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  1. #1
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    Default home loans

    we are looking into buying into wollongong greater area we are looking at the price range of $480,000 or below i know a bit hard but hopefully doable.

    Ideally brick, must 3 bedrooms. lock up garage. a little bit of yard is preferable. although its quite looking like a court yard is all we can afford. And maybe fibro or weatherboard. (yuk) but its looking like thats about all we can afford.

    We only have $20k in the bank. my hubby is self employed for 3 yrs and I have been casual for 3 years in one job and casual in another for 6 months. I am about to apply for a permanent part-time position.

    we want to get one already tenanted to move in later. Can we ask real estates if they have any on the books in the price range? or is this a no no.

    How would we improve our chances of getting a loan.

    we are going to cut out pay tv, get cheaper internet. Cut DD activities thats already a saving of $1600 a year. Any other tips its now or never!!

    I am trying to find an easier way of finding deceased estates too. I know they are cheaper. usually. or private sales? But if we go private sale can you get loans for that?

    Any advice is appreciated! !!!!!!!!!

    im quite sad knowing our dream of owning could be a falsehood.

  2. #2
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    Default home loans

    The best chance of getting a loan is having at least a 20% deposit plus your stamp duty so on $480,000 so you would need approx $120,000 - you might get one on 10% deposit but being self employed I'm sorry it will be tough so you might have to try save some more or if you have any relatives that can lend you the deposit would be great!

    Have you spoken to the bank or a broker to see what you can afford and what their lending criteria is?

    You can definitely call the agents and ask to be put on their databases but there is no point looking or talking to agents until you have pre approval and know what you can borrow as most will ask you this and if you are in a position to sign a contract ASAP if they have any off market stock

    The majority of properties in the Wollongong area are for auction, definitely the majority of deceased estates are also auctioned so I'm not sure why you think they are cheaper? In my experience the private sales are the most unmotivated ones and seem to be overpriced
    Good luck!

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    bezzy  (14-12-2016)

  4. #3
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    We got a 95% loan through st george for our last place. If you've been paying rent they'll also take into account your rent payments as "genuine savings". So are there are definitely ways to do it, and reputable banks that will lend to you on a higher lend to value ratio (LVR), I worked in this area in finance for about 5 years and it's not at all uncommon. Just bear in mind though that if you're borrowing over 80% of the property value you will have to pay Lender's Mortgage Insurance, which can be quite a lot of money. The last lot we paid was about $8K. This is a non-refundable amount too.

    I'd suggest you talk to a mortgage broker or bank to get a better idea of exactly what will be involved for your circumstances and what will be involved financially.

    Best of luck!

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    babyno1onboard  (13-12-2016)

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    Default home loans

    I think the reason you'll have a harder time than some is the that your husband is self employed (he'll need to supply his last few tax returns) & you are casually employed so I'd assume income can fluctuate. Can you work full time for a year to a) build up your deposit (I know from first hand experience how hard 20% can be to save) and b) provide stable income?

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    We can rent cheaper in Wollongong so we will do that and save like mad! Wollongong here we come in 2018

  8. #6
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    Hi!
    I'm a mortgage broker
    Your husband being self employed won't be an issue as long as you can provide 2 years tax returns and Notice of Assessments and he's declaring a decent income.
    Most lenders prefer casual employment to be 12 months plus in the same role. Permanent part time you'll need to be out of probation.

    You can borrow 95% (and capitalise mortgage insurance) with 1 lender so essentially you only need 5% plus your stamp duty costs.

    You'll need to have your 5% and stamp duty in order to apply for a preapproval and I wouldn't recommend looking too much until you have that.

    If you have an questions, feel free to pm me

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    MysticFalls  (16-12-2016)

  10. #7
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    Ok so we are near that so blooming heads down and bottoms up NOW!

    I'm going for a permanent part-time to full-time job. To gain more hours and more pay. But it's only temporary to cover maternity leave. But it will bring in more money. Shame it wasn't permanent cause it's a ward that with only two days where I can't work, they are happy to work with me on that


 

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