what do i require

Any general questions you might have in regards to loans and finance.
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Booey00
Posts: 7
Joined: Tue Jan 24, 2012 11:44 am

what do i require

Post by Booey00 »

Hello

i have read a lot on your forum and found the information fantastic, but if possible i would like to see what we can do in our personal situation.

so quickly,

i am a discharged bankrupt (just over 7 years) earning 85k per year with car loan of 33k remaining.

my wife earning 65k a year car no debt. ok credit rating

what do we require to get our first home loan, does our rent go towards savings? can we consolidate my debt into the purchase loan?

we pay 440 per week in rent, can this be used as "savings" towards a loan?

thanks in advance for your help

thank you

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Matthew Trad
Mortgage Specialist
Posts: 49
Joined: Fri Oct 26, 2012 10:09 am
Location: Sydney, Australia
Contact:

Re: what do i require

Post by Matthew Trad »

Hi Booey

Thanks for posting on our forum. I'm glad this has been informative for you!!

The bankruptcy on your file is quite old and it probably is no longer visible on your report. You may be eligible for a loan with a major lender as long as its the right one!!

Your income is quite strong with not many liabilities.

Your borrowing capacity is going to depend on how much deposit you have saved up. How much deposit do you have saved up at the moment?

If you don't have any savings, would you have someone who can guarantee your loan for you? For example, a parent or family member with a home paid off?
Matthew Trad
Senior Mortgage Broker
P | 1300 889 743 E | matthew@homeloanexperts.com.au
Home Loan Experts

Booey00
Posts: 7
Joined: Tue Jan 24, 2012 11:44 am

Re: what do i require

Post by Booey00 »

Hi Matthew,

I have got a copy of my credit report and it does not have my bankruptcy on it. As for savings, we don't really have that much as we have put all out spare money towards paying off our debt (except the car loan).

would our rent of 440 per week go towards savings?

As for guarantor, both our parents are semi retired, but both do own their own properties. but my question would be, if they were to be guarantor for us, would that affect their chances if they wanted to purchase another property or even get a loan?

thanks

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Matthew Trad
Mortgage Specialist
Posts: 49
Joined: Fri Oct 26, 2012 10:09 am
Location: Sydney, Australia
Contact:

Re: what do i require

Post by Matthew Trad »

Your rental history can be used to evidence your genuine savings.

This can help but you would still need the actual money to pay the required deposit and costs associated with the purchase like stamp duty and mortgage insurance if needed.

With regards to the guarantee, yes, this could potentially impact their ability to further borrow and purchase property. But it does not make it impossible.
Matthew Trad
Senior Mortgage Broker
P | 1300 889 743 E | matthew@homeloanexperts.com.au
Home Loan Experts

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