Suggestion for Home Loan Broker?

Lkokartoa1 on 16/08/2018 - 12:49

My settlement is coming up in 1-2 months and I was just declined on my direct application, so I need a broker fast to help me secure the loan.

What I need:
- 80% LVR taking into account FHOG (NSW)
- generous valuation (at least at cost because I heard some banks are valuing really low in current climate)
- allows 1 name on title, 2 names on loan (married)
- allows income from casual work less than 12 months with multiple employers (previously 2 years full time in same line of work)
- 100% offset with 2 offset accounts/debit cards (1 may be fine, but preferably 2)
- bonus/cashback offer will be great
- low rate, preferably in the 3.5% - 3.6% range

Any suggestions for a good broker to assist in finding suitable lender?

Thank you

Financial

Comments

  • dcep on 16/08/2018 - 12:58
    +2

    this is the culprit, single casual income

    "allows income from casual work less than 12 months with multiple employers (previously 2 years full time in same line of work)"

    • kokartoa1 on 16/08/2018 - 13:14

      Yes, they did mention this, but even without claiming income from all employments, I still will be able to service the loan. It is just the less than 12 months that they would not budge on, even though I can show prior full-time employment in the same industry (different employer).

      • Ughhh on 16/08/2018 - 14:00
        +1

        Even if you were earning $500 a day, your circumstances kinda shows unstability.

      • HighAndDry on 16/08/2018 - 14:08
        +3

        They don't care all that much about how much you're making this instant. They care that you'll be making that amount for the next 30 years.

  • skaschmidt on 16/08/2018 - 13:57
    +1

    Hey, get in touch with this guy:
    http://www.loans4homes.com.au/

    He used to work for Rams and helped me out A LOT when getting my first home, then I stuck with him when he started his own business and I was getting my next place because he was top notch. We works out of Sydney, and even though I'm in Adelaide he was always able to keep on the ball with things.

    His name is Luke, super nice guy, tell him Dan from Adelaide told you to give him a yell. Good luck.

  • chumlee on 16/08/2018 - 14:05

    Cart before the horse hey.

    I don't know any brokers but I wish you luck and hope it works out ok

  • Dean29 on 16/08/2018 - 14:18

    Why would you want 1 name on title but 2 on the loan?

    • kokartoa1 on 16/08/2018 - 14:36

      From various online borrowing power calculators, I found the 1 income will be just under the serviceability needed for most lenders.

      • Dean29 on 16/08/2018 - 16:41
        +1

        But if you are married wouldn't there be 2 names on the title?

      • [Deactivated] on 17/08/2018 - 11:00

        I think the question was why aren’t both people on the loan also on the title?

        If you are applying with only one income this will be a big part of the approval problem, especially if it’s casual work.

        • Sweetnsour on 18/08/2018 - 20:08
          +1

          Could be FHOG. If one person on the title isn't eligible for FHOG, then second person can't claim it.

    • onevstheworld on 17/08/2018 - 15:43
      +1

      In NSW it's actually beneficial for couples to have only one name on title, especially when it comes to investment properties. The land tax threshold is not pro rated between two people. E.g. if land value is $200k, if title is in both names, each person is considered to have 200k each towards their individual thresholds, not 100k each.

      The banks are usually ok with one name on title but 2 on loan. This allows both incomes to be considered. The bank still has full security on the property so it doesn't increase its risk.

      AFAIK in the case of divorce, having one name on title doesn't disadvantage the other party either. Family court will consider the circumstances of the purchase and divvy the assets accordingly.

  • Adz81 on 16/08/2018 - 14:21

    This guy helped me out when one of the big banks turned me down. Super easy to deal with.

    David Smith
    t. (07) 3177 1138 | 0410571970
    e. [email protected]
    w. www.rumblefinance.com

    • miwahni on 16/08/2018 - 21:42
      +1

      I used to work with this guy - he and I have the same Big Bank background. Very easy to work with - give him a call.

      • Adz81 on 17/08/2018 - 14:22
        +1

        Hehe, small world. Yep, I was well happy with his work.
        And the follow up even after the deal was done (IE: checking in a few months later just to see how it was all going, a message on my birthday), nice little touches.

  • tsunamisurfer on 16/08/2018 - 15:41
    +6

    So you want the bank to be :

    • 80% LVR taking into account FHOG (NSW)

    Generous with the way they calculate LVR. Many want real savings.

    • generous valuation (at least at cost because I heard some banks are valuing really low in current climate)

    Generous with valuation to suit you.

    • allows income from casual work less than 12 months with multiple employers (previously 2 years full time in same line of work)

    Generous with the way they consider income to service the loan.

    • 100% offset with 2 offset accounts/debit cards (1 may be fine, but preferably 2)

    Generous with providing multiple offset accounts.

    • bonus/cashback offer will be great

    Generous with rebates.

    • low rate, preferably in the 3.5% - 3.6% range

    Generous with interests rates considering your recent work history, and struggling to get 80% LVR without taxpayer help.

    I can understand why banks don't want your business.

  • TimOfEastBNE on 17/08/2018 - 10:35

    I used a broker, who was recommended to me by a relative who had used him twice. He's a nice guy and can assist you wherever you are…

    Valdis Romanovskis
    PO Box 863 | Brighton SA 5048
    t. 0412 525 378 | 0412525378
    e. [email protected]
    w. www.vvrfinancialsolutions.com.au

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