Wanting to buy ASAP... Some Concerns...

Any general questions you might have in regards to loans and finance.
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keen2buy
Posts: 3
Joined: Mon May 24, 2010 10:28 am

Wanting to buy ASAP... Some Concerns...

Post by keen2buy »

Hi,

My fiance and I are in an unpleasent living arrangement and we have been going over many MANY options to able us to buy asap. We also want to get in before the end of June due to the probability of the cancelation of government concessions.
We are looking at a home + land package in Sydney South West for $370,000 max.

My concerns are:-
*My fiance works permanent full time, but has been in this job for about 2 months. Prior to this he was unfortunate enough to have been in another job (same trade) for under 3 months also, prior to THAT, he was in THAT job for about a year.. Like I said, Unfortunate.. not because of his doing, but because of employers promising the world and falling far from short. This job looks promising and he is doing fantastic there, his employer is very happy with him also. Regardless – been there under 3 months. I have been in my job for just over 7 years.

*We have about 17k saved – but not in a bank account – is there a way around proving the 3 months genuine savings??

* We have a Personal Loan, currently $24,000 and are paying off our car through finance which is fixed (currently owing $12,000) which we have no issues with paying monthly. Although there aren’t any issues with these 2 debts, they are still that and I’m not sure on the probability of this causing any dramas. We have seen a couple of lenders and they still claim to be able to lend us $400,000... We having been paying off the credit card all year and have about $2,000 left before we close it.

Based on the above information, i’d like to know any concerns, probabilities, suggestions, options etc on how to be approved for a loan so we can buy (build) !!

Thank you

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Otto Dargan
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Re: Wanting to buy ASAP... Some Concerns...

Post by Otto Dargan »

It may be possible for us to help. Ideally we'd go for a guarantor loan as I don't see any other option working. This is because of the combination of short time in current job, no genuine savings and high level of unsecured debt. With a guarantor we could possibly consolidate some of the debt and avoid LMI.

Do you think this option may be possible?
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

keen2buy
Posts: 3
Joined: Mon May 24, 2010 10:28 am

Re: Wanting to buy ASAP... Some Concerns...

Post by keen2buy »

Unfortunately, I think not.

I should have mentioned my mother is a pensioner living in Housing Commission, my father lives overseas, as does my fiance's parents.
My brother has his own young family and is renting, and although has a decent salary, his wife does not work AND they're looking at the possibility of buying in the near future themselves... :roll:

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Wanting to buy ASAP... Some Concerns...

Post by Otto Dargan »

Unfortunately I don't think we can assist at this stage. I would recommend that you look at our page on preparing to buy a property as this will help you be ready in as little as three months. The best way to go is to put your savings into a bank account and then keep savings over the next few months. Once you have a 3 month history then you may be eligible for a loan for 90%. If you need to borrow 95% then it may take a little longer as your partner will need to be off probation.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

keen2buy
Posts: 3
Joined: Mon May 24, 2010 10:28 am

Re: Wanting to buy ASAP... Some Concerns...

Post by keen2buy »

Thanks Otto

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