Search found 331 matches

by Hoa Hong
Tue Mar 03, 2015 9:23 am
Forum: Home Loan Forum
Topic: Family equity loan
Replies: 7
Views: 12595

Re: Family equity loan

Hi missiles_r

Thank you for making an enquiry with us.

If you do not have savings but have parents that can assist the best option is to move now using a Family Pledge Product.

This way we can lend 100% + Stamp duty and fees as long as the parents home is valued enough to play, you can use the following guarantor calculator to work out if the are eligible to support you.

You would not be required to show savings if we proceed with the option above, the parents will not need to take more funds from their property.

As long as your partner is casual for over 12 months with the same employer this will not be an issue.

How much are you looking to purchase for?
by Hoa Hong
Mon Feb 23, 2015 2:39 pm
Forum: Home Loan Forum
Topic: Medical 90% Loan with no LMI on 3-4 Unit Development?
Replies: 1
Views: 3868

Re: Medical 90% Loan with no LMI on 3-4 Unit Development?

Afternoon fiji_boy,

Thank you for making an enquiry with us.

With the Medico products that are out there to obtain 90% No LMI construction is limited to 2 units on one title, so they would at most consider a duplex construction.

There are lenders that will assist at construction of 4 units up to maximum of 80% lend.

The other option is to sub divide the land so that it is on seperate titles to get the 90% No LMI against 2 buildings on one title at most.

With Medico packages we are obtaining up to 1.32% discounts with other lenders so I am happy to see if there are better deals for you out there as well.
by Hoa Hong
Mon Feb 16, 2015 6:37 am
Forum: Home Loan Forum
Topic: Loan Possibility?
Replies: 5
Views: 8327

Re: Loan Possibility?

Thats great to hear, if you have other questions please dont hesitate to give me a buzz =D
by Hoa Hong
Tue Feb 03, 2015 2:32 pm
Forum: Home Loan Forum
Topic: Loan Possibility?
Replies: 5
Views: 8327

Re: Loan Possibility?

Thats great to hear and will await the message from you.
by Hoa Hong
Mon Feb 02, 2015 2:02 pm
Forum: Home Loan Forum
Topic: Loan Possibility?
Replies: 5
Views: 8327

Re: Loan Possibility?

Hi tipsandbeers!

Thank you for making an enquiry with us and yes with what you want to do we can definitely help to obtain a loan with No deposit and NO Lenders Mortgage Insurance.

The product you guys are looking at is called a "Favourable Purchase" this is where the parents sell a property they own to their children at a discounted price from the actual value of the property. In your case the value is $550,000 and the actual funds required is $400,000. We can lend 80% against the $550,000 valuation figures which provides a final loan of $440,000. This means we can pay the parents $400,000 and you will have funds to pay stamp duty and fees and still be left with extra funds.

Simply said, no deposit as $100,000 in equity has been gifted to you guys from the parents, No Lenders Mortgage Insurance as we are under 80% lend, funds for stamp duty as it can be borrowed and NO commission to real estate agents as this is done as a family transaction.

Based on your current incomes and currnet debts we are able to borrower up to about $650,000. This means we have plenty of income power to obtain what we need for this transaction. We can still obtain rates under 5%.

Questions:
- What postcode is the security in? (there are restrictions)
- Who do you bank with? (not all banks support this transaction)
- Do you have your own savings?
- We can consolidate your personal loan if required.
by Hoa Hong
Tue Dec 02, 2014 8:06 am
Forum: Home Loan Forum
Topic: Land as security for loan
Replies: 1
Views: 3533

Re: Land as security for loan

Hi Kimmiii,

Thank you for making an enquiry with us, if your parents sub divide their back yard and it is a block of land then we can use this security as a support for you under a Guarantor Home Loan Product.

It will still be dependant on how much it is worth and how much you are looking to purchase for.

How much are you looking to purchase for?
How much do the parents think the land value will be once sub divided?
by Hoa Hong
Mon Sep 29, 2014 12:45 pm
Forum: Home Loan Forum
Topic: Home Loan while unemployed
Replies: 1
Views: 4380

Re: Home Loan while unemployed

Hi NickV,

Thank you for the enquiry, the banks require income to be able to service the loan.

Once you gain employment we can assist with a loan once you have 2 pay slips, if you are working casual the bank would require 3 months in employment. If it is permanent full time then you can proceed with 2 payslips.
by Hoa Hong
Tue Aug 26, 2014 8:58 am
Forum: Home Loan Forum
Topic: Mortgage for DSP (Disabiltiy Support Pension)
Replies: 1
Views: 4645

Re: Mortgage for DSP (Disabiltiy Support Pension)

Hi Wallybrain1,

Thank you for your enquiry.

With the current lenders that I deal with (all of them) the use of disability support pension income as the only source of income would only be under a Reverse Mortgage, which some lenders lend to a maximum 30% lend.

