Mortgage Questions

[Mondie]

Thanks SJW.

that's pretty much what l thought.

This isnt the place to disect the property market, but for those interested this forum is brilliant for sharing knowledge and idea's;

Somersoft PI forum

[SJW]

How many of you would consider selling your house etc if interest rates moved up again ?

[richdave]

How many of you would consider selling your house etc if interest rates moved up again ?

I just sold my investment property and paid off the house we live in... Debt free at the moment.....so I wont need to no matter how high they go...unless the wife goes ape on the credit card :lol: :lol: :lol:

[XR8Chic]

hey SJW..

I got a question.

I am having trouble trying to find someone who will lend a single 26 year old female money to buy a house. (I am a contractor too....)

I only need about $80k to purchase the house ($390k)...

I was told it was cos I am a single female, and that I could get preggers and not be able to repay the mortgage..

Should I just look for a cheaper place and pay cash, or should I get someone to go into the mortgage with me??

[SJW]

that is very ordinary.

You will need to define your type of work. That is, contracting is a broad term to cover off everything from a short term temporary position to a dedicated contract to large firms.

Even if you were on a short term contract, you could classify yourself as self employed and do a loan based on your tax returns or a low document loan where you wouldn't need to provide any income evidence.

Whatever the end result, you will be able to get a loan. I would suggest whoever told you that you could not get a loan because you are a single woman should visit the equal opportunity commission website.

If you want to proceed and receive more detailed information, PM and I will put you in touch with someone that can help you further.

[Velvet Glove]

hey SJW..

I got a question.

I am having trouble trying to find someone who will lend a single 26 year old female money to buy a house. (I am a contractor too....)

I only need about $80k to purchase the house ($390k)...

I was told it was cos I am a single female, and that I could get preggers and not be able to repay the mortgage..

Should I just look for a cheaper place and pay cash, or should I get someone to go into the mortgage with me??

Eeeehhhh !!! Can you say DISCRIMINATION. If decline you a loan on the basis that you may/may not become pregnant then they have discriminated against you on the basis of your sex. If you feel that passionately about it I'm sure the consumer affairs bureau in your state/Territory would be rather interested

[SJW]

I agree, any more questions ?

[KittyKatSmack]

I have a question.

I will have very small (read: minimal) debt left shortly, and will be placed on disability pensions with Department of Veterans Affairs and other kinds of things, and basically will end up with a very tidy income because of it.

I will also still be entitled to a National Defence HomeOwner Loan of up to $80 000 with a Comonwealth Government Subsidy of 40% on my average monthly interest.

I would then borrow the rest at the normal rates etc.

What I don't know is how likely it will be for me to even get approval, and apply for the first home owners scheme etc.

I have never applied for a home loan before, and the first property I buy here in Canberra (around the $350 000 range) will ultimately be an investment property.

I will have no deposit, except the first home owner scheme to cover legals and stamp duty.

I know it all sounds messy, but is it likely to be something that will be approved or am I just dreaming?

I am quite serious about trying to set something up for future planning here, and plan for Aaron and I's long term future (into superannuation periods etc).

Am I wasting time and money with the idea of owning a property on a high pension, but a pension nonetheless?

[bara]

Pension income is generally treated as full income by some lenders, while others look at the point of law that if they had to force you to make your payments, then we could only take 10% of your pension income.

Therefore we would only classify 10% of your pension as your total income. Accordingly this would have a dramatic effect of the amount a Financier will (or wont) lend.

So whether or not you're entitled to the Defence Services Allowance, if your income (read 10% of the pension) can't meet the payments then it won't happen.

You state that you will also have income of ... and other kinds of things,...which would need to be clarified to see whether it is a valid form of income. If you're talking about cash/non-declared income, then forget trying to include that on any application. If the tax office don't know about it, lenders won't want to know it either.

If you have no existing property to avail of equity in, then no matter if you are eligable for the FHOG or not, if you have nil deposit then your chances of obtaining a home loan are slim to naught..

Use of the FHOG as your deposit and costs wouldn't work with no deposit to back it up, as the amount of Lenders Mortgage Insurance that you'd be required to take out would eat up at least half the grant. The other half would go in stamp duty, gov registration costs, and bank application fee.

Therefore you'd really be looking for a 100% lend and the cost to you to do so would be to high to make it worthwhile, especially in the current market.

Best to do some serious saving, get a budget, and rent till you are more able to make a contribution towards the purchase of a property.

And never use a Broker.

Do a liittle homework and footwork yourself and save what money you'd pay them to simply complete an application and fax it to several Banks looking for whatever one will approve the deal.

They do not have the customer's long term goals at the forfront of their minds, only what commision and trail can be made out of you. They will tell you that they can get the best loan for you, which should actually read "loan that can be approved the quickest so the commission is paid asap".

Trust this information assists you.

BARA

[Falchoon]

And never use a Broker.

I've used a broker twice and found them much better to deal with than wanks oops sorry I mean banks.