Hello All,
Sorry for jumping in asking a question first up.
My husband and I have recently returned from overseas and are looking to purchase a new family home.
We don't have a great deal of savings and had been planning on saving for at least another six months. We have already had the first home owners grant back in 2002.
We both earn good money ($110k each) and now have $10k in the bank (we are saving $1k each week).
As it happens we have found the perfect home and really want to put in an offer. However, we will be short on the deposit by around $10k and it will take another 10 weeks to get this. Asking price is $380k.
Is it possible to get loan approval with the only condition on getting the rest of the deposit? Ideally we don't want to have a long (10 week) conditional period until we can go unconditional, we would want to put in an offer and pay $10k cash deposit subject to finance in say 3 weeks. Bank gives conditional approval subject to deposit, no other conditions. We then go unconditional and have a settlement period that allows us to save the necessary deposit etc.
Next issue is stamp duty. Do we need to have evidence of this to get approval? Not sure if we can stretch the seller out that long so we would most likely look to borrow this if at all possible, but once we have the finance sorted.
We have good credit, both been in our current jobs for 12 months and in the same industries for 5 years plus. 1 credit card and a car loan.
Appreciate any feedback.
Many Thanks
S
Sorry for jumping in asking a question first up.
My husband and I have recently returned from overseas and are looking to purchase a new family home.
We don't have a great deal of savings and had been planning on saving for at least another six months. We have already had the first home owners grant back in 2002.
We both earn good money ($110k each) and now have $10k in the bank (we are saving $1k each week).
As it happens we have found the perfect home and really want to put in an offer. However, we will be short on the deposit by around $10k and it will take another 10 weeks to get this. Asking price is $380k.
Is it possible to get loan approval with the only condition on getting the rest of the deposit? Ideally we don't want to have a long (10 week) conditional period until we can go unconditional, we would want to put in an offer and pay $10k cash deposit subject to finance in say 3 weeks. Bank gives conditional approval subject to deposit, no other conditions. We then go unconditional and have a settlement period that allows us to save the necessary deposit etc.
Next issue is stamp duty. Do we need to have evidence of this to get approval? Not sure if we can stretch the seller out that long so we would most likely look to borrow this if at all possible, but once we have the finance sorted.
We have good credit, both been in our current jobs for 12 months and in the same industries for 5 years plus. 1 credit card and a car loan.
Appreciate any feedback.
Many Thanks
S
