Brokers-I need a loan. Read Me!

[MishMash]

Hello any brokers out there.

I need a home loan. I have emailed 4 brokers and have heard nothing

I have $20,000 to pay for costs & small deposit. Loan needs to be 97-100%

I would like to borrow around $250,000. I need to know if this is possible based on the financial information below. What is the maximum a bank will lend me and which bank will lend to me?

INFORMATION:

Current employed
Time Employed: 4 months (have passed probation period)
Income: $961 net per week
(Was with previous employer for 3 years 2 months)

Assets:
3 br house. Purchased in March 2006 for $249,000. Paid deposit of $21,000.
Currently have mortgage of $225,000. Fixed for 3 years @ 6.55%. P&1 repayments.
Current repayment: $365.00 per week
Currently leased for $245.00 per week (tenants under 12 month lease until November 2007)

Have another loan for $20,000, 7.83 variable, repayments $36 per week.

Superannuation of approx $8,500

Vehicle insured for $8,000

Household goods $10,000 (including laptop, whitegoods etc, electrical equipment)

Liabilities:
1 credit card - Limit of $1,000 (currently owing nil)
No other credit cards or store cards

Currently living with parents rent free.

 

[Peter_Tersteeg]

Hi Mishmash,

You've got the serviceability to be able to afford this loan, based on the information you've given.

The 100% LVR part is a little tricky, but should be doable with a bit of work.

The specific amount and lender would depend on a few details which might be best discussed outside of a public forum, but I'm confident that this is achievable.

 

[Qlds007]

I can think of a couple of lenders who would quiet easily give you what you need from the information to hand.

As Peter has answered your query why not shoot him a PM and get him to start work for you - it costs you nothing.

 

[Kristine..]

Hello any brokers out there.

I need a home loan. I have emailed 4 brokers and have heard nothing

I have $20,000 to pay for costs & small deposit. Loan needs to be 97-100%

I would like to borrow around $250,000. I need to know if this is possible based on the financial information below. What is the maximum a bank will lend me and which bank will lend to me?

Hi MishMash

Your maximum borrowing capacity is about $285,000 - $320,000 for owner occupied property, but where is the property and how much is it?

Each State has different Stamp Duty. Are you eligible for FHOG or is this purchase for investment?

If for owner occupied, then no estimation of future rent is required, but if for investment please provide estimate of rent return. If buying for investment then a deemed board would be calculated with your living expenses.

Lenders do not accept that adult people live with their parents and do not contribute towards the household running costs. $100 per room per week is the 'going rate' as if anything happened to your living arrangements that is what you would be paying for a single room in a shared house, plus the usual living expenses.

If you were looking to buy for about $250,000 in Victoria, then you will be a bit short one end if your total contribution is $20,000. With a 100% lend you will need about $27,000-ish to cover stamps and mortgage insurance / risk fees.

So a bit more information would be good. There are a number of lenders which will go to 100% although some still limit these products for owner occupation only.

Cheers

Kristine