Browse Forums Building A New House 1 Aug 10, 2013 5:29 pm Hello all, this is my attempt at helping my husband out, we are currently renting and entertained the idea a short while a go to utilize the contacts we have and invest in our families future and purchase a block we had been eyeing off and build. My father is a sub contracted carpenter and is more than happy to help us out in setting ourselves up and has offered himself and my apprentice brother free of charge. Our dilemma at this point is our first attempt at securing a loan we were ignored, left anxiously waiting and sadly denied. My husband was advised to go for the loan on his own a single person renting, I have previously purchased a home with an old partner when I was 18 years old and found myself shortly afterward safer in bankruptcy's arms so the thought that my ever present horror history has come back to destroy the chances for our little boys and our families future is crushing. I'm looking into contacting another mortgage broker on Monday but don't know how much I am able to offer considering my presence is more of a hindrance when people are too be lending us money. I am in a very well paying job and working full time where my husband works at the school and his hours and paypacket inst quite as flashy. My question is, what good would it do to mention my name on the contract and loan?? would it prove more difficult and more importantly if we were to try this and be rejected would this then taint my husbands record of ever attempting the single option at a loan again??? How much are we able to fabricate in a sense to get ourselves accepted? without illegally damaging ourselves?? any help at this point would be sincerely grateful for, I would like to be able to offer a solution or some sort of support =( Re: Nocked back 1st attempt =( discouraged and distraught 3Aug 10, 2013 9:22 pm See if you can get another broker (preferably by referral) who has obtained a mortgage for a discharged bankrupt before, I think you will find that some mobs actually specify this as a speciality. Getting your other half to apply for a loan solo can be difficult if you're looking to borrow a decent amount but worth having that discussion with a broker too. Regardless find someone that is going to be honest with you, be honest on your applications and try not to lodge too many hoping one will come through. http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: Nocked back 1st attempt =( discouraged and distraught 4Aug 11, 2013 7:41 am I don't think it matters if you have been bankrupt so long as it is not a recent discharge and so long as you don't have other credit defaults. What is more important is that you have a job and an income, therefore ability to service and repay a loan. The most important step is to find the right mortgage broker who is experienced in packaging your application. From what you said, your name on the application should help as it increases the income pool. There are many brokers out there who can manage difficult applications and even atone defaults. Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Nocked back 1st attempt =( discouraged and distraught 5Aug 11, 2013 8:59 am At the end of the day, it doesn't matter who's name the loan or property is in so I'd speak to your mortgage broker about the best plan to get the finance you need. So long as you do your sums correctly and can afford to pay it off. Banks don't really care to go in to details such as the "discount" you're going to get on construction using family members. So a mortgage broker is a better option in that regard. Don't get too disheartened, the most important thing is any roof over your head and the family together. A dream coming true doesn't have to have a timeframe attached. Re: Nocked back 1st attempt =( discouraged and distraught 6Aug 11, 2013 2:27 pm Thank you all so much for your surprisingly timely responses and advice. I have only come out the other side of bankrupcy as of Nov last year but I was nervous whether to mention this to a broker or not. Worried I guess they will then note this down or show less interest (wanting to just lay it out for someone and have them want to help and lay it out for me) I think our downfall was my husband also stating that he is on a 12months contract at work, failing to understand and ellaborate that its a rolling contract and is continued every 12 months. I have a list of them to call tomorrow and set up appointments with, starting from the top and working my way down, hoping to find someone who is wanting to help us out, who we can be honest with and who will look to finding us the best and easiest option for succes. Re: Nocked back 1st attempt =( discouraged and distraught 7Aug 11, 2013 2:31 pm my bankrupcy was soley for my past home, at that time I had one other loan for a motorbike and now we own outright both our vehicles, 2 trail bikes, our entire home contents and are debt free with a savings account. Hoping this plays in our favour Hi there, We’ve recently had plans approved to add a 1st storey addition to our existing house for a growing family in Sydney. With the current cost of building… 0 4306 My land is 260m2 (10m x 26m) located in claymore NSW. Under campbelltown council. I know in general the following setbacks would apply ground floor side setback =… 0 6933 Good luck with it. I don't know what the cost of a nice bidet seat with a 25mm air gap will be but you are obviously deducting the cost of a RPZ valve and its… 9 6985 |