Application for Home Loan

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jrm88
Member
@jrm88
Join Date: 2009
Post Count: 4
May 26, 2009 - 4:10 am
Hi, just wanted some advice.
My OH has been in fulltime job for 11mnths.
I have been in casual job since Sep 08. We are wanting to apply for a home loan (amount 300k). I have been in the same industry as a casual for 3yrs or so. I am only 20 so havent had a fulltime job (I am looking but limited opportunities in my field.)
These are our figures:
Savings: 55k
Want to borrow: 300k max.
Eligible for First home buyers grant (16k till Sep 31st).
OH income: 55k annual
My income atm: 15-18k annual
Question is, are banks going to approve a loan for us because of my job situation?
Am I going to have to wait until I've been in my casual job for 12mnths before we try and apply for a loan?
Also, just to double check, if we sign a contract before Sep 31st, we will get the 16k grant rather than 10,500k even tho settlement will be after Sep 31st.
Also just a quick question about stamp duty, do we get a discount on stamp duty buying an established home? How much?
Sorry for the questions, just trying to research this all Thanks!
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 26, 2009 - 4:40 am
See the Office of State Revenue website: OSR (assuming that you are in NSW) or check out your state govt website.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 26, 2009 - 7:48 am
Hi jrm
Firstly the Contract date is the important in regards to the First Home Owners Boost so anything prior to 30 Sept 2009 will qualify for the additional payment.
Secondly with regards to the Stamp Duty this may vary from State to State but as First Home Buyers you would normally qualify for a exemption or reduction in the Stamp Duty payable even though it is an established property.
Now as to the question as to whether a lender will finance the deal i think this is going to vary from lender to lender. Certainly those lenders that will accept Casual income will want to see a minimum of 12 months in the industry so we appear to tick that box but there are other factors to consider.
I have definately done harder deals that your without a drama but it maybe an idea to get your mortgage broker to obtain a pre-approval for you first before getting your hopes
At the moment we are getting many requests from clients to arrange pre-approvals to give them the confidence that they can go out and purchase especially considering how lenders credit policies are at the moment.

Richard Taylor | Australia's leading private lender