2 jobs and gifted deposit

Any general questions you might have in regards to loans and finance.
kelbel
Posts: 2
Joined: Thu Mar 18, 2010 5:52 pm

2 jobs and gifted deposit

Postby kelbel » Thu Mar 18, 2010 5:57 pm

I am interested in obtaining a home loan for:
Acre block of land $180 000
Construction of a house and granny flat $320 000
Total cost $500 000

Deposit Details - $60 000 gifted to me by my parents (has been in bank account untouched for 3 months
Applicant 1
Income Details: Job 1 $64 000 per year permanent part-time
Have been in position for 5 years.

No tax return as previous years in position I was actually a partner in the business (self-employed) but since restructured so I am an employee for 12 months.

Job 2 $33 000 per year permanent part-time
Have been in position for 7 months
Was previously employed in same position but took 4 years off to have children
Can supply Payslips,

Rental Income
I will be renting the Granny Flat to my parents for an expected $200 per week.

Current Loans Nil

Credit Rating Good as fas as I know

Dependants 2


Can you please give me an indication of whether I would qualify for a home loan with the above information. My main concern is that my deposit is primarily gifted and that I cannot supply tax returns to verify my income although I can supply other documents but I am unsure of whether these are sufficient. I can only supply 3 months bank statements to verify income as prior to that I was paid in cash.


Thanks for your help

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Otto Dargan
Mortgage Specialist
Posts: 7600
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: 2 jobs and gifted deposit

Postby Otto Dargan » Fri Mar 19, 2010 7:09 am

Yes I believe we can help with your situation. There are a few possible problems however if we carefully choose what documents to provide to the lender then we should be able to get an approval without many hassles.

The main potential problems are:

* A gift can be accepted as genuine savings by some lenders if it is held for at least three months. It must be no less than three months, even a day less is not accepted.
* Your bank statements must match your payslips.
* I am assuming that the 2nd income is for the 2nd applicant and not for a 2nd job of the 1st applicant.

Overall it looks ok. We would create a shortlist of lenders that can help and then from there work out which ones have the cheapest overall loan taking fees, rate and LMI into account.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

kelbel
Posts: 2
Joined: Thu Mar 18, 2010 5:52 pm

Re: 2 jobs and gifted deposit

Postby kelbel » Fri Mar 19, 2010 2:01 pm

No the second job is mine also. I would like to apply as a single applicant as my husband is self employed and doesn't have financials.

My first job is with my husband's business. Would it be better to increase my wage for the next 3 months and not mention my second job.

I intend to try to apply in July.

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Otto Dargan
Mortgage Specialist
Posts: 7600
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: 2 jobs and gifted deposit

Postby Otto Dargan » Fri Mar 19, 2010 3:03 pm

Most lenders will see right away that you are employed by your husband and will then ask for 2 years tax returns to prove your income. For this reason I would recommend that you call us to discuss in detail now so that you can apply in July without any problems.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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