95% loan
- Thread starter murph14
- Start date
It can be done, but some mitigants will need addressed. Previous employment history, savings record, strong serviceability are all things that will help. You need to contact a broker to get the specifics.
Hi Murph
Id say yes.............every day: )
but right now there is about 95 % of the data missing to see if you fit.
Have a chat with Aaron or Pete and see whats possible for your PERSONAL circumstances.
ta
rolf
Id say yes.............every day: )
but right now there is about 95 % of the data missing to see if you fit.
Have a chat with Aaron or Pete and see whats possible for your PERSONAL circumstances.
ta
rolf
Interesting. My situation... i'm 18 i've been working in the real estate industry (admin) for 3 months on a casual basis but effectively with full time hours. I was always led to believe they were going to give me a permanent position but have been informed this week that my hours are being cut back to almost nothing. I also work casually at dominos as a driver... night times to fit around my fulltime hours. So i was working a good 60ish hours a week for a while there but that has all changed now 
Anyway i'm on the hunt for a real full time job. Once i do that i can be saving $5-600pw. I have a savings acc with cba with no credits at all since i opened it (mean amything?) and a rejected credit card application with cba a few months back too.
Edit: i should add ive been with dominos since april this year and prior to that worked at maccas since march 09.
Advice?
Cheers guys
Anyway i'm on the hunt for a real full time job. Once i do that i can be saving $5-600pw. I have a savings acc with cba with no credits at all since i opened it (mean amything?) and a rejected credit card application with cba a few months back too.
Edit: i should add ive been with dominos since april this year and prior to that worked at maccas since march 09.
Advice?
Cheers guys
So you want:
1) 95% LVR
2) You are employed casually for 6 months in the one industry
It won't be easy to get this through. Even if you have a good savings pattern, the mortgage insurers get worried about casual employment because of the discretion to change your hours, as you've found out with the real estate firm. Your best bet is to get a full-time job first.
1) 95% LVR
2) You are employed casually for 6 months in the one industry
It won't be easy to get this through. Even if you have a good savings pattern, the mortgage insurers get worried about casual employment because of the discretion to change your hours, as you've found out with the real estate firm. Your best bet is to get a full-time job first.
To be honest your employment doesn't appear to be very strong. You're in a casual position but only for the last 3 months in real estate. Some lenders will go with 12 months in the same role, but most want 2 years for casuals.
Your employment with Dominos & Maccas before that looks okay, but that doesn't appear to be where most of your savings are coming from.
The fastest way forward is to move into a permanent position, ideally with the same RE business. Wait at least until you're out of a probationary period before doing anything.
Your employment with Dominos & Maccas before that looks okay, but that doesn't appear to be where most of your savings are coming from.
The fastest way forward is to move into a permanent position, ideally with the same RE business. Wait at least until you're out of a probationary period before doing anything.
Thanks.
That is looking very unlikely at this stage. They have told me they can't offer me permanent full time like they had been telling me they would for months. My goal is to just get a full time job, stick with it for as long as necessary, but not with my current employer. They have been stringing me along for too long as it is. What's the right time to apply for a credit card too?
Don't be impatient. You won't get a home loan with your current situation, so just work on getting a full-time position (wherever that may be) first.
As for credit cards, you can apply for that any time, and it will be much easier to get than a home loan!
There's never a good time to apply for a credit card. They'll (almost) always give you one, then they'll give you more than you need.
Every person I've seen who's in serious financial trouble has had credit cards with a massive limit.
If you need a card, get a Visa debit card. That way you're spending your own money.
Every person I've seen who's in serious financial trouble has had credit cards with a massive limit.
If you need a card, get a Visa debit card. That way you're spending your own money.
I suspect the question was meant more along the lines of " if I apply for, and get a credit card will that build by credit history and make it easier to get a home loan in the future because of my good credit history"
I don't agree with this sentiment Peter. Sure, credit cards have gotten (many) people into trouble if they have bad money management. But credit cards fraud, for example, is the responsibility of the bank. Credit cards can also provide insurance on items that are purchased etc. This protection is not extended to debit cards because it is, as you say, 'your money', not the bank's. A little loophole that can make all the difference if someone steals your $$$.
