warwick road

It seems the idea of competition hasnt caught on amongst the financial institutions of Australia yet.......

Anyone managed to get a mortgage while self employed or agency employed? If so, off who?!?!?

JaneandJim

We've been told by our financial advisor that it won't be a problem as so many here are on short-term contracts. We have a 75% deposit though, so that probably makes a difference. HSBC are one of the lenders he mentioned.

Jane

MikeStanton

I did - but, it was back in '92. It was from Colonial Bank (now owned by Commonwealth Bank). They required 3 years of accounts.

Today it's probably much easier because of the increased competition - might be worth you trying places like Aussie Home Loans or Wizard. The larger banks tend to be less flexible (ie more conservative).

cookies

I'm on a 3 month contract and this was fine for the Commonwealth Bank of Australia to give me the mortgage I wanted.


Steve

ABCDiamond

Many lenders now do Low Doc or even No Doc loans. You basically tell the lender how much you earn, but you don't need to prove it . The interest rate may be a little bit higher though.

userjay

more or less the same thing as we have here.
self cert mortgages,you do get charged a higher rate,but stick whith it & you can then shop around

Centurix

Last time I did this I had to supply a ton of account statements, a profit and loss and balance sheet. Took me ages to draw it up properly. That was ANZ in 1995. Then there was an interview with the 'bank manager' followed by 2 weeks of agonising waiting, followed by me closing my accounts with ANZ out of disgust, going to a credit union and getting the loan I needed almost immediately, with just bank statements to show my income. PowerState C/U in Adelaide, they were awfully nice.

keel

I went to westpac 3 weeks ago asking for a mortgage and was told there was no chance as I've been doing agency work for the last 7 months.

I start a new job on tuesday and the boss has said he would give me a letter saying that I will be employed full time but on a months trial. I've spoken to a mortgage broker he has said I can get a mortgage with this through citybank because I'm putting 30% deposit but I havn't seen the details of the package yet.

Keel

Vicky88

Don't waste you time with the big boys, there are some out there who will take all your facts into consideration before making a decision. What you are after is a non-confirming loan. Following is a list of those who featured in Money magazine for April.

www.bluestone.com.au
www.collins-securities.com.au
www.gemortgages.com.au
www.interstar.com.au
www.liberty.com.au
www.morganbrooks.com.au
www.mortgagehouse.com.au
www.pepperhomeloans.com.au

warwick road

dont suppose u know a link to their website? cheers...

Caroline G

Slightly off the subject.

Does anyone know what the Australian lenders view is if you own a property in the UK which is paying for itself i.e. Let out and rental covering mortgage payments. Then want to get a mortgage to purchase a property in Australia.

Will they lend? Would your income have to cover both mortgages (just in case you had no tennants for a while)