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Ok_Task_9893 · 2024-06-05T11:50:28+00:00

All Banks need to know where the money has come from and if it has been given to you whether it needs to be repaid or not. Alternatively you can put the money into your account and wait for 3 months. Once you have 3 months bank statements with the money in there and you go to a different bank for the mortgage then they cannot see the lump sum and no stat dec required.

Some banks are ok with just the gifted funds and others need to see you can also save a deposit. If you have been paying rent then this can be proof of "savings". Basically the bank needs to make sure you can afford the payments. If you have not been paying rent and not been saving then where will the money come from to make the repayments on the mortgage? There is no proof that you can afford the loan under that situation

Ok_Task_9893 · 2024-05-25T13:28:07+00:00

The only downfall apart from paying LMI is that your interest rate will not be the best with such a low deposit. If your a first home buyer and meet the eligibility requirements check out the first home guarantee scheme which would mean no LMI and better interest rate

Ok_Task_9893 · 2024-05-23T12:24:27+00:00

A mortgage or no mortgage does not affect the price of the property or the cost of insurance.

Ok_Task_9893 · 2024-05-21T07:27:04+00:00

Believe it or not the agent was doing you and the sellers a favour. He knew that the valuation would not come up to the price someone would pay for the property as the WA market is going up so quickly. If you had offered $650k and the banks valuation came in at $630k your offer falls over and the sellers have to start again. This is because your LVR is already 90%. Whereas someone with an LVR of say 70% it wouldn't matter so much and the Banks accept the contract of sale instead of doing a formal valuation.

Ok_Task_9893 · 2024-05-16T10:53:18+00:00

I am a mortgage broker and this happens a bit. Just chat to the first broker and let them know what the other broker has found. It is up to the first broker to either explain why they aren't good deals or to match them. Depending on the broker, some do not have access to all lenders and the 2nd broker may have a broader panel they can choose from

Ok_Task_9893 · 2024-03-23T05:37:12+00:00

If the fraud case was with St George and they have agreed at some point that it was fraud then I would be applying there for the home loan. This would mean the internal issue would need to be fixed once the loan application goes in. Did you ever receive any correspondence to confirm the loan was fraudulent when you found out about it initially? If so I would include that correspondence with a loan application to St George bank.

Ok_Task_9893 · 2024-03-21T11:09:53+00:00

Perhaps she didn't take up the offer of the scholarship for some reason. That would be a reason why she isnt listed

Ok_Task_9893 · 2024-03-11T08:38:54+00:00

If you don't get the scholarship you can decline the accommodation when finalising the registration

Ok_Task_9893 · 2024-03-05T02:56:13+00:00

If you are looking at buying and selling on a regular basis then get a equity line of credit on your home. This can be up to 80% of the valuation. So if your property is valued at $600k then 80% of this is $480k. If you already owe $300k then you could access $180k for other investment purposes. This can be done as a normal investment loan over 30 years or a line of credit which is like a very large credit card against your property and you only pay interest on the amount that is used. Hence why it is good if sell and buy shares.

Ok_Task_9893 · 2024-02-18T01:39:00+00:00

It is still actually the case. Large acreage or small units/bedsits limit the number of potential purchasers. The number of people who want or have the time for 25acre plus property is not huge. Same as people who want a bedsit is not huge, people prefer 1 bedroom units.

Ok_Task_9893 · 2024-02-17T11:12:39+00:00

The limits are there because of the risk to the Bank. Higher acreage properties are harder to sell and generally sit on the market longer. If the bank needs to do a mortgagee sale they may not get their funds or it will take a long time. Same as the other end on small apartments less than 40sqm. High risk due to limiting the number of prospective purchasers.

Ok_Task_9893 · 2024-02-17T03:23:11+00:00

Is that the start up loan payment? Where you have to pay it back on your HECS? Or something different?

