All Topics / Help Needed! / Need Help finding a lender

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  • Profile photo of Mark.pMark.p
    Member
    @mark.p
    Join Date: 2006
    Post Count: 35
    August 21, 2009 - 2:00 am

    Hi guys,

    I want to buy my first property this year! and before going to the banks i just want to see if there is anyone out there that can help me find the perfect lender.

    about me.
    I have no assets (except for a 4k car)
    on a fulltime job on paper 47k with bonuses (last year i earned an extra 10k worth of bonus).
    I have a deposit of 5k
    I have a personal loan paying off at 300f and is in credit of $5k.
    And a creditcard with a limit of $2k currently balance $1k.

    I'm looking at burrowing $230k – $280k …..

    if you think you can help please dont hesitate to contact me.

    Thank you

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 21, 2009 - 3:10 am

    Hi Mark

    Ok not an easy one i must admit.

    Couple of immediate issues i can see.

    1) Mortgage insurance requirements are that you have a minimum of 3% of the purchase price is genuine savings over the last 3 months and whilst we are not a million miles away certainly a little short at the moment. (Course one lender is an exception to this but they require positive asset base).
    2) I am unsure how much the balance on your personal loan is as you mention it is $5K in credit as depending on the balance you might find that your liabilities out weigh your assets and if so this is going to be an issue on a credit score.
    3) I am assuming you have access to the First Home Owners Grant which will vary depending on which State you are in but normal maximum lvr these days is 90%.
    Few lenders left doing 95% and even 1 or 2 doing 75% but number of factor that will govern this.
    4) Your net income after deduction of expenses and living allowance will reduce the amount you can borrow and i think funding your required loan will be difficult.

    Sorry to be the bearer of bad news but strongly suggest you try and get rid of the credit card debt and then even look to cancel the card (remember you can always reapply after you have got your loan approved) or start saving madly to try and increase your deposit to say 5% + FHOG.

    The mortgage insurance whilst not being a fortune will dent your savings and whilst one or two lenders will capitalise this their credit policy is stringent.

    Richard Taylor | Australia's leading private lender

    Profile photo of Mark.pMark.p
    Member
    @mark.p
    Join Date: 2006
    Post Count: 35
    August 21, 2009 - 9:29 am

    Thanks for that.
    is there away to paying out my loan and increasing my mortgage application?
    getting rid of the credit card isnt a problem.
    how much would you recommand i have if i was to try and get a laon for$300k? and i am intitiled to the first home owners grant.

    From the information i have given how much do you think i will be able to burrow?.

    Thanks

Viewing 3 posts - 1 through 3 (of 3 total)

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