I am in a nasty situation. I am divorcing and we are at the Property Settlement stage. I will retain the house, my problem being, I am on Workcover after a serious car accident and its long term…….will any bank even look at lending to me on this basis, even though the money I receive is adeqaute to service a loan…I’me doing it now, or will I justbe written off. The other thing I’me wondering is would my present Lender just accept the transfer off deed and a reduction in the [cigar][cigar]mortgage and still retain me as a customer?[cigar]
Ms.K.Holman
Hi Ms Holman
I am not sure about this. It will probably be difficult as the work cover will stop at some time. Are you going back to the same job when better?
There may be other options such as an asset lend or a No Doc loan. What sort of LVR would you need?
Terryw
Discover Home Loans
Parramatta
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This can be a tricky one but is relatively straight forward when viewed with the right approach. If you wish to discuss this off forum I’d be more than happy to help.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055it would be worth investigating low doc home loans that require less formalities for a home loan.
Hi all,
Thankyou to all who have written to me regarding financing after Divorce and being on Workcover….it doesnt all seem so hopeless now.Regards Blueeyes002[biggrin]
Ms.K.Holman
Hi Blueeyes
I very much doubt your existing lender will want to retain the loan if according to their servcing criteria you are unable to demonstrate satisfactory income proof.
As Terry suggested a NODOC loan maybe the way to go as it sounds like you will have ample equity in the property.
Never give up where there is a will there is a way.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
The simplest solution would be to check with your current lender.. Anonymously of course,
Ring them up and explain that you are on work cover and you want to know if you would qualify for a loan for x amount while receiving work cover income of x amount.if by chance you don’t qualify then contact a mortgage broker(There’s plenty around at the moment) to find out what other lenders & options are available to you.
Sounds like you have had a bit of rough time.. I wish you well & good luck, cheers.
Regards
Steven
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.
I beleive that Liberty financial would do it on work cover income (as long as the income and LVRs etc stacked up). 6.94%
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Sorry, That was the rate before the rise, it would be 7.19%
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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