What are my options?

Any general questions you might have in regards to loans and finance.
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Joined: Tue Mar 30, 2010 10:17 pm

What are my options?

Postby JaySon » Tue Mar 30, 2010 10:30 pm

Hi Otto

Here are my details. Please advise of my loan options.

Currently university student. Employed casually as a labourer.

Income - $300 / week from work, $340 / fortnight from Austudy, $1100 / month from rental income.

Assets - House $350K

Debts - None

Purpose - Personal use

I am able to provide Austudy and rental income evidence. I can't provide evidence for my work income because I receive my wages cash in hand.

1. Do I qualify for a home loan?

2. What's the minimum and maximum I can borrow?

3. What type of loan will I be applying for?

4. What would the interest rate be?

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Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: What are my options?

Postby Otto Dargan » Wed Mar 31, 2010 8:05 am

The majority of lenders cannot accept Austudy income as it will not continue when you complete your studies. Personally I think this lacks a little common sense as if you are not receiving Austudy then you will be working!

As long as you are borrowing up to 60% of the property value it should be quite easy to get you a loan with a major lender as no income evidence would be required. Borrowing up to 80% with no payslips is possible however it would require a letter from your employer to confirm your income and it must be enough to service the debt.

The purpose of the loan is also important. If you own a property outright then what do you need the funds for? Lenders will be happy to help you renovate, buy shares or another investment property however are unlikely to assist if you cannot provide some kind of evidence of what you will do with the money.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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