With most low doc loans you will need 20% commission.

I think Terry means 20% deposit[]

Cheers

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

A few months employment shouldn’t make a loan impossible.

Have him contact an independent broker.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

As the agents introduced you to the vendor and subsequently the tenant they can probably argue their case.

Not saying I agree.

Perhaps you need to let them know you are speaking to another PM and see if this changes their tune.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

HGWells,

Can you drop me an email with a phone number,

ta

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Allan,

The FHOG can be used for whatever you want. Doesn’t even have to be spent on the house – it is a payment made either at settlement or afterwards. You can use it for that cruise for your lovely wife if you like!

For a house costing $100 000 you will need to save a min of $5000. This means a 95% lend which is the minimum for most normal loan products.

You need to pay LMI which will be just under $1900, you can use some FHOG for this. You will also need to pay a conveyancer – around $1500 inc all searches and stamp duty (I believe you get some discount here).

Whatever is left of the FHOG is yours. If you use it as additional deposit – say $2000 worth then the LMI will reduce to about $1600 – obviously the higher the deposit the lower the LMI.

If we can get the deposit up to 10% then this gives us an easier loan to get approved as some banks don’t need to approach the mortgage insurers on this figure (Mortgage insurers are the bad guys who knock back loans – everyone blames the banks!).

Hope this helps.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Approaching a broker or banker and asking them to run your figures is not the same as applying.

I think a broker is your best bet.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Funny thing is when my wife and I had two incomes we actually saved less than when we got older, had kids and went to one income.

I think it was the lifestyle change that did it.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Why can’t you borrow on the properties? If it is postcode then you need a lender who isn’t fussed. There are major banks who will do any postcode.

Ideal situation is to draw 20% deposits from your home and borrow 80% against the IPs.

I am sure Mel or Picja can help out if you contact them!

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I don’t 100% agree to get rid of the car loan.

There are two issues when it comes to borrowing. Deposit and income.

If your deposit is low then you are better off saving the money and keeping the car loan seperate.

If income is your issue then sooner the loan is gone the better.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Don’t be too concerned about employment status…3 years is long enough for some lenders to consider even casual status.

It all depends on the LVR and serviceability.

Cheers,

Simon Macks
Mortgage Hunter
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.