Financing Questions Regarding a new off the plan purchase

Happy New Year to you all. We just wanted to ask a few questions regarding the financing. My wife and I recently purchased a new home at Greenway, Marsden Park. We have already signed the land and builders contract and we have also paid the $50,000 deposit.

a) How long is the usual waiting period to get the loan approved once we apply? When is the recommended time that we apply for the loan?

b) How long is the validity of the unconditional approval for Macquarie bank once/if it gets approved? Or with the other banks? I checked with CBA and they do 90 days unconditional approval but my broker said CBA does not give loans for our estate (Greenway).

c) Our situation is that we are looking to go on a two week holiday from Feb 28 - March 14, 2015. Our Settlement will be sometime around March; and we have two weeks to settle once the exact date is given (we have an update from Greenway that it is on schedule as of the moment. )Will our short holiday have an impact on getting a loan approved as I am not yet permanent at his work and I will not have an income for those two weeks. I also did not have income from Dec 18, 2014 - Jan 8, 2015 as the company had a Christmas break. My wife is permanent at her job so we wont have a problem on her end.

d) I am currently on a fiancé visa and will be on a Bridging Visa while waiting for the temporary and permanent partner visa. Will this have an effect on getting a loan?

Thanks.



Thank You

Best regards,
Adoreman

1. I can't see why CBA would not lend against Greenway....CBA is one of the most easiest lenders in term of location and property type. If CBA won't touch this are, your chance of approval with a smaller bank will be slim ( presuming the rejection was because of location/property type)

Check that your broker is accredited with CBA, as it's common for some brokers not to be accredited, as CBA has a min volume hurdle to keep accreditation etc...


2. Is your partner a Aus citizen or resident?

3. Can your partners income alone afford the loan??? do you need to rely on your income to service the loan??

4. With your employment, given you dont get paid during this period/holiday period ( ie sounds like your causal) it will affect your approval..esp if we require your income to service the loan. best to check.

5. Being on a visa has an affect on the loan and may reduce the LVR...but if your partner is a citizen or perm resident that's a diff story.

6. Takes 3 days + valuation time to get approval + 1 extra day if the loan is a bit more complex.

Thanks For the reply Shape.

Yes my partner is an Australian Citizen. My partner's income could probable get a loan of about 450,000. we would be needing a loan of about 600,000. I checked with our broker and we would be discussing the matter further as she would be looking at the banks which are more lenient on lending to Australian citizens with partners on a temporary visa. Thanks for the input. We will be speaking with our financial broker soon.

If it's " Australian citizens with partners on a temporary visa. " Your guys as a couple will be considered as a NORMAL loan under normal policy as at least one spouse is an Australian citizen...this is policy for ALL banks + as per the foreign review investment board as well ( Australian Citizen as spouse for one of the transactions + any via or non-resident = ok)

http://www.firb.gov.au/content/faq.asp?NavID=7

Thank you very much for that shape. !