Browse Forums Home Finance 1 Apr 11, 2009 7:10 pm Well, we were just about to get a new pre approval for our land and build loan (previous one has elapsed), and last week I got made redundant. DH thinks that we should just be ok with his wage, but I was wondering how the banks will perceive me not working when the look at approving the loan. Also, do they take what your rent repayments and things are? DH was worried about that, but I figure they wouldn't look at that because you wont be renting when you have your house. Thlo, you might be able to help with this, we are looking at borrowing 95% with a bank west loan, which would be about $370k. DH's wage is $87k not including bonuses and car allowance, or about $96k with it. he has no other loans and only a 5k limit on a CC, which we have never paid interest on. Do you think we'll get approved? Our backup plan is just to get the loan approved for the land, then go for the house amount when I've been in a new job for 3 months. Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Pre approval advice - I've been made redundant 2Apr 11, 2009 7:16 pm Lostris, I can't answer your questions, but I'm sorry this has happened. I hope you can work something out. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Pre approval advice - I've been made redundant 3Apr 11, 2009 7:41 pm Thanks Joles Just really bad timing Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Pre approval advice - I've been made redundant 4Apr 11, 2009 7:55 pm Good luck with it Lostris, so sorry its happened to you. I had a similar scenario, my bank was incredibly rude to me when I told them that I was now unemployed, basically treated me like a second class citizen and didn't want a bar of me. I think this is where mortgage brokers are gold, they were great. If all else fails, do what we did and get your hubby to go to the broker and organise an investment loan, basically all you'll need is a rental appraisal of your new house and the bank will set it up as though you are planning on having it as an investment property, then just 'change your mind' when construction is complete. Hey desperate times.... Anyway, I can say I know how you feel but hopefully things will be ok - just know that if one bank gives you the cold shoulder, don't give up hope ICK So glad the building is over, never again. Loooove our house, but still not quite sure it was worth all of the stress they put us through! Re: Pre approval advice - I've been made redundant 5Apr 11, 2009 8:03 pm Sorry, I'm not much help as we did a low doc loan, mind you I was heavily pregnant at the time so it was fairly obvious that I wasn't going to be working for a while. Just wanted to say that I'm very sorry to hear of your situation and hopefully someone more knowledgeable will answer you shortly. Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Pre approval advice - I've been made redundant 6Apr 12, 2009 4:52 pm hi Lostris, I am sending you a PM about this one. To protect your privacy, I will not be posting here. Re: Pre approval advice - I've been made redundant 7Apr 12, 2009 5:10 pm hey lostris, this is really nasty for you, specially right now when you are about to buy/borrow! Good luck with everything, I'm sure you can get a loan sooner than later, Cheers, Annie A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Pre approval advice - I've been made redundant 8Apr 13, 2009 1:37 pm Hey Lostris, Just wanted to say I was sorry to hear your news . Good luck with bank approval stuff. Our closet experience with this so far is that when applying with ANZ my husband's salary had just been cut by 20% (so it was noticeable on pay slips etc that something had changed), so we were just honest about it with the ANZ mortgage specialist and said that we didn't have any answers as to whether this would go in our favour or end in redundancy. She was really supportive, we talked about how that's a great idea rather than just laying people off etc and she spoke about how ANZ had gone through job cuts in her area and how she was 'lucky to have a job' etc, so it really 'humanised' our situation and certainly made hubby feel better (especially seeing as it's only been just over 2 years since he was actually retrenched from previous job) So while I'm not naieve enough to say, 'just be honest and it'll all work out', our experience showed that just being upfront and having clear ideas of how we would go about finances/budget etc helped. Good luck!!!!!!!! We have a house in Doreen. Built the PD Kensington 24 (with Alfresco & Rumpus option). We are in...Decorating in progress...pics to come soon... Re: Pre approval advice - I've been made redundant *UPDATE* 9Apr 14, 2009 