All Topics / Finance / would i be able to get a loan?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Sparkes100Sparkes100
    Participant
    @sparkes100
    Join Date: 2014
    Post Count: 5

    Hi

    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.

    Thanks in advance

    Profile photo of Jeff123Jeff123
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    @jeff123
    Join Date: 2012
    Post Count: 31

    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.

    Profile photo of Sparkes100Sparkes100
    Participant
    @sparkes100
    Join Date: 2014
    Post Count: 5

    Thanks Jeff

    I’m in Adelaide

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    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.

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Agree with Mick – employment history looks all good but deposit needs to be beefed up.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Sparkes100Sparkes100
    Participant
    @sparkes100
    Join Date: 2014
    Post Count: 5

    Thanks Guys

    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.

    Mark

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    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, 3 months ago by Profile photo of Corey Batt Corey Batt.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

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