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Hi John
Great shame you hadnt asked this a week or so ago as the last 100% lender has withdrawn its product today.
Not only will you need a 5% deposit (Soon to be 10% with a lot of lenders) but also sufficient to cover your purchase costs and loan costs which will include mortgage insurance.
If you havent purchased before you might be better off to look at buying your first home and taking the First Home Owners Grant. Whilst you would still need to come up with a deposit might not be so much depending on where you are thinking of buying.
Richard Taylor | Australia's leading private lender
You arent allowed to sell property in NSW without being Licensed in that State.
Richard Taylor | Australia's leading private lender
Coretex
Hate to say CBA would not do it since their lending policies changed 23rd march.
Thinks you might have been lucky as they certainly wont to do probationary clients.
Richard Taylor | Australia's leading private lender
Owen
Think you will struggle to get anyone but a private lender to finance it on that basis.
Cant suggest anyone. Good luck.
Richard Taylor | Australia's leading private lender
Assume you hold the relevant License in your State to perform such activity ?
Richard Taylor | Australia's leading private lender
I have answered this where you posted it previously.
Richard Taylor | Australia's leading private lender
Try the Depreciator or Washinton Brown.
Both have websites and they will show you the details of their nearest office to you.
Richard Taylor | Australia's leading private lender
From what you have outlined there is no reason why you wont qualify.
Get your mortgage broker to lodge the forms for you with the appointed agent and you should be fine.
Payment wont come through until the first draw is made on the construction.Richard Taylor | Australia's leading private lender
What is the purchase price of the property and is it freehold ?
Is the residence habitable and what is the property zoned.
You make comment that the property qualifies for the FHOG but do you ?
Assume you can support the loan through your tax returns so depending on how bad your credit history will determine the level of LVR. Certainly wont be getting anything over 80%.
Richard Taylor | Australia's leading private lender
rko
No Rams do not offer an offset account as they are not a retail lender although actually owned by a retail bank.
Your parents can only offer their property as a guarantee is they can show they can afford to guarantee the loan.
They would be better off to borrow a deposit and gift this to you and then you arrange a loan for say 90% LVR and cover the repayments on their 10%. You could take an Interest only loan on your 90% and P & I on their loan which you pay off as quickly as possible.
This way they can still use the equity in their home and are not providing a guarantee for your borrowing.
It is a cleaner, easier way and one we use with clients all the time.
There are still 1 or 2 lenders left that do not mind where the deposit has come from.
Richard Taylor | Australia's leading private lender
Assuming all things are equal you may still be able to get the loan approved on the original basis you wished to purchase.
Additional information would however be required before an accurate assessment could be made.
Richard Taylor | Australia's leading private lender
Assuming all things are equal you may still be able to get the loan approved on the original basis you wished to purchase.
Additional information would however be required before an accurate assessment could be made.
Richard Taylor | Australia's leading private lender
Simple answer Rudiga switch Brokers as we have done several over the last few days for clients with the same structure.
Richard Taylor | Australia's leading private lender
Shame you hadnt posted yesterday as 1 of the 2 remaining lenders withdrew their 100% product.
There is one lender who may look at the application but i feel even with the FHOG you maybe short of funds to complete depending in which State you are buying in.
At 100% it is not a mortgage insured loan but a risk fee charged by the lender which is roughly the same premium.
You may get a stamp duty discount in cedrtain States but will still have your Solicitor costs etc.If you are thinking of buying and require a 100% loan i would do it fairly soon as i think it iwll be gone within the next 4 weeks.
Richard Taylor | Australia's leading private lender
I am aware of 1 lender that doesnt worry about probation period but more likely have to wait 3 months.
Richard Taylor | Australia's leading private lender
Danny
All depends on the lender but more likely 30 days before expiry and then normally locked on actual date of expiry unless you utilise the rate lock.
Richard Taylor | Australia's leading private lender
Ok it is 2.11am so you only get a quick answer.
Others say that you must have the property as a principal place of residence for the full 12 months to be eligible for stamp duty waiver. This is correct.
Others say they have seen cases where people have recieved the concession when purchasing a property that is already rented to a tenant and the lease continues for a period of 3 months after settlement.
I've also heard that after the 12 months is up you might have to pay a percentage of the stamp duty proportionate to the percentage of time spent as resident of the property within the 12 months! (Sounds a bit far fetched) Absolute rubbish
Others say that the same condtions as the FHOG apply (6 months within 12 months) This is not the case.
Other advice I have heard says that you cannot take an interest-only loan and recieve the FHOG at all! (any advice on that?)
Same as above absolute rubbish.
Richard Taylor | Australia's leading private lender
Lokki
I have done or two Call option contracts to say the least and the only way to use the figure of $350K on the purchase contract is either to:
1) Settle yourself on the deal where Stamp Duty will definately be payable.
2) Nominate your buyer as the purchaser and then rely on him to pay your Option fee. Of course when he realises that you are only paying $290K he may well buck at the idea of paying you the difference.Also in that scenario you would need to disclose to his financier that there were 2 contracts and they would only lend against the $290K. How would your buyer demonstrate his deposit to the Bank ? Funds to complete and in most cases evidence of savings are now required by all lenders.
Richard Taylor | Australia's leading private lender
Subject to the following criteria
Max LVR 75%, Min. 2years in current employment, Min 2 years at current address,
Clear CRAA & max 3 loans to be refinanced you should be ok to refinance at 5. something.Richard Taylor | Australia's leading private lender
What is the property valuation ?
Richard Taylor | Australia's leading private lender
