Hi,
My wife and I are looking to buy our first home in Frankston area hopefully in about 6 months time, for around the 180-210k price, and I was wondering if anyone knew of where we may be able to get a loan with the following circumstances.– we're 25 years old
-dual income, both working casual employment and on centrelink student allowance
-41k total income pa
– approx 14k of this from centrelink
– eligible for FHOG– have bad credit (multiple defaults, my wife is from overseas, so when we had to go unexpectedly for a few months, we forgot these bills until it was too late)
– can also have cash deposit of up to around 10k, as well as the 7k FHOGBasically, I think we are looking for somewhere that offers a mortgage that allows Centrelink payments to be incorporated into your income figure for servicing purposes, allows bad credit, and allows casual employment.
Thanks heaps in advance for any help!
Hi Everyone!
I want to find out what some thought of private investors purchasing homes for you and the letting you buy it back at the appraised price? So lets say the house is $200k plus closing costs and the seller woud take slightly less, the contract would be to the investor but then they would sell it back to you at the appraised value. How does that work? Are you named in the contract? Help!! I was able to get financing for 1 house but as I venture to get others because of my credit the LTV would be 75/25? Does anyone have any ideas for alternative financing?Hi Lazza would need a lot more detail on the defaults eg how old they are whether paid or unpaid etc rather than hang the washing on the line feel free to contact me or you can post here if you choose.
Hi Wayne,
Thanks for your interest, the defaults are about 2-3 years old, telstra and optus, about $500 and $700, they are unpaid at the moment but can be paid prior to loan application if required. Hope this helps! Is there any other info you would need to give a rough estimate of if we can get a loan?Hi Lazza by paying the defaults in about 6mths you would be more appealing to lenders however as the defaults are over 2yrs old one of our non conforming lenders would take it on.
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