Hi Al,
There are a few things to consider before you are ready to apply for a home loan:
1) Income: Your partner's income cannot be used to help service the loan unless your partner has been with current employer for at least 12 months (some lenders may accept less than this) and income is regular and consistent. If we cannot use your partner's income to help with affordability then it will reduce your buying power significantly.
2) Deposit: You currently just have over 5% deposit which will not be sufficient to cover costs to complete the purchase if you are not a First Home buyer. Besides the minimal 5% deposit required you will also have to pay stamp duty, conveyancing and bank costs. Also, it is vital that the deposit you have has been saved up over a 3 month period or held for more than 3 months to satisfy the genuine savings requirements of all lenders. Please see our genuine savings page for more information -
http://www.homeloanexperts.com.au/home- ... e-savings/3) Financial position: due to the minimal deposit you have you will need a 95% loan which is considered high risk. Generally in order to qualify for these loans you cannot have numerous consumer debts and numerous enquiries on your credit report. Please see our credit score page for more information -
http://www.homeloanexperts.com.au/bad-c ... it-rating/.
My suggestion:
1) Payout your credit card debt and close the cards.
2) Increase your deposit amount to at least cover costs to complete the purchase
3) If possible, your partner to be employed on a permanent part time basis rather than casual.
When you are ready to apply please give us a call to discuss further.
Cheers
Tina
