home loans with partIX debt agreement

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pmaples
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Joined: Wed Jan 20, 2010 6:29 pm

home loans with partIX debt agreement

Post by pmaples »

Hi my husband & I entered into a part IXagreement a year ago, after supporting family after a loss & over commiting ourselves. We are currently making regular repayments slightly higher than what is required. We also run a small construction company. We have a young family & would love to purchase our own home in the future. Could you please give me some advice on
1.Who would be willing to consider us for a loan?
2.How restricted are we?
3.Is there is any possiblity of a loan whilst still in agreement?
4.What may we need to do in order to a able to get a loans once debt is clear?

Thank you in advance for any help,
Peta

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: home loans with partIX debt agreement

Post by Otto Dargan »

Hi Peta,

You may be able to get a loan when your Part IX has been paid off however you will need to have a minimum 10% deposit and ideally a little more. Non-conforming lenders will be able to assist however the major lenders will not help you, so you are very restricted as to how much you can borrow. It is highly unlikely that you can get a loan while still in your agreement unless you have a 20% + deposit.

To help you prepare to borrow in the future please do the following:

* Make all your Part IX payments on time and keep records of this.
* Pay your rent on time and keep records of this.
* Save a deposit in an ING Direct account (or some similar savings account). Try to make regular contributions of $50 / week +.
* Once you have paid off your Part IX then you will be able to prove your repayment history via your rent payments, Part IX payments and your ability to save will give strength to your application.

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

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