Self Employed No Credit History and Sorted a Mortgagee
Nov 16th 2004, 7:14 am
#1
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Self Employed No Credit History and Sorted a Mortgagee
Just thought I'd better post this for anyone considering working for themselves here.
After traipsing around all the building societies banks and various other financial institutions we found that without 2 yrs books no one would lend us a cent. We had already bought the land outright and still we were a high risk
.
Today we started a job for a new customer, he's a mortgage broker, we explained the situation he rang around and has got us a mortgage sorted using just our ABN number and the fact that we own the land we wish to build on. He seems like a decent bloke and the deal we have seen is better than the banks could offer us after we had fulfilled the 2 yr req. As you can imagine we're very relieved and can now go ahead with our house construction as soon as we wish
.
I'm sure there will be a downside to using him so we will be checking out the offer with our solicitor before we commit to it
. Could be that I'm being over cautious or just plain cynical but things don't fall into my lap very often, I've usually worked bloody hard for it to happen.
After traipsing around all the building societies banks and various other financial institutions we found that without 2 yrs books no one would lend us a cent. We had already bought the land outright and still we were a high risk
.Today we started a job for a new customer, he's a mortgage broker, we explained the situation he rang around and has got us a mortgage sorted using just our ABN number and the fact that we own the land we wish to build on. He seems like a decent bloke and the deal we have seen is better than the banks could offer us after we had fulfilled the 2 yr req. As you can imagine we're very relieved and can now go ahead with our house construction as soon as we wish
. I'm sure there will be a downside to using him so we will be checking out the offer with our solicitor before we commit to it
. Could be that I'm being over cautious or just plain cynical but things don't fall into my lap very often, I've usually worked bloody hard for it to happen.
Nov 16th 2004, 7:22 am
#2
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Re: Self Employed No Credit History and Sorted a Mortgagee
Originally Posted by cresta57
Just thought I'd better post this for anyone considering working for themselves here.
After traipsing around all the building societies banks and various other financial institutions we found that without 2 yrs books no one would lend us a cent. We had already bought the land outright and still we were a high risk .
Today we started a job for a new customer, he's a mortgage broker, we explained the situation he rang around and has got us a mortgage sorted using just our ABN number and the fact that we own the land we wish to build on. He seems like a decent bloke and the deal we have seen is better than the banks could offer us after we had fulfilled the 2 yr req. As you can imagine we're very relieved and can now go ahead with our house construction as soon as we wish .
I'm sure there will be a downside to using him so we will be checking out the offer with our solicitor before we commit to it . Could be that I'm being over cautious or just plain cynical but things don't fall into my lap very often, I've usually worked bloody hard for it to happen.
After traipsing around all the building societies banks and various other financial institutions we found that without 2 yrs books no one would lend us a cent. We had already bought the land outright and still we were a high risk
.Today we started a job for a new customer, he's a mortgage broker, we explained the situation he rang around and has got us a mortgage sorted using just our ABN number and the fact that we own the land we wish to build on. He seems like a decent bloke and the deal we have seen is better than the banks could offer us after we had fulfilled the 2 yr req. As you can imagine we're very relieved and can now go ahead with our house construction as soon as we wish
. I'm sure there will be a downside to using him so we will be checking out the offer with our solicitor before we commit to it
. Could be that I'm being over cautious or just plain cynical but things don't fall into my lap very often, I've usually worked bloody hard for it to happen.
Nov 16th 2004, 7:57 am
#3
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Re: Self Employed No Credit History and Sorted a Mortgagee
Originally Posted by HiddenPaw
If you got an interest rate lower than the bank, that's brilliant!! Just out of interest, did you try somewhere like Liberty Financial or Bluestone? They are specialist lenders who deal with low-doc borrowers, including new migrants.
However the guy is part of the Mortgage Force group they're accredited with MIAA I'm just searching google at the moment for more info on them
Nov 16th 2004, 8:15 am
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Re: Self Employed No Credit History and Sorted a Mortgagee
Originally Posted by cresta57
I deleted the last paragraph of the post as I'd named the company and wanted to know more about them before I commit myself.
However the guy is part of the Mortgage Force group they're accredited with MIAA I'm just searching google at the moment for more info on them
However the guy is part of the Mortgage Force group they're accredited with MIAA I'm just searching google at the moment for more info on them
Good luck with the house build
Nov 16th 2004, 9:43 am
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Re: Self Employed No Credit History and Sorted a Mortgagee
Thanks for the info, I work agency over here and may have to do so down under at first and it was a question I was thinking of posting as we hope to have maybe 70% of our purchase price but will need the other 30%.
Good luck with the build anyway!
Good luck with the build anyway!
Nov 16th 2004, 10:05 am
#6
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Re: Self Employed No Credit History and Sorted a Mortgagee
Cresta, if it works out let us know who the company is - we are still hitting brick walls cos of the combination of very small deposit and temp visa.
The last place The Bloke tried - Aussie Home Loans - laughed at him and said he should've married a Kiwi as they can borrow, but a Brit on a temp visa? Forget it!
The last place The Bloke tried - Aussie Home Loans - laughed at him and said he should've married a Kiwi as they can borrow, but a Brit on a temp visa? Forget it!
Nov 16th 2004, 10:14 am
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Re: Self Employed No Credit History and Sorted a Mortgagee
Agree with everyone else Crest...keep us posted.
Mick and I have just bought a small house as an investment. The only way we could do it, without the 2 year accounts was to put down a third of the house price. Be very interested in an update.
Cheers
Sandra
Mick and I have just bought a small house as an investment. The only way we could do it, without the 2 year accounts was to put down a third of the house price. Be very interested in an update.
Cheers
Sandra
