Sticky Loan needs..

[TheCamel]

It's been a fair while since I've been around. Been overseas, all sorts of life changing things.

Further life changing things continue to occur. Amongst them, our desire to now buy a PPR in Melbourne.
However, we're going to find it a bit sticky with the loan app.

We've been overseas for 18 months - got back in October. My wife is now gainfully employed with a v. large employer, and beyond her probation, on ~50K.
Me, however, I decided to throw off the shackles of employment, and started my own business. This is going to be a slight problem in terms of finding a loan, cause I don't have 2 years P/L or tax returns for the business.
We're getting something approaching success with an ANZ business broker, who tells me they CAN do it.. which gives me a bit of heart.

So.. I'm after a broker who might be able to assist, so we're not looking only at one option, with one main bank..

Sound like something someone may be interested in?

 

[Rolf Latham]

It's been a fair while since I've been around. Been overseas, all sorts of life changing things.

Further life changing things continue to occur. Amongst them, our desire to now buy a PPR in Melbourne.
However, we're going to find it a bit sticky with the loan app.

We've been overseas for 18 months - got back in October. My wife is now gainfully employed with a v. large employer, and beyond her probation, on ~50K.
Me, however, I decided to throw off the shackles of employment, and started my own business. This is going to be a slight problem in terms of finding a loan, cause I don't have 2 years P/L or tax returns for the business.
We're getting something approaching success with an ANZ business broker, who tells me they CAN do it.. which gives me a bit of heart.

So.. I'm after a broker who might be able to assist, so we're not looking only at one option, with one main bank..

Sound like something someone may be interested in?

WB

A BIG one is

what LVR do u need ??

and a slightly smaller one is

and who do u do your transaction banking through ?

ta
rp;f

 

[Peter_Tersteeg]

ANZs main requirement is that they only need 1 year of tax returns for SE. It's a point of difference that not many other lenders can match, so this may make them one of your better options.

Whilst their rates aren't the absolute best, they're pretty compeditive. Just make sure the business banker doesn't put you on business products.

 

[TheCamel]

LVR, we're assuming 90%. obviously at that level we're gonna get stung with LMI.
I'd love to be 80% or lower, but.. it's not likely.
personal transaction through NAB, and business accounts through ANZ....

 

[Aaron_C]

Hmm a 90% lend on this will be very, very difficult. Most likely the ANZ business broker is lying to you...they always say 'they can' just to get you through the door, then string you along. Happened to someone I know and it's just ridiculous the porky pies these 'brokers' tell you.

I suggest you talk to one of the brokers here like Peter (PT_Bear) and talk about your options with him. He'll tell you whether it's possible or not so you don't waste your time...

 

[Rolf Latham]

LVR, we're assuming 90%. obviously at that level we're gonna get stung with LMI.

LMI is ur best friend !

When u dont need it , because funny enough, the insurers are quite ok with it

ta
rolf

 

[Marty McDonald]

LMI is ur best friend !

When u dont need it , because funny enough, the insurers are quite ok with it

ta
rolf

Less than 2 years is a no go with anz. They only want 1 years figures but policy is 2 years trading minimum and they check abn and gst history.

If its IT work you may be better of trying CBA especially if you can win a "contract" but if it's a full on new business you should wait anyway because
a) you won't get the money I don't think and more importantly b) isn't that the right thing to do before you committ to a 90% loan?? It can take 3 years to get a decent business up and running from scratch with stable cash flows. I know there are exceptions.

 

[TheCamel]

i've had the ABN for 2 years.. will see what anz come back with anyway, then might consider cba

 

[Aaron_C]

i've had the ABN for 2 years.. will see what anz come back with anyway, then might consider cba

Hmm I think this will not end well. You'll end up with 2 credit checks within the space of 1 month with nothing to show for it.

 

[Mick C]

i've had the ABN for 2 years.. will see what anz come back with anyway, then might consider cba

Dont know if you can get 90% LVr...but 85% with no LMI ( instead you pay a risk fee to the lender) is do-able.

If you can provide one of the following (the more the better...but i know it's not always possible);
1. Accountants declaration
2. 6 Month BAS
3. 12 month Trading statements

85% Low doc funding is not cheap, the higher the LVR the more expensive it becomes .

Regards
Michael