grayzeee Posted March 23, 2015 Share Posted March 23, 2015 Hi Guys Apologies for not searching posts. We have sold our house in WA and have moved to Vic We have over 50% deposit for new place , but the Missus has just had our 2nd child , and on 1 wage, we just can't borrow what we need. Currently looking at only a 60000 shortfall. Have tried Mortgage choice and the big banks but no luck. Anyone got any info on different lenders that may come to the party?? cheers Link to comment Share on other sites More sharing options...
Marisawright Posted March 23, 2015 Share Posted March 23, 2015 Lenders in Australia are closely regulated and since the GFC, they are much stricter about making sure borrowers have the financial capacity to service a loan. The banks all have very similar criteria Non-bank lenders are generally more conservative than banks, and are often limited by legislation as to how much they can lend. Try a few mortgage brokers and you may find one willing to fudge the numbers (i.e. lie about your circumstances) to get you a loan, but I'd be worried about that - you're entering into a contract and the penalties if you're found out could be large. The bottom line is that if a bank is telling you that you can't afford a loan that big, you probably can't afford a loan that big. I know it's tough when you've found the dream home, but it may be that you have to compromise for now and trade up later. Link to comment Share on other sites More sharing options...
grayzeee Posted March 23, 2015 Author Share Posted March 23, 2015 Def changed since we first bought, when they'd lend us enough to go broke. It's ridiculous though. We are paying 59% of my income to rental costs. I want to borrow enough that the repayments would be 30-35%. Computer says no. Link to comment Share on other sites More sharing options...
grayzeee Posted March 27, 2015 Author Share Posted March 27, 2015 I'll answer my own question NAB. And cut out the broker Link to comment Share on other sites More sharing options...
robfromdublin Posted March 27, 2015 Share Posted March 27, 2015 I'll answer my own questionNAB. And cut out the broker So the big banks will do it then? Link to comment Share on other sites More sharing options...
grayzeee Posted March 27, 2015 Author Share Posted March 27, 2015 That one will. The others ... not so much. Link to comment Share on other sites More sharing options...
toOZ2012 Posted April 4, 2015 Share Posted April 4, 2015 If you can financially afford the re-payments, you can try to get it as an investment loan and move in after settlement. Banks don't really care as long the payments are on time. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted April 4, 2015 Share Posted April 4, 2015 For gods sake be careful - NAB will lend anything. They offered me a loan equal to my net income in repayments. Factor in that while interest rates are low now and may even get lower, Oz has traditionally very high rates - as high as 18%. You need to be comfortable with much higher rates than you have now. If lenders are cautious of you, it is for a reason. Link to comment Share on other sites More sharing options...
Jacaranda Posted April 4, 2015 Share Posted April 4, 2015 You need to be able to sleep at night right?Be sensible,and don't overstretch yourself.Live within your means and you'll be ok.Try and keep up with the Jone's will only put you on a stress rollercoaster. Link to comment Share on other sites More sharing options...
KirkyG Posted April 6, 2015 Share Posted April 6, 2015 Can you get fixed rate mortgages over here? Link to comment Share on other sites More sharing options...
Parley Posted April 7, 2015 Share Posted April 7, 2015 Yes. Link to comment Share on other sites More sharing options...
Pallen Posted April 14, 2015 Share Posted April 14, 2015 Hi Did you manage to resolve your issues? Someone has suggested NAB but the big banks aren't always the best options when there is not a great fit with criteria, they also don't offer the best rates generally because they secure more business with their foothold in the market. there were several great options out there including Heritage and Choice lend (the latter Im pretty sure you would have to go through a broker.. you could be looking at less that 4.5%, but, without knowing your circumstance I couldn't give you any definite details.. I also remember that ING had something at 4.19% recently, but, again without knowing your circumstances I couldn't provide definite information Regards Link to comment Share on other sites More sharing options...
grayzeee Posted April 14, 2015 Author Share Posted April 14, 2015 For gods sake be careful - NAB will lend anything. They offered me a loan equal to my net income in repayments. Factor in that while interest rates are low now and may even get lower, Oz has traditionally very high rates - as high as 18%. You need to be comfortable with much higher rates than you have now. If lenders are cautious of you, it is for a reason. I think the 17.5% was a record high in 1990. average supposed to be 5.1 ish. We'd def lock half the loan in anyway Link to comment Share on other sites More sharing options...
CaptainR Posted April 14, 2015 Share Posted April 14, 2015 I find the home loan situation very strange here, I was offered considerably more then I'd ever expected and believe we could afford. Link to comment Share on other sites More sharing options...
fifi69 Posted April 14, 2015 Share Posted April 14, 2015 Like the above, only last year, we were told we could get a mortgage for 1.3 million:confused:. My jaw hit the the floor. err...no thanks, we took on a little house in the burbs at less than half that. Loving my little house, and loving still being able to live:cool: Link to comment Share on other sites More sharing options...
CaptainR Posted April 14, 2015 Share Posted April 14, 2015 Like the above, only last year, we were told we could get a mortgage for 1.3 million:confused:. My jaw hit the the floor. err...no thanks, we took on a little house in the burbs at less than half that. Loving my little house, and loving still being able to live:cool: Yes, thats about the same we were offered. I asked him if anyone on my salary actually took a mortgage of that amount and still could afford to eat... Link to comment Share on other sites More sharing options...
fifi69 Posted April 14, 2015 Share Posted April 14, 2015 Yes, thats about the same we were offered. I asked him if anyone on my salary actually took a mortgage of that amount and still could afford to eat... :wubclub: Work to life... or life to work:err: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.