Hi Everyone,
I have been told that a bank likes to see 6 months of consistent saving for a deposit when buying a house. Is there another way to do this that won’t take me 6 months? I have $9000 so I want to approach a bank for a mortgage sooner than the 6 months. Or is this time of saving required for my credit rating? Any ideas? Thanks so much.Hi RTC,
Is the $9,000 genuine savings? you will have a much better chance if this is the case.
Lenders are pretty strict with their criteria for high LVR loans, but it would be worthwhile speaking with a broker about your situation.
Regards
AlistairThis is really only the case where the loan is above 80% of the purchase price.
There is a lot of flexibility between lenders. Speak to a mortgage broker about your situation and see what is available for you.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi RTC,
Some lenders will require 3% in genuine savings while others require 5% saved over a Six-month period,Also, There are certain lenders who offer finance with no requirement for genuine savings,
the correct choice of lender/product will ultimately come down to your individual circumstances, a chat with a knowledgeable mortgage broker will help you decide on which is best suited to you, Cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
There are loans out there which do not require genuine savings. These are usually 90% LVR, but I think there are a few at 95%.
Keep in mind that it doesn’t have ot be cash savings, it could be shares, or managed funds etc too.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks all of you for your advice. The $9000 is not genuine savings, I’ve just had it sitting in a UK bank account for some time.
Sorry to sound completely clueless but what is an LVR loan?
I’ll have to find a knowledgeable mortgage broker to discuss this further. Where would be a good place to look? Any one know of a good one??
Thanks again.I’ll have to find a knowledgeable mortgage broker to discuss this further. Where would be a good place to look? Any one know of a good one??Look at the last three replies carefully
Benny
Hi RTC,
LVR = loan to value ratio,
As I mentioned earlier there are lenders that offer finance where no genuine savings is required, the LVR for these types of products are normally 90% to 95%, so you will need either a 10% or 5% deposit plus the closing costs stamp duty etc.Regarding finding a Mortgage Broker, there are a few mortgage brokers who regularly contribute to this forum that would be able to assist you I’m sure, Cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi RTC,
I know this doesn’t answer your question directly.
However, in an indirect reply, do you have other equity in the form of a sizeable amount of superannuation, etc for example that could be used in your favour?
Cheers,
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
If tyhe UK money is in an account in your name then it counts as savings – you don’t need to show a savings pattern just that you have owned the money for three plus months.
If you advise your location I may be able to suggest a reliable local broker?
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes. Ring the bank make an appointment and ask the bank manager if they will send in the paperwork to give you the loan. Just ask, all they can say is no; and if they say no is that going to kill you? most likely not. People go on and on with this is what the bank wants or this is what the bank is looking for when the easiest way to find out what the bank wants is to ask the bank. I suffered more damage, hurt ect. being rejected by a lady I asked out on a date than I ever suffered from being knocked back by a bank. Banks can be very flexable . I purchased two houses with a total of two hundred dollars of my own money. One hundred dollars deposit for each house and the rest I got from the bank. Ask the bank all they can say is no, or they could say yes. The banks want to see that you can afford the repayments
Contact MH and TerryW and see wher they can help you as their both ‘very helpfull’ and knowledgeable Mortgage Brokers
REDWING
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