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As per the above comments sounds like there'd be multiple options for you. To be honest surprised Suncorp couldn't make it work as is, especially if your company car was taken into account (although getting branch staff who don't know what their doing which is 95% of them it doesn't surprise me that much).
Another variable to consider above those mentioned by Jamie and Richard is are undertaking any commercial risk. If you're paying for outgoings/materials (industry dependant) you're more likely to be viewed as self-employed. If you invoice the contracting company on a regular basis (and even better if they withhold tax before paying you) you're more likely to be treated the same as a salaried employee with quite a few employers.
Have had a situation occur recently where a full valuation was done on a property (not VIC) with one lender which killed the deal. Managed to get a modelled estimate with ANZ which ended up being $100k more than the valuers report. I'd add that whilst generally a refinance involving LMI generally involves a full valuation I've had a few at the low range <85% where they've only done a kerbside – although the results are no where near as generous as what a modeled estimate sometimes produces.
casanovawa wrote:Does a 95% LVR for $350,000 require $17,500deposit?? Ideally i would like to find some place that i could bargain down to $330,000, but i like the flexibility to be able to go up a little if i have too…Correct, that's the bare minimum although you're also going to have to work out how you're going to pay for closing costs as it doesn't seem like your eligible for the first home owners grant and stamp duty concessions (reading between the lines on what you've posted previously). Depending on your current profile with ANZ you may find that they won't even do a 95% lend as they max out at 90% for customers that don't have a satisfactory credit history with them (credit being the key word, not savings accounts).
Quote:Then there is a whole bunch of other questions… Should i wait till i have the deposit saved back up to the needed amount or start contacting a finance broker or two???If you're getting close to the savings mark it can't hurt to get in contact with a broker to show you your options if you are keen on buying in the near future.
casanovawa wrote:Thanks Spiro, yeah there definitely is that factor of a broker being able to give me info on the whole range of what is available out there… Is the industry pretty good these days in terms of them not directing you to loan products that THEY benefit out of so you will get the unvarnished truth?Obviously biased but the WA industry has been regulated for a lot longer than the rest of the nation so there should be significantly less brokers with questionable ethics. Ultimately your broker should provide you with the reasoning behind their recommendation of a particular product/lender.
Quote:May it also be the case that they have lenders they prefer to deal with or do a lot of business with and so if you agree to go that route you might get access to loan terms that me rocking up to a bank might not be able to convince the bank to let me have??? I'm not talking crazy stuff that would be detrimental to me or the bank, but just if there was one bit i didn't quite have for a loan can the broker have a good relationship with one of their bank/lending companies to get it over the line or is it all sort of very hands off???One of the biggest advantages is that a good broker will know the different policies of a lender so while you might not fit policy wise at your bank you may at another. A good broker will also be able to identify any potential weak spots in your application and provide mitigants to improve your chance of success. With most lenders we have direct access to credit staff who assess your application (some lenders being more helpful than others) so if there's a point in your application that they're concerned about we can try and find a way to resolve it/give them the comfort they need to approve your application. A good broker will do far more than just fill out your application, assemble the supporting documents and fax off to the bank for assessing.
Quote:I guess having started this process and then stopped a few times I just want to get something started soon as homes seem to be moving here in Perth now, not long on the market before an Under Offer sticker is up so need to get my ducks lined up and work out my strategy to buy or build…Good luck!
