Hi, Ive posted here before about the FHB but I now have a bit of a different questions.
I am hoping to get part time work in the near future, does this mean for me to get a loan I will have to wait 6 months until I apply? If yes, can my partner just apply for the loan by himself and then can both his name and mine go on the house?
Sorry if it is a stupid question, we are just trying to work out if we can get a home sooner rather than later.
Info:
OH Salary: 55k
Deposit: roughty 50k
Eligible for FHB(vic)
Hoping to borrow around 300k.
My salary is roughly 20k.
We have no outstanding debts, combined creditcard limit is 12500.
Because we do have a somewhat bigger deposit, will the banks be lenient if I havent been in my parttime position for 6mnths?
Thanks heaps
Hi jrm
Will vary from lender to lender but from what you have provided i think there are a couple of options available.
Ignoring your FHOG you are looking at an circa 83% lvr so many lenders will look at this as some form of comfort.
Richard Taylor | Australia's leading private lender
So would they possibly say yes to a loan even tho I may not have been in my job for long? (Partner has been fulltime for 1+ yr)
My advice is to close the credit cards before applying for a loan. That seems to increase the amount you can borrow. Also, look at a low doc loan. You might need to pay mortgage insurance.
Hi jrm88
So long as there is either no probationary period or the probationary period is ended, you will find most lenders will take into consideration your income.
That means if you find employment tomorrow and the employer is willing to sign that there is no probationary period, your income can be included.
Regards
Rob Bologna
Dollar Wise Financial Services
[email protected]You could both apply and be on title, and just use his income for serviceability. Problem you will face is the large c/c limit.
The bank will automatically take 3% ie $400 per month from your serviceability which means you may not pass. You may also be up for LMI. If your credit cd limit is not maxed out have them reduced by ringing the bank, this will improve your serviceability.
Once the loan is settled ring the bank and have your cds increased to their previous limits. They will do it for you in 5 mins.Ok awesome, we actually dont owe anything on the creditcards so we will definately reduce the limits before applying. We dont have any other outstanding debts and I will be hearing this week if I have a new job
So even though I may have a job and an income, we dont have to put this on the application? Thanks heaps for the help guys
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