Alternative lenders when banks say no???

Viewing 5 posts - 1 through 5 (of 5 total)

George75
Member
@george75
Join Date: 2011
Post Count: 2
June 25, 2011 - 4:20 am
Hi all, we have signed up a contract on PPOR in Hervey Bay thinking finance no problem with 50% deposit, no so! We have been travelling Australia since last October only working sometimes, partner is now working but it is casual fifo, not self employed, no abn. Excellent money but banks won't look at us as this is not permanant employment… we have excellent credit, no debts, more money in bank in NZ, afew assests… Surely there is some lender out there for us??? Any tips???
pinkboy
Participant
@pinkboy
Join Date: 2010
Post Count: 49
June 25, 2011 - 4:28 am
X + Y = Z
Deposit + Servicability = Loan
Can you cash in any assets or bring money into Australia to purchase PPOR outright?
pinkboy
George75
Member
@george75
Join Date: 2011
Post Count: 2
June 25, 2011 - 4:44 am
pinkboy wrote:
X + Y = Z
Deposit + Servicability = Loan
Can you cash in any assets or bring money into Australia to purchase PPOR outright?
pinkboy
Sadly we don't have enough to buy outright or we would. Our last loan was low doc in WA 18mths ago, I didn't realise it had all changed now. I am just hopeful that there is an option out there for us. I have emailed afew "non bank lenders".
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 25, 2011 - 5:19 am
Hi George
Hate to say that the new era of Credit legislation puts emphasis solely on serviceability and responsible lending.
All lenders are covered by the same legislation so you are not going to get preference by contacting a non bank lender.
If your partner is in receipt of regular casual income then at a 50% lvr it might be possible with a couple of lenders but would need additional information to provide a more structured answer.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
xdrew
Participant
@xdrew
Join Date: 2010
Post Count: 479
June 25, 2011 - 7:00 am
It will all bounce back in time. What we have now is the feedback effect from the disaster of 2008. It just means that the capital flows will be muted until everyone feels safe again. Which may take a couple of years at least.
But historically speaking .. by the time your kids go looking for property .. it will be hard to find a decent property all over again. And banks and lending institutions will be under pressure to get a little lax and a lot more flexible.
There is no such pressure now .. its time to grit your teeth and get money any which way possible.
Legally, of course.