All Topics / Help Needed! / Home Loan for Part 9 – Discharged

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  • Profile photo of balajimanoharbalajimanohar
    Participant
    @balajimanohar
    Join Date: 2010
    Post Count: 2
    February 17, 2010 - 12:06 am

    Hi
    I am in part 9 for the past 3 years and I still owe another $9000 to complete this debt agreement. I will be paying this balance in full next month (March 2010).

    I am also planning to buy a house with 25% personal deposit towards a $450,000 home loan in one of the Perth suburbs in another 6 month’s time. My questions are;
    1. Am I eligible to get this loan?
    2. What will be my interest compared to the current standard variable rate?

    Please help me to find answers to these questions..

    thanks…

    Manohar.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 17, 2010 - 2:33 am

    Hi Manohar

    Assuming you can show serviceability to support the loan then Yes you should get the loan at 75% LVR.

    With regards to rate without checking would have to be 9% + for a couple of years. 

    Hate to say these sorts of deals can vary by the day so check back in March and I can tell you further.

    Richard Taylor | Australia's leading private lender

    Profile photo of balajimanoharbalajimanohar
    Participant
    @balajimanohar
    Join Date: 2010
    Post Count: 2
    February 17, 2010 - 3:43 am

    Thanks Richard..

    I earn $4650 per month after tax. Will that be enough to service the loan of $320,000 out of a $450,000 house??

    Even though i am coming with a big deposit of 25%, do i still have to pay a high interest of 9% i.e. nearly 3% higher than the normal home loan rate??

    One more question…If I wait for nearly 8 or 10 months after finishing the part 9 before i apply for home loan, will there be any difference in the interests charges??

    Thanks in advance…

    Regards,
    Balu.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 17, 2010 - 4:07 am

    Balu

    Assuming you are single have no other loan committments etc etc your income would appear not to be too far off servicing such a loan.

    Most lenders are happy at normal rates after 2 years + so 9 months wont make much difference even on a Part 9.

    Would need to see your Veda Credit Report to give you a more accurate assessment.

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 17, 2010 - 4:22 am

    Believe or not since i answer your post i have received another enquiry from a forum client in a similar position so made a couple of calls and think you would get the rate down to around 8.25% after all.

    Richard Taylor | Australia's leading private lender

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    February 17, 2010 - 4:28 am

    What is a part 9?

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

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