hey everybody
Hi Zippys,
I had a friend who tried to get an IP loan while on workers comp & got knocked back. The lender said that unless you could get a letter from the insurance company stating how long & how much you were going to get it was no go. Their reasoning was that if insurance deemed you not to be injured etc, payments could stop ASAP.
Maybe one of the brokers on here may know another institution who will do it or maybe a LoDoc not sure myself.
I have been successful using NODOC loans for people in this situation but the deposit needs to be 35% +.
Depending on the situation there may be other solutions.
You should speak to a broker in some detail and see what he/she suggests.
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.
No serious lender will look at workers comp payments as an income with any stability. As was pointed out, unless it is certain how much you will get and for how long, you will have difficulty.
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteI’d like to add to this as I have been on work cover for a few months due to ‘a work place injury’. My payments reflect what I have been earning and I intend to return to my job when my doctor deems me fit to return. My pay (fortnightly) has been consistent with what I was earning prior to going on work cover. With the intention of going back once I’m off work cover, does this mean that lenders won’t even look at me currently, if I wanted to purchase a property now? I’d appreciate the advice of mortgage brokers/peoples similar experiences. Many thanks!
Kind regards,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
As both Robert and Simon have pointed out irrespective of what income you are receiving on Workers Compensation it will not be taken into consideration for lending purposes.
65% No Doc will be your limit at the moment.
Cheers Richard [email protected]
http://www.yourstatefinance.com
Development Finance & US Finance our speciality.
Richard Taylor | Australia's leading private lender
There is just too much uncertainty surrounding workers comp. You may never get back to work as far as the lenders are concerned and no-one knows where future income will come from or if a payout will be forthcoming.
TMA
http://www.email4money.info
Essential Links
First Home Buyer Website
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