Hi guys, I am interested in applying for a home loan. I have $100,000 deposit for a $250,000 home.
I do casual work harvesting fruit. Am I likely to be approved? My income varies considerably from year to year depending on how much I choose to work. I already have bank accounts with ING and Ubank.
Who would you recommend?
Thanks.
Any recommendations?
Chat to the crew at Finspo. They’re super knowledgeable!
Cheers.
Without knowing the circumstances and figures, I would say major banks - likely no. Pepper, RedZed, Resimac, etc who specialise in specialist loans would, depending on how much and all that but expect a higher interest rate.
Also is the variable interest rates a trap and is there any way to avoid it with coming rate rises?
fixed mortgage
is it a trap, not really as can go up or down, you either fix higher at an amount your comfortable with or accept it goes up or down, more likely up from now on so cater for it going up another 3%.
be wary that should fixed rates go down and you bail on your loan you will pay the difference in fees
do you need an offset, if so that rules out mos't fixed mortgage and cheaper variable rates, but given your figures I think a cheap variable facility is the go anticipating it will go up another 3% in next few years.
if you have 100k for 250k loan, i'd try put down 50-80k as deposit so you have a buffer
Where you buying a home for $250k? Just curious.
I do casual work harvesting fruit.
I'm guessing either Goulburn Valley or the Mallee region.
autonomate created and maintains a spreadsheet of every home loan rate (and cashback where applicable).
Def speak to a broker