11:15 am Well I went and saw our mortgage broker this morning after stressing all weekend, and tell him what has happened. So he pull up my file, does a couple of quick calculations and tells me to strop stressing we will "romp it in" with this application, even on the one wage. So there is a big fat PHEW!!! He said that our application is so "vanilla" that no bank would knock us back So I feel so much better now, and it also means that I don't have to take a crappy job just to get on the books again, I can actually spend a bit more time looking for the right job. Thanks for everyones support, it did help me from going completely crazy this weekend Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Pre approval advice - I've been made redundant *UPDATE* 11Apr 14, 2009 3:13 pm Oh that's great news, what a relief for you Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Pre approval advice - I've been made redundant *UPDATE* 12Apr 14, 2009 3:27 pm That's awesome 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Pre approval advice - I've been made redundant *UPDATE* 14Apr 14, 2009 4:01 pm That's a great outcome, Lostris, congratulations! I know just how you must have been feeling, though. We had just signed with Henley in October 2007, and the soil test was booked in for November. My Husband was made redundant the day before the soil test, and we had to pull out. It was such a horrible time and very upsetting. It took us another 6 months before we could apply for the loan again once my Husband had secured a job (I didn't work - 2 young kiddies). It's all worked out in the end, as my build is going ahead nicely, and we were actually able to afford more extras we couldn't 'last time' with a new job. Great to read you can still go ahead with all of your plans! Good luck with it all, and the job searching. Henley - Wilshire Mk 3 ... I love my house!! Site start: 4th Feb 09 Handover: 10th Sep 09 Blog: http://stormygirlscastle.blogspot.com/ Build Thread: viewtopic.php?t=7166 Re: Pre approval advice - I've been made redundant *UPDATE* 15Apr 14, 2009 4:10 pm Thanks guys Stormy, it is great to know it will go ahead, but I can't help but feel a little insignificant, seeing that we didn't even need my wage to get the loan Oh, well, I can't have it both ways Good practice I guess for when we have the kidlets Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Pre approval advice - I've been made redundant *UPDATE* 16Apr 15, 2009 10:56 am Its only if your 'serviceability' drops below 1.0 that you have problems, that is, by the banks calculations you cant afford the loan on one wage. And as you have basically no other loans, debts, etc. there is no blight you needed to make look better elsewhere. Congrats! Hopefully you got a redundancy package to help! Also, BW do interest only during construction, so your initial payments, which start a month after they pay money, will be interest amounts only. So in that regard its better losing it now where you have lower repayments and breathing room rather then in 6-12 months where your paying the full amount. Good luck with the job hunting! Re: Pre approval advice - I've been made redundant *UPDATE* 17Apr 15, 2009 6:11 pm Sorry to hear about your job but great news Lostris about the broker! nah, you are not insignificant at all, but now you know that you can have kids and the time off and still afford your beautiful home! Building a Wisdom Prosperity 23 - http://erwisdomprosperity.blogspot.com/ Re: Pre approval advice - I've been made redundant *UPDATE* 18Apr 15, 2009 6:14 pm Thats great news regarding your 'vanilla' finances. Haha. I'm sorry to hear about the job though, hope your able to find something else soon. Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. Re: Pre approval advice - I've been made redundant *UPDATE* 19Apr 15, 2009 7:13 pm Thanks again everyone I had such a good chuckle about how the broker described our situation, he's a real character And it is good to know that we can survive on the one wage, it was what we had planned so its good to see it works! Now all I have to do it try explain to the husband how important and necessary it was for me to spend some of my redundancy package on new clothes Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Pre approval advice - I've been made redundant *UPDATE* 20Apr 16, 2009 4:56 pm Lostris Now all I have to do it try explain to the husband how important and necessary it was for me to spend some of my redundancy package on new clothes Building with PD - Regent 23 Cascades on Clyde Estate HomeOne Building Thread - PCI Completed - 28th August. Handover - 11th September. 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