Hi all,
Im looking to get into the house market with my girlfriend if possible She has a clean slate and good credit. I have had bad past from being stupid with credit. Between us we earn approx $180k a year. I earn $130k of that so its not possible to get a loan based on my girlfriends income. We want about $500k house. Is it possible to get somebody to lend us money? Ive read a little about non conforming loans. We have $30k in the bank but it seems you need at least 15% for non conforming loans from what i read. I have $16k left on one debt that we are thinking of cleaning off but that will leave us about $14k only. We can save about $5k a month currently.
I thought it may be possible to get parents to gurantee the loan but my bank said not possible unless they have there name on the loan and house deed but this prevents us taking advantage of first home owners grant.
Any ideas or thoughts to help me would be appreciated.
Think you might find the non conforming lender is almost a thing of the past as most have packed up shop and gone back to the UK.
Would need further information before I could ascertain whether the deal could be done.
Richard Taylor | Australia's leading private lender
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