Hi guys, hows everyone going?
Just wanted to say this forum has provided a lot of invaluable information. Thank you to all of you! After reading both off and online and doing some research I've decided to go and see a different brokers to see whats available for me. I'm 22 casually employed (around $500 per week) while doing a few extra jobs on the side for extra cash. So far my deposit is 60K and I'll be taking advantage of the FHOG. This probably also means a low doc interest + principal loan unless something drastic can be done.
I hope to borrow around $180,000 to fund my first PPOR which I intend to convert into an IP after 6 months with the aim of positive cash flow.I read that the first few questions I should be asking the broker include their experience and their qualifications (MFAA etc). However is 100% of what brokers say true? I am really new to this and don't know if the figures they may say can be guarenteed by whoever is actually in charge of the loan. I have been referred one through a friend and also intend to see Aussie and Rams as well. I did search around the forum for similar topics but didn't see any. I really apologize if this has been covered already…
I had another question about how financing would change in terms of converting my PPOR into an IP after 6 months but I think theres probably plenty of that on the forum already.
Anyway many thanks in advance!
Hi Romeop
Firstly welcome to the forum and I hope youenjoy your time with us.
Both Aussie and Rams are franchises so the advice you will get will depend on the knowledge and experience of the franchisee. You could well find the individual was a second hand care sales on Monday and a Broker on Friday with a weeks corporate training.
Forget asking them if they are members of MFAA as both franchises are members and churn their staff through like shelling peas.
i would ask them how many years have they been in the industry, how many investment properties they own and what are their professional qualifications etc.
Dont be suprised to be disappointed.
On a separate note if you are PAYG even though you are employed on a casual basis you wont be able to apply for a lodoc loan especially at that level of borrowing as this is the domain of the self employed.
Richard Taylor | Australia's leading private lender
Thank you for the quick response.
This only full time work condition is killing me at the moment… are there any other options?
I keep running into these hurdles but I'm staying optimistic.
Yes being casual does not prevent you from obtaining a deal however would need additional information to advise further
Richard Taylor | Australia's leading private lender
What sort of information would be required? sorry if I'm asking too many questions at once. If its easier I can email you?
If its helps I've been at the same place of employment (pharmacy assistant) in the same store for the past 3 years. And I have some decent savings records on hand too (basically all my pay goes into savings, I make money from teaching dance to pay for everyday costs).Hi Romeop
If you would rather drop me an email i can respond to you off the forum and means you dont need to disclose too much personal information for all to see.
Richard Taylor | Australia's leading private lender
Brokers, unlike other people, never lie!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry very a true word.
Of course when you are out with the lads at the pub and the wife phones and you tell her (like the Carlton Cold ad) you are on your way to an appointment and will be late home that doesnt count.
Richard Taylor | Australia's leading private lender
Good news!
Thank you for the feedback again guys. Especially Richard taking the time out to reply to my numerous emails. The broker I saw today suggested that I try with CBA and Westpac. In the end things looked better on the Westpac deal. The rate seems good with ongoing costs being $5 a month to maintain the secondary account (the one where the repayments are automatically deducted from). Also a one time fee of $700 for the application of the loan. If I submit the documents he'll have a preapproval for 190K ready in about a day.
Even though I'm casual PAYG he stated that 1 year at the same occupation was all I needed to be considered.
Once again cheers!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
