lots of questions....

Any general questions you might have in regards to loans and finance.
lost_kombi
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Joined: Wed Jan 06, 2010 2:34 pm

lots of questions....

Postby lost_kombi » Tue Apr 20, 2010 1:55 pm

Hi. A while ago I posted reguarding financing a property on Company Title. We have since managed to save around a $5,000 deposit which is not the 20-odd percent required, I know. We still have jobs with the same company as we did back then, for instance my partner still works as maitenance on the local tourist railway, fulltime. However, instead of being track maintenance he is now station maintenance, which means almost no overtime. We have recently been earning, on average, $2,500+ after tax per fortnight. It fluctuates because I am casual.
I was wondering if it is possible to have a guarrantor on a loan for company title. Also could I somehow use my precious restored Kombi, replacement vaule around $10,000+ as security?
We have no debt at the moment besides a credit card with a $10,000 limit (they offered me $40,000!) The balance is almost always zero and if I do use it, it gets paid off at the end of the month. I only got it because someone said I needed a credit rating.
Thanks again for any info.

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Otto Dargan
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Re: lots of questions....

Postby Otto Dargan » Tue Apr 20, 2010 2:11 pm

Yes you can buy a company title unit with a guarantor's property as additional security for your loan. However you can't use any form of vehicle as security, only term deposits or mortgages over real estate are accepted as security for a home loan. I don't think your husbands employment change would pose a problem, however it would be important as for how long you have been in your casual job. Have you been there at least 6 months? We can consider only 3 months in a casual job however not in combination with a company title property and guarantor home loan.
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lost_kombi
Posts: 3
Joined: Wed Jan 06, 2010 2:34 pm

Re: lots of questions....

Postby lost_kombi » Tue Apr 20, 2010 3:25 pm

Thanks for the reply.
I have been employed by the housekeeping department of the hotel I work for for about 2 1/4 years, I think. But I no longer do exactly the same role. I used to be a Housekeeper (as well as waitressing for restaurants owned by the same company) but now I am considered a "Houseperson", which has different duties/hours however if they are particularly busy I still wind up cleaning rooms. So to me it is the same job, but technically it does have a different title. I've been Houseperson for probably just on 6 months.

We are currently in Tasmania, but we want to buy somewhere in the Northern Rivers district of NSW. How would a potential lender view that? Naturally we wouldn't actually move until we had employment sorted out where we are going that would cover repayments etc, but do 'they' see iy that way?

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Otto Dargan
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Re: lots of questions....

Postby Otto Dargan » Tue Apr 20, 2010 3:32 pm

Ok your employment situation sounds ok. As for buying in a different area to where you live this is ok as long as you buy the property as an investment. You can always decide to move in later, however if you apply for the loan to buy a home to live in then it will be declined as you will be leaving your jobs. The only implication this may have for you is in regards to when you receive the first home benefits. I'd recommend that you call us for more information, this is quite a complex one!
Otto Dargan
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P | 1300 889 743
Home Loan Experts


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