Can we get loan approval

Any general questions you might have in regards to loans and finance.
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missiles_r
Posts: 6
Joined: Mon Mar 02, 2015 4:21 pm

Can we get loan approval

Post by missiles_r »

Hi just wondering if we can get a guarantor loan approved when my partner works through a labour hire agency? He's been there over 12 months and is on the permanent working roster. At the end of this financial year our income will be around 96000 combined that includes FTB & carers allowance. We also have a personal loan of $13000 and am wondering if it is better to pay that off or can it be consolidated into the loan? The payment is $630 per month which lowers our borrowing power too much as we would like to borrow at least 380k. After tax time we may have enough cash to pay it off or is it better to keep that towards a loan deposit? Other debts include a credit card with a limit of $9000. 3 kids. Thanks in advance

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Grant Martin
Mortgage Specialist
Posts: 13
Joined: Fri Jun 13, 2014 6:54 pm
Location: Sydney, Australia
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Re: Can we get loan approval

Post by Grant Martin »

Hi missiles_r,

Thanks for your post, its some good questions you raise.
If he has been in his current role for more than 12mths and he has consistency in industry/income level over the past 2yrs then this is certainly something we can work with. The security guarantor will assist with covering most of the purchase costs so you can use the savings you have to try and reduce that level of personal debt.

Different lenders have different restrictions when it comes to how much you can borrow so I would recommending emailing me and I can send you a copy of our short app form so I can complete an assessment on your scenario (before you make any changes to the structure) and come back to you with recommendations so we can get an approval at the level you want to get you guys into the property market.

grant@homeloanexperts.com.au

Cheers :)
Grant Martin
Senior Mortgage Broker
P | 1300 889 743 E | grant@homeloanexperts.com.au
Home Loan Experts

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