sadsmile23 Posted February 18, 2009 Share Posted February 18, 2009 Hi Have previously posted a thread along these lines, but am getting conflicting information so hoping someone can put me straight. We have been told by our bank that we can apply straight away for a mortage, dont necessarily need a deposit, might not even have to go down the low-doc route. Spoke to 2 different mortgage brokers who have said "no chance, not without being resident for 12 months and a minimum of 20% deposit". Hubby is subbie plasterer, earning good money on paper, and we are quietly optimistic that we might have a cash buyer for our UK house, but this would still not give us the full 20% deposit required. We are not in any desperate rush to buy and saddle ourselves with a big mortgage here, but just trying to find out exactly what the picture is - dont want to miss out on an opportunity, should one arise, but also dont want to get our hopes up if we are way off the mark. Im sure you understand what I am getting at, just want some real honest answers here. Can anyone help please???? Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 18, 2009 Share Posted February 18, 2009 Hi I recently spoke with a friend of mine who is a mortgage broker for E Choice. He said that if you are self employed you have to put down a 40% deposit to get a mortgage on a no/low doc type and you can do this after only having your ABN for 1 day, he said the ANZ and Commonwealth offer this. Otherwise it is 20% deposit and an ABN for 2 years. As mentioned this is only for lo/no doc mortgages. Link to comment Share on other sites More sharing options...
Guest traybears Posted February 18, 2009 Share Posted February 18, 2009 hi,whats a lo/no doc morgage?thanks,tracy.xx. Link to comment Share on other sites More sharing options...
Jo&Rich Posted February 18, 2009 Share Posted February 18, 2009 We moved here in Sep 07, hubby employed in UK, but subbying here (brickie). We were told by one broker no chance, 2 years of records etc for a lo-doc. Didn't do anything else for a while, then we saw Aussie, who found us our home loan. As my hubby had been working for one man continuously, (using an ABN and paying his own tax though), Colonial (branch of Commonwealth) would consider him as employed, as that is a position so many tradies are in here, our broker told us. We had to provide 3 months bank statements, our last Business Activity Statement (the accountant did this for us at tax time!), and have a letter from his employer stating he was in full time employment with him, and what he earned. We did put over 20% deposit down, but unsure if you do have to, as it is not a lo-doc. If your hubby works for different contractors then it would probably not be relevant to you, but maybe worth a look? Good luck, Jo x Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 18, 2009 Share Posted February 18, 2009 hi,whats a lo/no doc morgage?thanks,tracy.xx. Hi Tracy It is like a self certifying mortgage in the UK, where you do not have to prove your income, no doc means no documents are required and usually no credit checks are made, they just take your word that you can make the mortgage payments. Link to comment Share on other sites More sharing options...
Guest traybears Posted February 18, 2009 Share Posted February 18, 2009 hi moving 2 melbourne,thanks,i didn't such a morgage existed.trust me.tracy.xx. Link to comment Share on other sites More sharing options...
sadsmile23 Posted February 18, 2009 Author Share Posted February 18, 2009 We moved here in Sep 07, hubby employed in UK, but subbying here (brickie).We were told by one broker no chance, 2 years of records etc for a lo-doc. Didn't do anything else for a while, then we saw Aussie, who found us our home loan. As my hubby had been working for one man continuously, (using an ABN and paying his own tax though), Colonial (branch of Commonwealth) would consider him as employed, as that is a position so many tradies are in here, our broker told us. We had to provide 3 months bank statements, our last Business Activity Statement (the accountant did this for us at tax time!), and have a letter from his employer stating he was in full time employment with him, and what he earned. We did put over 20% deposit down, but unsure if you do have to, as it is not a lo-doc. If your hubby works for different contractors then it would probably not be relevant to you, but maybe worth a look? Good luck, Jo x Thanks for reply Jo and Rich Hubby works for the same guy, has his own ABN and will be responsible for his own tax, so sounds a similar position, although we will not have as much as 20% to put down. I think I am being spurred on by the $21000 Government grant - am wondering whether we should look to buy sooner rather and later to take advantage of this. Link to comment Share on other sites More sharing options...
Jo&Rich Posted February 18, 2009 Share Posted February 18, 2009 I know a couple who just bought a house (home loan with the Commonwealth too), and didn't have a 20% deposit, but had no problem. I know what you mean about the grant being an incentive; we signed our contract about a week before the grant was increased, not best happy at the time:arghh:! Link to comment Share on other sites More sharing options...
Guest sappyigor Posted December 23, 2009 Share Posted December 23, 2009 Yes it is definitely possible to get a home loan even if you are self employed and just starting out. You would probably need an Australian Business Number and no BAS. The only problem is that if you are just starting out with your business, you might just get a loan of about 60% of the value of the home that you would like to purchase and nothing above that. The trick is finding the right bank or lender and if you are having difficulty with that, find the right mortgage broker who is really willing to help you with your particular situation. Don't immediately believe everything you hear. With the number of lending institutions out there competing for your loan, it shouldn't be difficult for you to find a loan that is a perfect fit. Link to comment Share on other sites More sharing options...
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