By Graeme Salt
You’d be surprised at how Australians can come to banks with very different situations and how not all banks will look at every scenario.
Differing employment situations, visas, savings positions mean that the days of a straight-forward PAYG loan where you just talked to your own bank have long gone and why it’s important to understand that good banks specialise is different scenarios.
You may think were are all the same when it comes to mortgages. But here are some examples of complex loans I am working on with clients – and where I have found a good lender for them.
A man on a temporary visa but with a de-facto Australian partner. Many banks will say no to lending to him and to make things worse, if his name is on the Title, they will not be able to benefit from many first-home buyer benefits.
After long conversations with many banks, it looks like we can structure this to the clients’ benefits using banks such as Macquarie or ING.
A 58 year-old self-employed man looking to buy a new home. Many banks will turn their nose up at offering 30-year loans to maturer applicants.
Here, we have been able to work with Bendigo Bank to show that the client will keep running his business for years to come and when he stops, he has enough assets to pay off the loan.
A woman recently returned to working as a sole trader after being on home duties. Many banks want to see two-years’ self-employed history. Plus they want to see that the person has been ABN registered for more than 18 months.
We settle this loan with CBA on Friday.
A woman looking for an interest-only loan against her home. Most banks want people to sensibly pay down their debt. But sometimes, there are extenuating circumstances.
This is a job for Bankwest.
No two clients are the same. And while, brokers will often try to get their clients the cheapest deal, sometimes the cheapest is not the best.
If the cheapest lender simply wont lend to you, will you therefore stop looking to buy your home? Hopefully not, especially if there is a perfectly reputable lender that will lend you at competitive rates.
If you want to talk to me about your own particular circumstances, please feel free to give me a buzz – I am always happy to catch up for coffee and work through your situation.
Graeme Salt is an award-winning mortgage broker. For a no-obligations consultation on your home loan needs, please contact him on 02 9922 5055
