All Topics / Finance / My Situation: Can I get a loan?

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of DaveWDaveW
    Member
    @davew
    Join Date: 2005
    Post Count: 2

    Earn: $1200 / fornight Gross
    Income from two permanent part time jobs.
    Employed at one since September ’04 and the other November ’04.
    Still living at home with parents, no board or costs.
    No dependants, loans, credit cards, store cards.
    No savings history.
    Clean Baycorp credit record except for Paid $90 Default with phone company. Default was a couple of years ago, payed in February this year.

    Would I be able to get a loan? Maybe perhaps a 100% LVR and/or Non-Genuine Savings Loan?

    I’m looking at houses from $180,000 to $250,000 but would like to get pre-approval for an amount before I go shopping.

    Are there suitable loans for my situation?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Dave,
    You will struggle to qualify for a 100% loan with no savings history and a paid default.
    You may qualify for 90/10-non genuine savings loan with a gift deposit, you will also need closing costs stamp duty etc, cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of DaveWDaveW
    Member
    @davew
    Join Date: 2005
    Post Count: 2

    Are there such loans as 95/5 Non Genuine Savings or are they all 90/10?

    Either way, how many of these loans are around?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    90/10 max for non-genuine savings.

    With 3% or 5% in genuine savings you may qualify for finance at a higher LVR, 95% to 97% with mortgage insurance.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164

    Dave,

    The closest thing to a 95/5 non-genuine savings product is Liberty’s 95% loan, which will allow the FHOG as genuine savings if you are going to be living in the property. However, you would need to be able to demonstrate enough funds to complete the purchase. You would not be able to get regular finance above 95% with a paid default.

    Cheers,

    Mortgageman

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    It will be hard, too, with your short employment record. I think most of the 100% loans need the applicant to be in their job for at least 12 months before applying.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of JackHuJackHu
    Member
    @jackhu
    Join Date: 2004
    Post Count: 67

    I assume you want to purchase that property for the purpose of creating positive cash flow, well yo can ask the vendor whom you are buying off to sell you the property on vendor finance too and then rent it out under a buy and hold investment strategy.

    ASK IT ! You won’t get it if you don’t ask.

    Passive income:
    http://www.unitoday.net/healthyjack/mystory_en.cfm

    Profile photo of kowhaikowhai
    Member
    @kowhai
    Join Date: 2005
    Post Count: 5

    If I was to give a gift of a deposit to a person similar to DaveW to help them out with a condition attached to it would a bank lend? the condition would be that the 10% gift was repaid upon revaluation after one to two years with a percentage more for the gift
    dianne
    [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Banks don’t like conditions like that. They will ask to see a stat dec from the giftor saying it is a non refundable gift of $x

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    St George will do 100% & no genuine savings. Servicebility and employment have to be strong so maybe you’ll fall down there.

    Cheers

    Stu

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485
    Originally posted by DaveW:

    Are there such loans as 95/5 Non Genuine Savings or are they all 90/10?

    Either way, how many of these loans are around?

    5% non genuine is available – Widebay Australia (formerly known as Widebay Capricorn) have been doing them for years.

    cheers

    brahms
    CALL NOW…adults only (boys and girls ask mummy or daddy first) ~~ 1900 HOT BROKER ~~

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