Browse Forums Home Finance 1 Oct 23, 2015 1:32 pm HI everyone, I am very confused with what the broker is telling us. I am a Australian citizen and my wife is on Partner/spouse visa.We got our home loan approved by Bank of Melbourne on both our names for 94%. I have the home loan agreement with me. The broker has advised that we cannot apply for FHOG because my wife is not a Permanent Resident. After going through the SRO website, The eligibility criteria specifically states that any 1 applicant needs to be an Australian citizen or permanent resident. I told the broker that as per the lodgement guide from SRO website only 1 applicant needs to be a PR or Aus citizen. He advised that from the bank prospective they cannot apply for FHOG because both needs to be a PR or aus citizen. How is that possible? bank doesn't follow SRO guidelines or is the broker doesn't have a clue. Broker advised that once my wife gets a PR then we can claim for FHOG. Please advise. Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 2Oct 24, 2015 10:19 pm Hi, We were in a very similar situation. I am a NZer not a permanent resident but my partner is an Australian. We were able to get both the standard FHOG and the WA assistance scheme. We were also given similar information by our bank but informed them we would be applying for both regardless and asked them to put the paperwork forward anyhow. After all the worst that could happen is it get rejected. Hope this helps Re: FHOG and Home loan 3Oct 25, 2015 9:02 pm psyherin HI everyone, I am very confused with what the broker is telling us. I am a Australian citizen and my wife is on Partner/spouse visa.We got our home loan approved by Bank of Melbourne on both our names for 94%. I have the home loan agreement with me. The broker has advised that we cannot apply for FHOG because my wife is not a Permanent Resident. After going through the SRO website, The eligibility criteria specifically states that any 1 applicant needs to be an Australian citizen or permanent resident. I told the broker that as per the lodgement guide from SRO website only 1 applicant needs to be a PR or Aus citizen. He advised that from the bank prospective they cannot apply for FHOG because both needs to be a PR or aus citizen. How is that possible? bank doesn't follow SRO guidelines or is the broker doesn't have a clue. Broker advised that once my wife gets a PR then we can claim for FHOG. Please advise. I think your broker is wrong. As you mentioned, not only does the SRO application guide state that only 1 applicant needs to be a citizen, but so does the application form, and more importantly so does the Victorian first home owners act which is the legislation for the FHOG. All you need to do is supply the proper ID documents, i.e. proof of your citizenship and your partners current passport. Get your broker to suss out the bank again. He was probably talking to a nobody who didn't know what was happening. All else fails, do the application yourself and submit to the SRO direct. Cheers Tom Re: FHOG and Home loan 4Oct 26, 2015 9:30 am Thanks for the information. Spoke to the broker, what i would like to know is how much loan percentage can we borrow from the bank on joint application. I am aus citizen and my wife is on partner visa. can we get loan upto 95% based on the residential status. The reason i ask is because the broker applied for the loan taking basis as I am aus citizen and my wife is PR. (which is wrong). He advised that if anyone applicant is on another visa then bank cannot loan more than 80%. Is this true for Bank of melbourne. I am so annoyed that he didnt tell us on what basis he was applying. all he asked for the documents. So what i understand, is that the loan agreement is based on we both are PR/aus citizen and when applying FHOG it will show only me being aus citizen. so bank will see it as a incorrect application and SRO might just reject it. What is right and what is wrong ? Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 5Oct 27, 2015 12:01 am psyherin Thanks for the information. Spoke to the broker, what i would like to know is how much loan percentage can we borrow from the bank on joint application. I am aus citizen and my wife is on partner visa. can we get loan upto 95% based on the residential status. The reason i ask is because the broker applied for the loan taking basis as I am aus citizen and my wife is PR. (which is wrong). He advised that if anyone applicant is on another visa then bank cannot loan more than 80%. Is this true for Bank of melbourne. I am so annoyed that he didnt tell us on what basis he was applying. all he asked for the documents. So what i understand, is that the loan agreement is based on we both are PR/aus citizen and when applying FHOG it will show only me being aus citizen. so bank will see it as a incorrect application and SRO might just reject it. What is right and what is wrong ? What is the visa number your wife has? Banks have differing policies on what visa's they accept and what LVR they will allow. As for what the broker has done in claiming your wife as a PR, it is incorrect and if the bank finds out, the broker and yourselves can be in the crap. It is very risky to say the least. You are best off disclosing everything, and if Bank of Melbourne won't accept it, find a lender who will allow the scenario at 95% LVR. I know of at least one who will look at it. Cheers Tom Re: FHOG and Home loan 6Oct 27, 2015 7:42 am Visa subclass 820. Yes it is very risky thing. Thats what i told the broker. I dont want to get our loan done this way. Why would the broker would do this way? Just to get commission out. It is very annoying. I will just tell the broker that i dont want to go ahead with this kind of work. I am better off searching for other banks or broker. Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 7Oct 27, 2015 7:13 pm Not sure for your bank but I'm with P&N bank in WA and as mentioned above I'm only a NZ citizen so have a SCV and we have a 90% LVR. Commonwealth and ANZ I think we're also able to finance us according to a broker. Not sure for BOM sorry. Re: FHOG and Home loan 8Oct 27, 2015 8:29 pm We are in a similar situation, but potentially 'worse' - where my husband is a NZ citizen and I'm on a partner visa. As far as our loan, we were also told that 'most' banks won't lend more than 80% in our circumstance. There are some lenders that will do the loan, usually at a higher rate though. I would imagine you'd be in a better situation. The first mortgage broker we spoke to also didnt give us full information or details, at first too keen, and strayed from the truth, then when we pushed a bit more, gave up, because he didnt seem to think he could help any longer. We have since found an amazing broker who takes the time to research the information, and explain it clearly to us. As for the FHOG - I believe you will still be eligible from my understanding. Re: FHOG and Home loan 9Oct 28, 2015 8:16 am Rts.empire Not sure for your bank but I'm with P&N bank in WA and as mentioned above I'm only a NZ citizen so have a SCV and we have a 90% LVR. Commonwealth and ANZ I think we're also able to finance us according to a broker. Not sure for BOM sorry. We were suppose to go with CBA bank directly as we have all our accounts with them but because of under valuation we went with the broker who got our valuation done correctly. Then after few weeks CBA calls and tells us that we got ur valuation done correctly and it is over valued but we had already gone with the broker. It has become so complicated everywhere. I told the broker that to put our application on hold as we are not comfortable about the FHOG and loan agreement. Then we called CBA and checked with them if they can do something about it. They were more than happy to get a new application done and will take previous valuation into account so hopefully finger crossed things work out for us soon as our land is going to be released in 3 weeks time. Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 10Oct 28, 2015 8:23 am Deva We are in a similar situation, but potentially 'worse' - where my husband is a NZ citizen and I'm on a partner visa. As far as our loan, we were also told that 'most' banks won't lend more than 80% in our circumstance. There are some lenders that will do the loan, usually at a higher rate though. I would imagine you'd be in a better situation. The first mortgage broker we spoke to also didnt give us full information or details, at first too keen, and strayed from the truth, then when we pushed a bit more, gave up, because he didnt seem to think he could help any longer. We have since found an amazing broker who takes the time to research the information, and explain it clearly to us. As for the FHOG - I believe you will still be eligible from my understanding. After doing some research we found out that majority of banks do lend more than 80% in our circumstance but only BOM has this requirement as they have changed their policy in terms of residential status. Helpful lady from BOM who is working in non-lending dept she advised that usually in this case you have to tell the broker to speak to their business development manager from BOM and get them to review the application again if other banks are able to lend more than 80%. Told the broker about the same and he is still adamant that it is not possible. I cant be bothered to push those guys now as they dont understand the issue. Also i think even if they did get our application reviewed BOM will raise questions as to why it was initially put as PR for my wife and this will create issue for broker as well. Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 11Oct 29, 2015 12:59 am Honestly sounds like you need a new broker or to carry on with your direct contact with the banks. It really does sound like your broker is making life harder than it needs to be. Re: FHOG and Home loan 12Oct 29, 2015 12:50 pm psyherin Deva We are in a similar situation, but potentially 'worse' - where my husband is a NZ citizen and I'm on a partner visa. As far as our loan, we were also told that 'most' banks won't lend more than 80% in our circumstance. There are some lenders that will do the loan, usually at a higher rate though. I would imagine you'd be in a better situation. The first mortgage broker we spoke to also didnt give us full information or details, at first too keen, and strayed from the truth, then when we pushed a bit more, gave up, because he didnt seem to think he could help any longer. We have since found an amazing broker who takes the time to research the information, and explain it clearly to us. As for the FHOG - I believe you will still be eligible from my understanding. After doing some research we found out that majority of banks do lend more than 80% in our circumstance but only BOM has this requirement as they have changed their policy in terms of residential status. Helpful lady from BOM who is working in non-lending dept she advised that usually in this case you have to tell the broker to speak to their business development manager from BOM and get them to review the application again if other banks are able to lend more than 80%. Told the broker about the same and he is still adamant that it is not possible. I cant be bothered to push those guys now as they dont understand the issue. Also i think even if they did get our application reviewed BOM will raise questions as to why it was initially put as PR for my wife and this will create issue for broker as well. Visa class 820 is a temporary resident visa, and your broker is correct in that BOM policy states that their mortgage insurance wont allow insure this type of Visa so 80% is the max. However as stated before they shouldn't have proceeded in the first place. Not defending your broker but the part about the lady from BOM advising talking to the BDM is all good and well in theory, however it would be one of those case by case basis scenarios which is lender speak for "no chance". There are many other banks with the same policy, but there are also a few that will treat a non-resident partner the same as a citizen if borrowing together. Good luck with CBA (but looking at their policy you may run into the same issue). If you don't have any luck with them, if you want give me a bell and I might be able to help you elsewhere. Cheers Tom Re: FHOG and Home loan 13Oct 29, 2015 1:11 pm Thanks Tom for confirming the information. Checked with CBA in terms of Residential status policy. When we initially went with CBA they knew that my wife is on partner visa and on that basis only they put the application which was all good. I am hoping to get an answer soon from them . Y0u R tH3 Cr3@t0r 0f y0Ur 0Wn R3@L1ty Re: FHOG and Home loan 14Oct 29, 2015 5:44 pm We are both from NZ and its not been a problem. We also got FHOG, although we had owned a property in NZ, but we had to pay stampduty. Our NZ passports were lodged with fhog appl. Im pretty sure your broker is wrong. Being from NZ is different to another country. Went with Westpac in the end The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18897 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35192 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |