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Home Loan Experts

Home Loan Experts Questions & Answers

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12 questions from our users

Mia P

Mia Pasked

My husband is retired and I am 60 and work full time. Our home is fully paid for. What is the likelihood of being approved for a $60,000 home equity loan? Looking to pay minimal monthly repayments for 5 years then pay the loan out when I retire at 65. We have no other loans.

No answers
Bobby M.

Bobby M.asked

Dear Home Loan Expert,

Do your company can give mortgage/loan for foreigners (non-PR) who bought Australia property such as Indonesian ?

Thank you

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Thank you for your query Bobby. Could you please email us at feedback@homeloanexperts.com.au and provide us your details, then we can contact you. We can assist foreigners who are looking to buy in Australia or have property in Australia but there are many other factors to consider before our brokers can advise you. Once we get your details, our non - PR expert broker can call you to discuss your situation.

jesss999

jesss999asked

Selling our home but in debt for ourr credit card.. it's overdue. We will have 200thousand deposit once we sell pay ourdebts off. Owneverything and always pay rent on time.have 3 kids I work full-time casually and my husband works as a subcontractor looking to buy a house in qlds around 650thousdand. How long after we pay the overdrawn credit card off could we apply for a loan?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi Jess
Some of our lenders would be ok with you buying a house right away. They all take a different view of missed payments. Some want to see 2 years of clear repayments on your credit card as they can see this on your credit file. Some want 3 months. Others are fine with 1 month or it still being late. The main issue is likely to be your husband's employment as subcontractor (self employed contractor) is usually viewed in a similar way to someone running a full business. Some lenders are ok if he has been doing this for at least a year and others want to see at least two years in this structure. I'd recommend that you call us on 1300889743 and ask for someone who specialises in unusual employment and they will be able to let you know what to do. The late payments aren't a major concern to me as you have a large deposit.

Jas

Jasasked

Hi, I've heard it's difficult for contractors (with their own abn) to get a home loan. My partner and I wish to obtain a home loan, and we already have 20% ready. He is a veterinarian (contractor) and I'm in a full-time job. Are there severe limitations in terms of borrowing capacity and lenders available, for our situation?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi Jas,
We have options for both PAYG and self employed contractors. Vets are also a preferred profession with some of our lenders so we can often present a case and get a self employed contractor vet approved with more lenders than are normally available for someone with this employment type. Given the size of your deposit I expect it will be easy to get your loan approved.

hariram

hariramasked

I have a 2BHK flat in greater Noida and I have taken possession of this flat but registry is pending.
Can I avail housing loan on this property?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi Hariram
We're specialists in Australian mortgages. It looks like this property is outside of Australia so we are not able to assist.
Best of luck with your loan application

Macelia59

Macelia59asked

Is it possible for a 60 year old to get a 95% loan for a $200k home in a Category 1 location (Toowoomba, QLD)? I have no dependents, I have good credit, I have owned homes before, and I'm on a good income (over $90k)? I want a 10 year loan and can use my super as exit strategy if necessary.

No answers
Thomas

Thomasasked

Do mortgage brokers charge a fee?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Thank you Thomas.
In most cases, no, mortgage brokers don't charge a fee. We're paid by the lender for getting you approved for a home loan. To be specific, brokers are typically paid an upfront commission and trail or ongoing commission for the life of the loan.
The only time a broker may charge a fee is if the loan amount that you're borrowing is low (generally, under $200,000), you have a complex situation, such as a bad credit history or due to your residential status, or the nature of the loan is challenging, such as buying a property in a complex trust structure or when buying a commercial property.
The easiest way to find out is to make an enquiry with us by calling 1300 889 743 and telling us about your situation.

Dreamer

Dreamerasked

in a situation of having credit card loans that we are still paying off and see no end to it but we pay our rental income on time pay on bills on time, wanted to know if this is possible for us to get a home loan as we can proof we are paying our rental on time but not with much savings. Trying to find a solution that will allow us to keep paying off our debts but at the same time own a unit of our own. Do not dare to try the banks as i believe we will be knocked back hard.

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi
It may be possible with a guarantor loan (i.e. parents using their property to guarantee your loan) however you may not qualify if you have too much in credit card debt. As a general rule you should pay off your credit card debts before buying a home. It takes hard work and sacrifice but it's important that you are in a secure financial position before you take on more debt.

MimandVin

MimandVinasked

I am Australian and own a property in Perth worth $350,000 that I have been using as an investment property for rental. I am living in Los Angeles and just married an American Citizen. We want to borrow another $400,000 and buy a place that we will eventually live in, but will rent it out for a few years. What are the steps and protocol to do this. Do I need to add him first to my property as partner and owner? I only have borrowing capacity for about $70,000 by myself, but he has assets in America. Will we be successful to get a loan if his assets are not in Australia, and would we need to apply both as citizens. Kind regards.

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi
This situation is complex as many lenders want both applicants to be Australian citizens or for the Australian to be the primary income earner. We'd need to assess your situation on a case by case basis and then we can be sure what options are available to you. You can enquire here and one of our non-resident lending brokers will contact you to discuss https://www.homeloanexperts.com.au/free-quote/

Ami

Amiasked

Hi there,

I am an Australian Citizen and would like to know if my DeFacto British Fiance and I can purchase our first home as an investment property with a 15% deposit? He is currently on a bridging visa and has been on it for 8 months so far and has applied for the 820/801 PR.

Warm Regards,

Amy

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi Amy,
Thanks for asking. You can definitely qualify to buy a home together. An investment property would be on a case by case basis and would likely be approved assuming that everything else in your situation was acceptable to our lenders. Please call us on 1300 889 743 and ask for Tim or Jef as they are both experts in lending to temporary residents.

J T

J Tasked

My son is a PR and has a home loan already. He wants to buy a investment property at the moment. I am a foreign citizen living overseas. Can I use my overseas income to guarantee him to get a investment loan?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi JT,

If you were to provide your income to support his application then you'd only qualify for more expensive foreign investor loans. This would mean you'd pay as much as double the interest rate.
It's best if we discuss with your son and see what options he has available based on the income that he can prove himself.

We specialize in home loans for Permanent Residents and would gladly assist your son with a full free assessment for his loan options. Would you be able to help us with his contact details or simply have him call us on : 1300 889 743.

Julie

Julieasked

Can I get a home loan to build on my son's land?

1 answer
Home Loan Experts
H.L. E.Home Loan Experts

Hi Julie,
You can do the following:
- Borrow against property in your name to build on land in your son's name
- Buy a small percentage of your son's land (say 15%) and then borrow in both of your names to build on that land
- Your son can borrow on his land and you can assist him with the repayments
You cannot do the following:
- Get a loan secured on his land when you are not an owner
- Get an unsecured loan
I hope that helps. There's some info about this here, although it's not directly related to your question
https://www.homeloanexperts.com.au/investment-loans/joint-ownership-of-an-investment-property/

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