Mortgage Issues ! Anyone help please??
Jan 18th 2011, 6:10 am
#16
Forum Regular
Joined: Jan 2010
Location: Adelaide
Posts: 39
Re: Mortgage Issues ! Anyone help please??
It's a bit of a strange situation this one.
Generally permanent residents/citizens can borrow up to the maximum LVR's offered by Banks (subject to of course deposits etc) and temporary residents can borrow up to 80% (as mentioned due to lenders mortgage insurance (LMI) policy not insuring temps).
However the permanent partnered with temporary seems to have split policies dependant upon Bank.
Some Banks/lenders will restrict to 80% borrowing, others will go higher but only accept the permanent residents income for servicing and others will offer normal LVR's ie 90%-95%.
Possibly to do with which of the two Lenders Mortgage Insurance company the particular lender uses.
Regards
Andy
Generally permanent residents/citizens can borrow up to the maximum LVR's offered by Banks (subject to of course deposits etc) and temporary residents can borrow up to 80% (as mentioned due to lenders mortgage insurance (LMI) policy not insuring temps).
However the permanent partnered with temporary seems to have split policies dependant upon Bank.
Some Banks/lenders will restrict to 80% borrowing, others will go higher but only accept the permanent residents income for servicing and others will offer normal LVR's ie 90%-95%.
Possibly to do with which of the two Lenders Mortgage Insurance company the particular lender uses.
Regards
Andy
Jan 19th 2011, 12:19 am
#17
Forum Regular
Joined: Sep 2007
Posts: 160
Re: Partner visa 801/820 = Difficult getting a mortgage!
Bankwest have been superb in this sort of thing. Try them!
Jan 19th 2011, 6:48 am
#18
Melbourne - NE suburbs
Joined: Jun 2008
Posts: 1,032
Re: Partner visa 801/820 = Difficult getting a mortgage!
The reason why we have a low deposit is that we have fully furnished our home, bought 2 cars out right, payed for ours visa, payed for shipping, flights and everything else to get here out of our OWN pocket. No loans, no credit cards no financial assistance ! We DO have money for emergencies in a separate account and not that I have to explain but rather than spending money on a wedding first we would prefer spending it on getting our house!
I would have thought that is how the majority of us come out here. Maybe I am being naive ?
Jan 19th 2011, 1:53 pm
#19
Forum Regular
Joined: Aug 2009
Posts: 111
Re: Partner visa 801/820 = Difficult getting a mortgage!
Steve2009 - Why is that nonsense? why are you questioning their maths skills? My reading of their claims is that they see people who are told that the maximum loan they can achieve is 80% LTV, they have then helped these people get loans of up to 95% LTV. Hence the 15% more, pretty basic maths that one.
Jan 20th 2011, 2:05 am
#21
BE Enthusiast
Joined: Aug 2009
Posts: 576
Re: Mortgage Issues ! Anyone help please??
I wouldn't recommend buying a house now with falling property prices, it would be best to continue to rent and save the difference.
Jan 20th 2011, 10:05 pm
#22
BE Enthusiast
Joined: Mar 2009
Location: SE suburbs,Vic
Posts: 828
Re: Mortgage Issues ! Anyone help please??
Its a sad that no policy seem to favor first home owners and the poor section of the society.
