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Hi
That would depend on the financier as each one has their own set of lending criteria. (I don’t see why not though – as long as you had the 20%+ deposit – anything less will be harder to get approved)
Personally I would go with a broker if you are going down the road of low doc loans as they specialise in the harder to come by loans.
On a major Banks point of view they would be asking to see at least a full 12 months financials. This would then show any seasonal trends.
Looking at the numbers you would be 81.82% LVR – pretty good but if you can get it below the 80% then much better.
Best to go low doc.
DavidWhere there is a will there is a way!
If the deal is as sweet as it sounds then try private finance.
Sorry I can’t point you in any directs for that though.
Where there is a will there is a way!
Some will factor in a 20% over run costs also.
This means that you will need to have the 20% deposit + another 20% in equity or deposit to allow for over runs.Home must be completed within a 12 month time frame also othewise the loan can be crystalised (forced to convert to P&I and stop construction payments).
This can be a problem if you are not finished!David
Where there is a will there is a way!
5 Brokers!
One in theory should be enough, 2 if in doubt but 5?Talk to a Broker that is MIAA (http://www.miaa.com.au)certified and has done their training.
Alternatively speak to a Bank they should be able to give you the answers required.
But in saying that if you are not in the market they are probably fobbing you off as they know they are not going to get anything out of it.Where there is a will there is a way!
Hi Natwayne
What ever you do do NOT build your car loan into your home loan.
Yes you can set up a home loan for the car but do not add it to your current facility.Take a split facility. $X for the ppr ad $X for the car. You can still have home loan rates for the home loan that will pay out the car loan.
You will pay stamp duty again 0.4% and Credit Business Duty of 0.03% plus the bank fees.David
Where there is a will there is a way!
Hi Simon
I can only speak for a major Bank.
50m2 is usually the min required for a unit/apartment. This is to exclude the balcony.
The next issue is the mortgage insurance. There are only two in Australia. GE & PMI. Anything under 50m2 G.E. won’t touch.You will find that there are a lot of Student accomodation units available, but getting a bank to lend for them is quite hard due to the specialised nature of the units and the small demographic that attract the tenant.
Hope this helps
DavidWhere there is a will there is a way!
