Lo doc home loans

Lo doc home loans

Are you a self employed person? Self employed people can sometimes have difficulty to provide all of the required documents to prove their income to bank or lender for a full doc home loan. This can mean that without the required documents they are unable to get a full doc loan. However, they may still be able to get a lo doc home loan.

This can be an advantage for self employed people who do not have all the required docs but still want a home loan. This can be advantageous especially in a hot property market.

Lo doc home loans can also be useful for some self employed people who have variable incomes or have had an unusually low income year. If the latest year’s income will not typical income, a lo doc home loan can help self employed people to get the home loan they want. Lo doc home loans are usually a bit more expensive than full doc home loans. However, despite being more expensive lo doc loans can be obtained earlier than full docs where the applicant would have needed to wait for the required docs. Then when the full docs are available the they can upgrade to a lower cost full doc loan.

If you are self employed a lo doc home loan may be a useful option. However, if you are able to get a full doc home loan it is often a better option because full doc loans can be cheaper. Check with a good mortgage broker to see what your home loans options are and what type of home loan is suitable for you!

 

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Home construction loans: how do construction loans work

Construction loans

Building your dream home can be an exciting experience. Taking an idea and turning it into reality can be a rewarding experience if done right. When you build your own home you can decide how you want it to be.

It is not always trouble free. Constructing a home can be a long and expensive process and there are many possibilities that things can go wrong.

If you are borrowing money for the construction of the home then the lender is also taking on the risk that something will go wrong. The major risk is what the finish building will be worth. Some of the other risks include the quality of the builder. If the builder does not finish the building it can be very difficult to sell an unfinished home without providing a significant discount on the price. Even if the builder does finish the home, if the quality of the finished home is poor then the value may be less than expected.

Lenders don’t like taking on a lot of risk and will put in measures / requirement to reduce this risk. In the case of lending to build a home some lenders offer home construction loans, with all their strict criteria, specifically for this purpose.

Typically, a qualified and licenced builder must be engaged. Furthermore, the lender will want you to have a fixed price contract (not a cost plus) with the builder so the lender knows exactly how much it will cost to finish the building. Owner builder construction loans are available but generally only for builders who are building their own property. This means that you may have an especially hard time finding an institution to finance your project if you are intending to be an owner builder.

Having a fixed price with a licenced builder is only one of the many requirements of getting a construction loan.

Did you know that some lenders will allow you to use a construction loan for a three or even four units/townhouses development? If you are undertaking a small development contact us to go through your options.

 

Find out more about construction loans

Find out about the requirements and process of getting and using a construction loan. Everything you need to know.

 

 

Oak Laurel Mortgage Brokers – Construction loans made easy!

Oak Laurel Mortgage Broker

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Can i get a loan on a 457 visa

Can i get a loan on a 457 visa

I common question that 457 visa holders ask when they come to Australia is “Can i get a loan on a 457 visa?“.

The answer is yes, you can get a home loan whilst on a 457 visa!

Some lenders will approve home loans for 457 visa holders. However, this is not widely known even with the bank branch loan officers of the banks that do offer home loans for 457 visa holders.

So what is the solution? Contact Oak Laurel mortgage brokers. Oak Laurel mortgage brokers have a team of specialist lending experts that know the about the different options available for 457 visa holders, and most importantly, how to get the loan approved!

Avoid the disappointment of having your loan rejected use a mortgage broker like Oak Laurel that has a lending team that specialises in home loan for non-resident and temporary visa holders!

See more information about home loans for 457 visa holders here: Home loans for 457 visa holders

Guarantor home loan mortgage broker

Guarantor home loan mortgage broker

Guarantor home loan mortgage broker: What you need if you want to buy your property without a deposit and have a guarantor

A guarantor mortgage broker may be your answer if you are having trouble saving enough deposit to get a home loan. However, you will need to have parents that will be your guarantors and already have a property or other asset with enough equity that can be used as a security for your home loan.

Saving enough deposit is often the largest challenge for first home buyers especially in a housing market where the prices rising. In some Australian housing markets, like Sydney and Melbourne, the rate of property capital gains (price rises) can be faster than first home buyers are able to save a deposit. Once you have purchased the property, upgrading later on can often be easier because if you have purchased in a growing market and buying in a growing market the capital gains made on you original house can help offset the prices increases on the property that you are buying.

Getting a guarantor home loan can mean that you will be able to purchase a property without having the deposit, you may also be able to borrow some of the other costs associated with purchasing the property such as the stamp duty. Having a guarantor home loan can also mean that, if your guarantor has enough equity in their property that is being used as the security for your loan, you may not be required to pay for lenders mortgage insurance. This can be a saving of several thousands of dollars.

If you would like to inquire about a guarantor home loan contact us to find out your options.

There are other options for those that have saved up a small deposit (5% of the property price plus the other costs associated with buying the property – stamp duty, legal fees etc..). Some lenders will allow people to borrow 95% of the property value when they have lenders mortgage insurance, furthermore some lenders will allow the lenders mortgage insurance to be borrowed as part of the home loan. This may mean that you need to pay lenders mortgage insurance and the interest rate or fees may be more than if you do not need to borrow this way but if it means that you can buy a property before the price increases you may end up saving more anyway because you have paid less to buy the proproerty before it increased in value.

If you are in one of Australia’s property markets that is seeing rapid price growth like Sydney or Melbourne you may want to contact the Oak Laurel mortgage broker there to explore your options.

Oak Laurel:

Mortgage brokers in Melbourne

Mortgage brokers in Sydney

Accountants are you getting the best deal you can get on your home loan?

The post Accountants are you getting the best deal you can get on your home loan? appeared first on Oak Laurel.

Accountants can get special offers on their home loan (mortgage) from some lenders, if you are an accountant are you getting the best home loan for you?

Some accountants can get special offers on their mortgages from some lenders. These special offers can save accountants many thousands of dollars in home loan payments over the life of the loan if they choose to use them. As an accountant you know what difference getting the best home loan you can get  will make to your bottom line, why would you not make sure that you can’t get a better deal?

Are the specials only on home loans for chartered accountants?

Special housing loans for chartered accountants are available. However, other accountants, not just chartered accountants, may be eligible for the accountant home loan specials.

What are the mortgage deals for accountants?

Information about the mortgage deals for accounts can be found here: mortgage deals for accountants

Are there certain criteria that need to be met to get a special accountant mortgage (including chartered accountant mortgages)?

Yes, accountant mortgages, including chartered accountant mortgages must satisfy the lender’s criteria. This includes requirements on your income level, your ability to meet the home loan repayments now and when interest rates rise, criteria about the property that you are buying (or refinancing) and if it is an acceptable type of property and location of the property among other things.

Are AMP home loan the only ones that offer specials for accountants?

For non-charted and chartered accountants amp home loans are not the only options available, some other lenders will provide special deals for accountant home loans.

Do you want to compare your accountant home loan options?

If you are an accountant, because of the potential saving that you will make, you will want to compare the accountant home loan special options that are available to you. If you are able to get a better interest rate or some other benefit then this could end up saving you a large amount of money on your home loan, which is probably one of your major, if not the major expense that you have in your budget.

 

Oak Laurel Mortgage Brokers – Home loans made easy!

Oak Laurel Mortgage Broker

 

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Why should you use a mortgage broker instead of going directly to a bank?

There are some advantages to using a mortgage broker instead of going directly to a bank or lender which can end up saving you thousands of dollars over the life of your home loan. Watch this short video about you you should use a mortgage broker (in Australia).

Originally from Mortgage Broker Wiki.