Browse Forums Home Finance 1 Feb 25, 2011 9:37 pm Hi, we got a pre-approval and we finalized a property. We have applied for a loan through homeside. The cost of the house is 420K we are ready to pay 10% of the amount. so we are applying for a loan amount of 378K It has just passed valuation stage and now it is to be cleared by mortgage insurance. My salary is 4200 AUD per month excluding taxes. But My salary has an indian component of 450$ So my salary is 4200+450=4750$ My Wife earns 3500$. Both of us have a good credit history. My mortgage agent now says the indian component might create issues in getting approval from mortgage insurance. Is this true? and also approximately how long will it take to get the approval? Thanks in advance. Re: Regarding unconditional approval 2Feb 27, 2011 9:14 pm Welcome Ravi, What do you mean by "indian component?" But either way, the LMI provider does not accept every "pay type" - ie Maternity pay ( only 50% considered) But your broker should have checked before submitting your loan. The solution if it does get rejected; find a lender and LMI provider that accepts that pay type- but it wont be easy as the new lender might want to know WHY you did not go with homeside....can get a bit hairy. Approval takes 2-3 days after valuation is returned- for homeside anyway. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4744 Hi All, Recently we have signed a contract with Burbank and we are not aware that they have just DORSET, SURREY, HAMPSHIRE, KENT, PILBARA and REDGUM bricks from PGH are… 0 3155 Thank you @. Tried to play with the facade models but the exact colour is not matching up. 2 3267 |