Is there any other income we can use, income wise there is usually not enough income to obtain a new loan.

Have you used the information on our disability pension page.
by Hoa Hong
Tue Jul 29, 2014 3:46 pm
Forum: Home Loan Forum
Topic: Home loan approval..please help
Replies: 1
Views: 3924

Re: Home loan approval..please help

Hi Shaani,

Your situation is not an easy one, any bank that I can think of would require one payslip before final approval or even settlement.

Any lender who would look at the application at the moment would need at least one pay slip.

The only advice I can give at this point is to advise the builder where you are at, show him evidence of what is happening and proceed to provide a extension for you.

It is unfortunate events but all banks would need this.
by Hoa Hong
Mon Jun 09, 2014 8:32 am
Forum: Home Loan Forum
Topic: Self Build Mortgage 98% - 100% LVR
Replies: 1
Views: 4207

Re: Self Build Mortgage 98% - 100% LVR

Hi Fozz01,

Thank you for making an enquiry with us, when you advise self build do you mean owner builder? As this will be retricted toa maximum 80% with 20% in safe funds to maximum 60% lend.

If you have a registered builder to construct your home then we can lend to a maximum 95% + Lenders Mortgage Insurance which is close to the figures you have advised.

Questions I have so that I can have a clearer picture of what you are asking:

- How much of a deposit do you have?
- How much is the block of land and construction cost?
- When you say self build will you have a registered builder construct your home or will you be building it?
- When you mention 98-100% - for a 100% lend we only have the option of a Guarantor Home Loan Product - do you have a guarantor?
by Hoa Hong
Wed May 28, 2014 1:40 pm
Forum: Home Loan Forum
Topic: When do we need to pay LMI?
Replies: 8
Views: 11467

Re: When do we need to pay LMI?

Hi All,

There are some awesome products out there that can assist with 90% No LMI lend!

We are assisting a lot of clients with this product.
by Hoa Hong
Wed May 28, 2014 1:36 pm
Forum: Home Loan Forum
Topic: Purchasing 2nd Property - do we have any options?
Replies: 1
Views: 3589

Re: Purchasing 2nd Property - do we have any options?

Afternoon AJ11,

Thank you for making an enquiry with us.

Based on your current income and debts, I am able to obtain a further loan amount of $700,000 - $850,000 in lending depending on the amount of rental income, I have used 5% of the purchase price to be conservative. This has been calculated using our "How much can a borrow" calculator.

Your income situation is very strong.

The hurdle we have at the moment is the equity and deposit for the new purchase. As you do not have much equity or current savings we can go down the path of a Family Pledge Loan Product if your have a guarantor who is eligible. This will allow 100% lending and funds for stamp duty. This is the best option i can proceed at the moment.

Do you have a guarantor that can help?
by Hoa Hong
Mon Apr 28, 2014 4:16 pm
Forum: Home Loan Forum
Topic: Deposit for construction loan discharged part x
Replies: 1
Views: 5016

Re: Deposit for construction loan discharged part x

Hi melli,

When we are dealing with a Part 10 discharged bankruptcy situation there are only specific lenders who can take on these kind of credit impairments with a higher rate.

If we are looking to purchase a established security there are lenders who can assist up to a maximum 90% lend, you would require a minimum 15% of the purchase amount which will cover deposit, risk fee and stamp duty.

When we are dealing with construction the lenders are narrowed down and they will only assist with a maximum 75% lend. the rate will be 10% for these figures.

With a 20% deposit there is one lender who will assist but they require the bankruptcy to be discharged for over 24 months. and they can proceed with a normal rate of 5%.

At this point I do have a option for you to purchase the block of land at a 80% lend but will not be able to provide a construction loan till we either have 25% in total deposit OR 2 years discharged.

Hope this helps.
by Hoa Hong
Thu Apr 17, 2014 5:17 pm
Forum: Home Loan Forum
Topic: Borrowing potential.
Replies: 3
Views: 6779

Re: Borrowing potential.

Hi mate,

If you were looking to renbt out the current property then there would be income from your current home to contribute to the new place you are looking for.

Using a conservative figure of $700 per week rent with the info provided prior we can obtain a new loan of about $350,000.
by Hoa Hong
Thu Apr 17, 2014 8:56 am
Forum: Home Loan Forum
Topic: Borrowing potential.
Replies: 3
Views: 6779

Re: Borrowing potential.

Hi Bluebox,

Thank you for enquiry, firstly congrats on your strong asset position.

Using our How Much you can borrower calculator, the maximum loan amount we can proceed with is $187,000.

Once you graduate and start employment, your income will contribute to a stronger borrowing amount, using the calculator you can run some scenarios when you graduate.

Are you receiving any government income, or any scholarship with your current studies?
What are you looking at doing?