Many online sites can calculate the first 2 – but each Bank / Lender have their own way of viewing your financials, and as an experienced finance broker I would consider > 50 policies across 30+ lenders. So lets gather the facts …
First Home Owners may have access to various government and state discounts or schemes (based on income and purchase price) – and there are family guarantee loans with no deposit. Many lenders have restrictive policies like 6-7 x income where others have no such restriction – some itemise your living expenses – where for others we don’t provide bank statements at all. With 60+ lenders – we are exhaustive in our analysis and research. Look forward to a chat.
An initial assessment generally takes 10 minutes and requires the following financial & personal questions :-
SO WHATS REQUIRED TO CONFIRM BORROWING CAPACITY?
Lenders look at your credit history, location and lending %, as well as these 3 factors:-
– Deposit or Equity
– Net Income
– Policies (how they assess your application)
LENDING ASSUMPTIONS
If different, please advise details …
– Clear Credit – if not sure please order your free copy here
– All finance and lending liabilities are detailed below
– No current loan application or approval (we always start with full disclosure)
FAMILY
- Single / Couple / Dependents
- Ages
INCOME
- Salary // Base Income + Car allowance or access to a fully serviced car plus any Overtime / Commission – last 2 years history
- Self Employed || 2 years NOA (notice of assessment) or 2 years NOA + full financials (personal + company / trust tax and financials) or 6 months wages to director.
- Self Employed || Lo Doc income declaration confirmed with accountant, ABN 2+ years
- Alternative Income = BAS / Accountant declaration
- Family Benefits | Disability | Pension | Child Support
EXPENSES
- Credit Card Limits
- Car / Personal Loans = Balance + repayment
- HECS | Study Debt
- Child Support
- Rent / Board (or you live in your own home)
PROPERTY ASSETS & LIABILITIES
- Deposit $
- Valuation $
- Mortgage $
- Repayment $
- Lender | Year loan started
- Interest Rate ___%
- P&I or Interest Only
- Fixed or Variable
- Rent income (for investment)
- Super Balance $
Lets me assist and work out your Home or Investment purchase options – Click
Kelvin Mason
#buyinvestlive
