Browse Forums Home Finance 1 Oct 13, 2012 8:35 pm We will be settling our land loan with RAMS in a few weeks. Prior to filing an application I asked our lending rep if we would be fine with the construction loan also. All fine apparently. Now I want some real figures to work with as we are going to tender for the construction. I've asked numerous times for a borrowing capacity and the excuses are coming. Not sure if she is busy or for whatever reason we don't service now and she can't admit it. I'm starting to get nervous. Does anyone know if RAMS will use bonus in servicing, and if rental income can be used in servicing (we will be moving out of our current home and renting it out once construction is complete on the new place). I've asked her for a copy of the servicing calculator (I used to be a broker in the days RAMS was on my panel so familiar with the calculator) if she's too busy to do it herself but no response to that either. thanks for your help in advance. Land at Chermside At tender stage Re: Anyone know RAMS policy? 3Jan 02, 2013 4:24 pm Rental income - Generally adopt 80% of the Rental Value as will account for outgoings such as Rates, Water, Repairs, Vacancy etc etc. In your scenario I suggest obtaining a rental appraisal from a local agent given you do not have a formal tenancy agreement in place. Unless a valuation has been done as the report would show a rental assessment figure. Bonuses - Bonus income can generally be used at 100% of the value provided Minimum 2 years history of the bonus payment being received; Lower of the bonus payments over the 2 years would be adopted; Some times if the Bonus is 'large' they may cap it at a cetain amount. Hope that helps. Deposit Paid 31/10/12 Selections 25/1/13 NHC 28/2 DCA 20/3 Siteworks 2/5 Slabbed 20/5 Wall Frames 3/6 Brickwork Finished 2/7 Lock Up 19/7 viewtopic.php?f=31&t=58864 Re: Anyone know RAMS policy? 4Jan 03, 2013 3:28 pm Last copy of Rams policy I have (2010) says that bonus is unacceptable income. However note that sometimes bonus income is really commission income, depending on your employment. In this case "100% of Commission income is acceptable where it is evidenced over 12 consecutive months and is a condition of employment. If commissions make up >50% of total income the applicant is to be treated as self employed." My personal experience with Rams is that they may accept bonus income if you have a good track record of receiving it, they tend to use some common sense! There are plenty of other lenders that may be able to consider it as long as it is received quarterly or more regularly than that. Good luck with your project. The most definitive answer to your question James is this taken from the James Hardie Axon Cladding Installation Guide - i just happen to have it… 5 3631 I had an old shower unit that broke on me and when I took it off, there were only 2 water pipes, instead of the normal 2 water pipes and a shower head pipe. S o I… 0 36934 Wish you all the best. Once you signed the contract, they will find millions excuses to charge you. And have seen their sites unfinished for a long time. 4 24807 |