am on a pension and also working for cash am wondering how to get a lender to let me borrow more money i have no assets and only bout 30000 deposit any ideas.
loan troubles
- Thread starter billy jean
- Start date
How much are you trying to borrow? Are the banks reluctant to count your cash-in-hand income because it is not consistent, or what? What have the banks actually said the problem is?
Kevin.
Kevin.
Hi BJ
There are quite a few lenders that would look at the proposal.
Much comes down to how much you require and what rate you can pay.
Ta
rolf
There are quite a few lenders that would look at the proposal.
Much comes down to how much you require and what rate you can pay.
Ta
rolf
loan trouble
im only trying to borrow 350000 but they only said i can borrow 140000 my cash work is a permanent job am earing roughly 800 per week but can only prove bout 400 my pension i have no credit cards or any other loans to repay either.
im only trying to borrow 350000 but they only said i can borrow 140000 my cash work is a permanent job am earing roughly 800 per week but can only prove bout 400 my pension i have no credit cards or any other loans to repay either.
Billie Jean,
Please correct me if I am wrong, but I find this offensive.
Are you saying you are collecting the pension from the government, which is funded by us tax payers, then working and receiving cash to the value of $800 per week undeclared income.
Many people who read this forum earn less than $800 per week, then pay tax and then struggle to meet commitments. They go without simple luxuries so that they may provide a better future for themselves.
I think you have created your own problem, if you were honest with your earnings you could get a better loan. The bank is cautious with lending when cash in hand is mentioned because they know that one day the tax man and centrelink will walk in the door and take you to court. You may then have to repay all the pension you have received, plus the tax you have avoided, plus the tax penalties and you may well be sent to prison.
These are risks that the bank will seek to avoid.
Macca
Please correct me if I am wrong, but I find this offensive.
Are you saying you are collecting the pension from the government, which is funded by us tax payers, then working and receiving cash to the value of $800 per week undeclared income.
Many people who read this forum earn less than $800 per week, then pay tax and then struggle to meet commitments. They go without simple luxuries so that they may provide a better future for themselves.
I think you have created your own problem, if you were honest with your earnings you could get a better loan. The bank is cautious with lending when cash in hand is mentioned because they know that one day the tax man and centrelink will walk in the door and take you to court. You may then have to repay all the pension you have received, plus the tax you have avoided, plus the tax penalties and you may well be sent to prison.
These are risks that the bank will seek to avoid.
Macca
B
brains
Guest
what happened to billy jean?
Macca,
get off the grass. I hate it when ppl put garbage posts like that.
I say good on ya.
get off the grass. I hate it when ppl put garbage posts like that.
I say good on ya.
Macca,
It could be either ;
a) Self funded pension (which is what superannuation is all about)
b) a war pension, which means - thank that person for giving us the country you take for granted.
By the way - my Grandfather lived off a war pension, and its no free ride, though they didnt you really do need to supplement that kind of income. Wait till all the baby boomers discover this.
Michael G
It could be either ;
a) Self funded pension (which is what superannuation is all about)
b) a war pension, which means - thank that person for giving us the country you take for granted.
By the way - my Grandfather lived off a war pension, and its no free ride, though they didnt you really do need to supplement that kind of income. Wait till all the baby boomers discover this.
Michael G
