Knowitall,

From what I’ve read here, I can certainly believe that your services are unique.

Ricksta,

It depends on how much equity you can access and whether you have any other sources of income. You could apply for a no-doc loan for 65% leverage and you do not have to declare any income.
It may possible to find finance at a higher leverage, depending on whether you have other sources of income but it would be quite difficult. I hope…[Read more]

All lenders will take into account current living arrangements. It is possible to have no current rent included in serviceability if your parents provide a stat dec stating this.

You don’t have to declare any income at all for a no -doc, simply provide your ID, so at 65% leverage, the lenders for these products do not even need to know (or want to know for that matter) your employment status. If an investment property you can obtain finance by applying as a professional investor, even if your unemployed. We have…[Read more]

Hi Fire Ceasar,

The fact that your unemployed or employed does not necessarily matter, what matters is if you are able to service the loan. If your income from unemployment benefits and rental income will be enough, then you may be ok. Another option is, if you are able to produce 35% deposit, a number of lenders have no doc products in which you…[Read more]

Allymac,

You could also explore the option of a no deposit loan from one of the banks such as St George or ING.

Cheers,

Mortgageman

Hi Old School,

It shouldn’t be a problem as long as you can provide details of the new contract and verification from the employer that you are essentially performing the same role but with different pay arrangements.

Cheers,

Mortgageman

Hi Dianne,

If you have enough equity you would be able to borrow against that and also use the rental income from your existing property. Also if your under 65% LVR you will be able to obtain finance without declaring any income. Good luck with your investing career.

Mortgageman

Hi Andy,

I don’t think you will be able to get a rate lock-in for more than 3 months unfortunately. There is usually a fee of around $250 – $300. You will be able to get up to 95% of the property if it is an investment property provided that you meet serviceability. If you are going to live in the property you may be able to borrow up to 100% of…[Read more]

Bwendan,

A Bachelor of Commerce can be extremly boring and tedious in first year as you have no choice over your subjects. However later as you choose which stream you go into, it becomes ok. And your job possiblities are extremely wide. You just have to stick out first year.

Mortgageman

I have heard that a low doc product offering up to 95% LVR will be released next Monday. No details on the interest rates as yet.

Mortgageman

Hi Megan

Just to answer a few of your questions:

1) The property will be classed as commercial unless you live in it, in which case you will be able to get an owner-occupied loan.

2) Most brokers won’t charge you for the work they provide as they are paid commissions by the lenders. A good broker will save you lots of time and hassle and may be…[Read more]

Colonial have $10,000 minimums for a number of their loan products, but you need to be wary of discharge fees if you are going to pay it off quickly. As Terry says you’ll need to have your brother on the loan as well so perhaps you could work out a deal between the two of you. Stay safe in Iraq and good luck.

Mortgageman

Hi Mr VIP,

It is possible to get 6.84% on a 100% loan as long as you comply with the serviceability criteria. If you can raise the 5% deposit, there are many good loan products out there. Also, be sure to look at the comparison rate as well as the interest rate to make sure your not paying more overall for a lower interest rate. I hope this…[Read more]

Apples,

One thing to consider if applying for a loan with a business partner is that the lender will look at you each individually when determnining servicability.

Having a new job is not necessarily going to effect you, it depends on whether you have previously worked and also whether your savings are genuine. Even if you do not qualify for a…[Read more]

Tools,

You lend them the extra money and secure it by way of a second mortgage. The problem will be in finding a lender to fund your buyer who will allow this as it is a form of vendor finance, which most lenders do not like.

Mortgageman

Hi Anzion,

Our best fixed rate is 6.75% for a wrap friendly lender at the moment, feel free to email me for any more information.

Cheers,

Mortgageman

We have a lender who will lend for wraps. They are the only one that I know of after having spoken to a large number of lenders. Most lenders won’t go near them and are even hostile towards the suggestion.

Mortgageman

Just to answer a couple of your questions:

Your wage structure wouldn’t be too much of a liability if you could demonstrate consistent commissions over a period of time (say 2 years). However, it is likely that a lender would be conservative in calculating commission payments.

The first home buyers grant can go towards your deposit, but only if…[Read more]