Browse Forums General Discussion Re: Time bomb for home buyers? 22Dec 14, 2008 4:32 pm I’m considering selling my home even lower…….just to get out.
Is this a good thing before next year? Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Time bomb for home buyers? 23Dec 14, 2008 9:45 pm Michelle I’m considering selling my home even lower…….just to get out. Is this a good thing before next year? I wish I could help you but my crystal ball.... Re: sydney home loans, sydney home loan advice 24Dec 14, 2008 9:57 pm thlo mrs_smith stonecutter1309 mrs smith - it may have an impact on how much the bank would lend you. Cr@p. We are having enough issues as it is as they won't take my site work into account - I started with a company in the office and then went out to site, so I have to book my usual 40 hours to normal time, and then the rest of the 33 hours a week to overtime, although it's not overtime as the minimum day is 11 hours up here. So my manager has written a letter to the bank explaining that it's just how accounts work, and they STILL won't accept it because it's under overtime. I don't mind, I'll just save more anyway (which is what I want to do) but if they want anymore money out of me that what they are insisting on now, I won't be able to make the June 30 cut off!!!!!! Grrrrrrr I can totally understand the overtime thing because overtime isn't guaranteed, but in my case my overtime IS guaranteed!!! And they won't consider my partners overtime either! Ever since he started doing work experience, let alone his apprenticeship, he has NEVER worked a 38 hour week. I think the shortest would've been 42ish, if that. Usually it's closer to 50ish. He's an electrician! They don't do 9-5! So they won't include his overtime at all even though he has given them THREE years worth of payslips to prove otherwise!!!! So I don't want any more issues so that does not sound good that interpretation of overtime by your lender seems too rigid. which lender are you dealing with? oh, i read in the other post; it's NAB! They just reduced their servicing rates, you should be able to borrow more as rates come down. Re: Time bomb for home buyers? 25Dec 14, 2008 10:56 pm stonecutter1309 Negative equity will only be a problem if you plan to sell. If you plan to stay in your home for at least 5-7 yrs - then it shouldn't be a concern I planned to stay in my new house for at least 5 -10 years time.. So I guess I am thinking about 'negative equity' to soon.. Re: sydney home loans, sydney home loan advice 26Dec 15, 2008 2:10 pm thlo thlo mrs_smith stonecutter1309 mrs smith - it may have an impact on how much the bank would lend you. Cr@p. We are having enough issues as it is as they won't take my site work into account - I started with a company in the office and then went out to site, so I have to book my usual 40 hours to normal time, and then the rest of the 33 hours a week to overtime, although it's not overtime as the minimum day is 11 hours up here. So my manager has written a letter to the bank explaining that it's just how accounts work, and they STILL won't accept it because it's under overtime. I don't mind, I'll just save more anyway (which is what I want to do) but if they want anymore money out of me that what they are insisting on now, I won't be able to make the June 30 cut off!!!!!! Grrrrrrr I can totally understand the overtime thing because overtime isn't guaranteed, but in my case my overtime IS guaranteed!!! And they won't consider my partners overtime either! Ever since he started doing work experience, let alone his apprenticeship, he has NEVER worked a 38 hour week. I think the shortest would've been 42ish, if that. Usually it's closer to 50ish. He's an electrician! They don't do 9-5! So they won't include his overtime at all even though he has given them THREE years worth of payslips to prove otherwise!!!! So I don't want any more issues so that does not sound good that interpretation of overtime by your lender seems too rigid. which lender are you dealing with? oh, i read in the other post; it's NAB! They just reduced their servicing rates, you should be able to borrow more as rates come down. Ooops just saw it - NAB. Are they usually too rigid? I'm finding it frustrating. Even if I said to my manager "I don't want to do site work anymore" and came back to Perth I'd still get overtime as the minimum week in the Perth office is 45 hours..... And they ALSO have the paperwork to prove that is so. And what's a servicing rate? Re: sydney home loans, sydney home loan advice 27Dec 15, 2008 4:52 pm mrs_smith Ooops just saw it - NAB. Are they usually too rigid? I'm finding it frustrating. Even if I said to my manager "I don't want to do site work anymore" and came back to Perth I'd still get overtime as the minimum week in the Perth office is 45 hours..... And they ALSO have the paperwork to prove that is so. And what's a servicing rate? It's the rate credit assessors use to determine how much you can borrow. When actual rates are reduced, they reduce the assessment rate, and your borrowing limit goes up. If you had difficulty getting the amount you need, you'll find that your borrowing power (capacity) will go up when interest rates drop. With regards to overtime, some banks need actual 12 month cycle before they can use it as income in determining your borrrowing power. I shouldn't comment on whether NAB is one of them. Re: Time bomb for home buyers? 28Dec 15, 2008 5:07 pm Yes….when I went for my loan, they didn’t even want to know about what I made $$ wise decorating, just my full time job, and needed to see only a months worth of pay slips. I had a copy of my tax and PAYG, but she didn’t wan to see it.
But again, my loan is very basic and quite low. None the less stressful for me on one wage. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com sydney home loan choice, sydney home loan advice 29Dec 15, 2008 5:17 pm are you with NAB as well? omg they've got the whole forum. Re: sydney home loan choice, sydney home loan advice 30Dec 15, 2008 5:18 pm thlo are you with NAB as well? omg they've got the whole forum. ANZ! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com sydney home loan choice, sydney home loan advice 31Dec 15, 2008 5:31 pm Michelle they didn’t even want to know about what I made $$ wise decorating, just my full time job i must have missed this; you have a job as well as this ? what do you do? Re: Time bomb for home buyers? 32Dec 15, 2008 5:44 pm Well…..I work for my now EX, 4 days a week in his IT business.
I’m his receptionist and book keeper. Good thing is he pays me more than what I would get working 5 days a week anywhere else. The best thing…..when the climate is good, I can make quite good money with my decorating, but its not regular money, good one month shocking the next. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Time bomb for home buyers? 33Dec 16, 2008 8:30 am Chris has 3 years worth of payslips proving that he works overtime every single week, and my contract itself says that I am guaranteed overtime to a minimum of 10 hours days plus 30mins of travel time (as we are 50km out of Newman) each way, with a total of 11hours per day. My manager has also written another letter stating that this is the case...... sydney home loan choice, sydney home loan advice 34Dec 16, 2008 8:38 am mrs smith, it looks like someone is treating you harshly over this overtime issue. from what you have said (and provided there are no other issues of concern for the lender) you have years of evidence to support the income. Re: Time bomb for home buyers? 35Dec 16, 2008 1:53 pm Yeah, I'm quite frustrated on the issue. I think when I have saved the amount they are currently suggesting, if they still make it difficult, then I'll just change banks. At the moment, I want to stay to take advantage of the reduced interest rate they gave me and the fact that I won't be charged application fees for changing my loan into a building loan and back to a normal loan. But if they keep giving us the go-around, then I'm going elsewhere! sydney first home loan for first home buyers in sydney 36Dec 21, 2008 7:24 pm mrs smith, if i were you i'd start talking to another lender before going back to your current lender for the construction loan. it would give you a good comparison as overtime policy is one where you get huge variations between lenders. Re: Time bomb for home buyers? 37Jan 04, 2009 7:29 pm no problems for us as you owned our land two years before building finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27740 9 24816 1 13128 |