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Hi Terry,
Tks for the reply.
I can find somebody who would lend 70%, but really I need 80%.What kind of specilist lender would do it?Tks
Magic_misyHi Vivaar,
Jenny is totally right, be very careful with the Guarantor. see all the lender suggest people who will be guarantor to take leagal advise before they enter into the contact, becasue the worst case, that is like you give a $300k additional credit card to somebody else. If they dont pay, the debts is yours.
Plus if this is his first property, he can get FHOG $7000. if you are being his guarantor, you have to declare that you are de factor then he is not eligible for FHOG anyway as you being his de factor currently own a property in AUS.
You could refinance your loan and release the equity as a line of credit for investment purpose. If you have an agreement to lend your bf that money is better than you go on the loan to be the guarantor, coz you only have the risk losing maybe 10-15% of the property value.
Or if your bf doenst mind that $7000 FHOG, you can go tenant in common on the property do a JV.
Hope it helps..
Hi Spanky,
Does your parents own their own property? There is a loan called family equity where you can get your parents gurantee 20% of the loan and you only borrow 80% of the loan which save you a lot of trouble to go through the LMI. If you have a good length of employment. or even some lender only required a employmeny letter plus a phone call to your employer to comfirm your income. That would be easier for you if you can get the letter, u have to include lenth of the employment, annual income.Plus be careful, every time you apply for a loan, u will get a record on your credit record. I mean you did every well with savings in the bank being 19… You will be succeess for sure !!!!
I think kwilko is right, if you are in a new job for less than 6 months, u need to have same industry work experience for 2 yrs to quanlify LMI. If you only apply for less than 80% LVR, many lenders are quite easy to deal with like Stuart said.
