I have been watching these forums for while and its great learning about property investing. I haven’t jumped yet but am looking to in the near future. I have a question about my ability to get a loan. i am currently in a temp role within state government but through an external agency, but have been here for more then a year and it is likely to continue for a while. My partner is a tutor at university, fairly inconsistent role being contract to contract but she earns quite a bit when she working.
We have been able to get together about 15 grand, no debt and we are lucky enough to not have to pay rent at the moment and for the next few years and I am now looking at the issue of getting a loan. I would think banks would want a bit more stability in at least one of our jobs before considering lending to us. Am I right in thinking this or are their lenders who are more flexible in this area?
There is a new property in an area that we have had our eye on that is in our target price range and I want to know if I can even be looking right now if I’m not going to be able to get a loan.
Find a good mortgage broker and get them to do the hard yards for you (that’s their job after all). You might have a bit of trouble with the job stability side of things, but the fact you’ve got no debt will work in your favour. What area are you in? Others on this forum are bound to have recommendations of a good broker in your area.
Job wise it’s fine as you have been there for 12 month min.
But you might need a larger deposit, as it needs to cover the stamp duty an other standard buying cost as well.
I was just wanting to look at the chances for a loan as I was worried about that the most. I know my deposit is low right now but should be getting a boost after tax and when my partners current contract finishes.
If you’re eligible for the FHOG for construction you may actually scrape by with a cheapish house and land package. This would boost your deposit to circa 30k. As you may be aware, the FHOG for established homes has now ended in South Australia.
This reply was modified 10 years, 4 months ago by Corey Batt.