Hi Guys,
I stumbled across this page, and thought maybe someone would have some sound advice for me. So Currently I am 26 turning 27 in Feb, I have had stable work for the last two years , was previously earning 70k+ super , and now on 60k + super (and commissions whch average about $1500 a fortnight , I was bankrupt, and have now been discharged for one year. I have been saving frantically as obviously I am not getting any younger and obviously having been bankrupt forced me to learn how to save. I have currently saved about $55,000 for a deposit for a home loan, I am just wondering if any professionally here in Melbourne or people who have been in a similar place can recommend anybody to deal with (Mortgage broker) etc, that have had some luck in this field, I am curious to know what people assume might be the lending rate (7.02%?) , and also wondered what % would be the minimum in my kind of case ? Im looking to spend no more than $320,000 on a home in the outer south-eastern suburbs. Any advise at all would be most helpful, I have been renting now for years, and really cant do it any more, when I could be paying off my own home.
Your help is appreciate, and thank you in advance
J
Hi Infallible
Firstly welcome to the forum and I hope you enjoy your time with us.
As long as you have been discharged for 12 months the deal could be done (wont say the interest rate is attractive) although > 2 years would give you greater flexibility.
I am currently in the UK on holiday until the end of January but if you care to drop me an email early Feb be happy to give you some options.
Hate to say you will be paying a little more than 7.2%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Since you have been bankrupt your probably looking around 10% as would still be considered a high risk borrower
Hate to say i disagree as infallable has been discharged for 12 months.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi guys, thanks for the info, any more people have any idea?
How did you get on infallible?
I have clients that I have helped get into a property under a wrap agreement.
The husband is a discharged bankrupt (just finished his 3 years) but the wife has a clean financial record.
We did the wrap deal about 18 months ago and I am trying to assist them to move to a conventional lender. After paying out my finance contract, paying LMI, stamp duty and fees, we estimate they would still have 10% equity because the Melbourne market has moved so much since we purchased the property.
They have been ideal clients, have never missed a payment and are currently paying me standard variable rate +1.5%, so affordability isn’t an issue.
Is 10% equity enough, can they get LMI , what kind of interest rate are they looking at, and which lender is probably best for them to approach?
Hi Infallible,
The property market is flat at the moment, save for another 12 months and get a cheaper rate and borrow less. There is a time for everything under the sun. Now is the time to gather strength. There is no hurry. Why pay crippling interest rate that could possibly set up back again?
Use the coming 12 months to good use. Take care.
Angel
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