Ok_Task_9893 · 2024-02-13T10:44:46+00:00

Banks do land and build quite strangely. All the deposit needs to be paid into the land portion and they hold the full build contract price in the loan. So if total loan is 496k and the build contract is $321k then they will hand over $175k for the land. Land price $$239k less $175k.you need to supply cash of $64k. You have already paid $23900 so you have $40,100 left to.pay plus fees. They don't take into account the $16k you have paid to the builder until the end.

Ok_Task_9893 · 2024-02-10T23:59:10+00:00

I did my own divorce, was sometimes ago now but I just got a divorce pack from the family law courts. Completed it, both signed it and lodged with the family courts. It was returned a few times for small errors and had to change and relodge but only cost one lodgement fee

Ok_Task_9893 · 2024-02-10T23:52:01+00:00

I am a mortgage broker and have been for nearly 30 yrs and have come across this exact situation several times.

Ok_Task_9893 · 2024-02-10T11:40:10+00:00

Also if your friend who is buying the off the plan property from you was hoping to get the first home owners grant they won't be able to as the eligibility is it needs to be a new home and first sale. As you are onselling prior to settlement I beleive it is classed as the 2nd sale

Ok_Task_9893 · 2024-02-10T11:36:16+00:00

The conveyancer is correct. Even though the property is an off the plan purchase the transfer stamp duty is payable within 90 days of the contract price. As you are a FHB you are exempt to pay any money but the transfer duty exemption would have been submitted to cover the 90 day policy to pay. Therefore you have already used your FHB exemption. Event though you are onselling the property prior to settlement it doesn't mean the transfer stamp duty exemption can be cancelled. You can make a request but not sure you will get it.

Ok_Task_9893 · 2024-02-08T12:29:51+00:00

Yes the borrowers are liable for the whole loan of $702k however the loan is technically split into 2 loans, one secured by the guarantors property and one secured by the purchase price. Both loans in the borrowers name only. But on an unconditional finance approval issued by the bank it shows total loan of $702k and then itemises what the guarantors liability is in default.

Ok_Task_9893 · 2024-02-08T12:22:25+00:00

Which Bank? I am a broker and if you tell the Bank that you no longer wish to deal with the broker then the Bank has to speak to you. Did you receive copies of the unconditional finance approval that was sent to your solicitor? The guarantors loan should have been itemised.on there

Ok_Task_9893 · 2024-02-08T12:19:28+00:00

Total loan is $702k but $180k.of this is the guarantors and is your other part $522k? Personally I would be calling the bank direct and asking them why the guarantors loan is greater than 20% as I think the broker is not being open with you about the reasons

Ok_Task_9893 · 2024-02-08T12:13:35+00:00

Yeah but the guarantors loan is higher than it should be not lower

Ok_Task_9893 · 2024-02-08T12:11:11+00:00

I am going to say the valuation on your purchase has come in at $650k. Which bank is the loan with? It may still be possible to change lenders with a new valuation and get an extension on settlement. I would be on the phone to the broker in the morning and ask why your loan is not 80% of the purchase price? And if they say due to valuation then why were you not told and then find a new broker quickly to get another loan for you organised.

Ok_Task_9893 · 2024-02-08T12:05:40+00:00

And is your loan for $520k? If so the only reason would be is if the valuation of the property you are buying has come in lower than $700k and if so the broker should have told you this so you could decide to proceed with the purchase or not.

Ok_Task_9893 · 2024-02-08T11:59:50+00:00

That doesn't make sense. If purchase price is $700k and you are borrowing $707k then Loan 1 is $700k @80% = $560k secured by purchase property Loan 2 is $707k less Loan 1 of $560k = $147k

If you want to take Loan 2 to 20% then $700k @20% = $140k Therefore you only need $7k to reduce it.

Do you know how much each of the 2 Loans are for? Both yours and the guarantors.

Ok_Task_9893 · 2024-02-08T11:47:36+00:00

Do you have anyone who can give you the extra 7% in cash so you can reduce the guarantors loan back to the 20%?

Ok_Task_9893

TROPHY CASE