home Loan Forum
Topic: Sister buying half of my house
Replies: 3
Views: 12113

Sister buying half of my house

Hi Otto,

I believe on the 14/05/2013 my interest free portion of my current home loan is up. I have been trying to sell my property, but have over capitalised, and with the current market, I don't believe I will be able to sell. So I have been exploring other options.

I have been talking to one of my sisters about buying half the house and both of us using it as an investment for the future when the housing market picks up again.

This will leave me needing a home loan for $180,000, for half of a house that I believe even in the worst valuation, will come in at $500,000. I have spent an additional $100,000 on the house since it was last valued, building a fully self contained unit for my Mother underneath. Even in this poor market I am positive of at least a $500,000 valuation, and have a mate who is a valuer in town, that is coming over in a couple of weeks to give me his opinion.

Probably would not need this to happen until March 2013, but I was hoping to know what a $180,000 loan would cost to pay off (principal and interest) weekly, so I can see if this is going to be a viable option for us.

No draw back facility needed, 25 year loan, and the best current interest rate you can find. I was hoping not to have to put in additional cash as a deposit, as the loan required is well under half the valuation of the house.

Like I said, just testing the water for now, so please don't go to too much trouble, just a weekly $ figure, so I can see if it a viable solution for us.
by alexjong
Wed Jun 22, 2011 3:08 pm
Forum: Home Loan Forum
Topic: First Home With No Genuine Savings
Replies: 1
Views: 4907

First Home With No Genuine Savings

Hi,

I've currently got a slight problem.

I've approached St George for a Home Loan package, and I've received verbal approval for an 80% loan of $423000. I've got an appointment this afternoon to finalise it.

I'm now hoping to be able to get a 90% home loan of $470000 instead. But I have no genuine savings, nor do I pay rent. St George has said that it's not possible to do this with them. My basic info: $5600/month before tax, clean credit record from Veda Advantage, buying property as an investment.

I've paid 10% deposit on a property already, and contracts have been exchanged. While I'm perfectly able to get by with a 80% loan, a 90% loan would make my life much easier for the next year. 10% of the money is still waiting to be deposited into my Savings account.

Is getting a 90% mortgage still possible in my situation?
by alexjong
Wed Jun 17, 2009 5:29 pm
Forum: Home Loan Forum
Topic: Fixed rate loans
Replies: 4
Views: 18675

Re: Fixed rate loans

Hi All,

What the pros and cons are of fixing, or even splitting?
by alexjong
Wed Jun 17, 2009 5:25 pm
Forum: Home Loan Forum
Topic: Low doc questions...
Replies: 1
Views: 12128

Low doc questions...

Are low doc loans gone? My bank needs BAS statements to get a low doc loan for me which kind of defeats the purpose doesn't it?