Hi Otto
Can you please advise if there are any low doc loans or lenders that suit our situation
Applicant 1 Self employed with ABN for 2 year 3 months GST registered for 1 week (just done that business has been really busy)
approx income $85,000 for this year and growing (first few years were low due to set up costs)
applicant 2 wages $20,000 pa
3 dependents
assets of approx $190,000
car loan payments $655 month
currently renting at cost of $1650 month
credit cards $17,000 total cards limit (working hard to get rid of these)
parents are prepared to give us a gift of $115,000 to help fund purchase
looking at purchasing a house includinig stamp duty fees etc for $420,000
Is there any hope we can get a loan?
thank you
Self Employed Help
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Self Employed Help
Hi Hutchy,
I've done some quick calculations and you are right on the border of serviceability. The issue that I can see is that your recent GST registration will be an issue for most lenders. We do have some lenders that may be able to assist with this at an excellent rate however I can't be 100% sure we will get an approval. In many cases if we can get a letter from your accountant to confirm your estimate income (can have disclaimers in it) and the letter mentions that you should have been GST registered some time previously however were not aware that you needed to be GST registered then it should be ok.
Please call us on 1300 889 743 to discuss the loan in detail with one of our brokers.
I've done some quick calculations and you are right on the border of serviceability. The issue that I can see is that your recent GST registration will be an issue for most lenders. We do have some lenders that may be able to assist with this at an excellent rate however I can't be 100% sure we will get an approval. In many cases if we can get a letter from your accountant to confirm your estimate income (can have disclaimers in it) and the letter mentions that you should have been GST registered some time previously however were not aware that you needed to be GST registered then it should be ok.
Please call us on 1300 889 743 to discuss the loan in detail with one of our brokers.