Browse Forums Home Finance 1 May 21, 2017 10:22 am Hi members, i am a hospital doctor earning 125k/ annum (3 yrs stable govt hospital job) Hubby earns 100k/ yr (4 yrs old stable job) I have a car loan of 70k on salary packaging Another car loan 17k 12k credit card limit Hubby has 15k credit card limit - now we want to buy a vacant land in Sydney west for 600k - 60k genuine saving -25k gift for stamp duty - no family to give security We the above car loans in our current credit file. can we get a vacant land loan with 60k deposit? Or will we get rejected for having too much car loan and credit card limit? (We are 31 and 33, no kids, 2300/rent on top of those credit card fees, monthly savings 7000+ after all outgoing) Hubby will have 20% salary increase in September. Ill have 5% increase in October. But we don't want to wait that long as the land price will increase by then. What are our chances of getting a vacant land loan in a popular growth area of sydney? buying the land should be ok depending on the lender. Buildi 2May 21, 2017 11:51 am kisakib Hi members, i am a hospital doctor earning 125k/ annum (3 yrs stable govt hospital job) Hubby earns 100k/ yr (4 yrs old stable job) I have a car loan of 70k on salary packaging Another car loan 17k 12k credit card limit Hubby has 15k credit card limit - now we want to buy a vacant land in Sydney west for 600k - 60k genuine saving -25k gift for stamp duty - no family to give security We the above car loans in our current credit file. can we get a vacant land loan with 60k deposit? Or will we get rejected for having too much car loan and credit card limit? (We are 31 and 33, no kids, 2300/rent on top of those credit card fees, monthly savings 7000+ after all outgoing) Hubby will have 20% salary increase in September. Ill have 5% increase in October. But we don't want to wait that long as the land price will increase by then. What are our chances of getting a vacant land loan in a popular growth area of sydney? Re: Vacant land loan chances? 3May 25, 2017 10:59 pm In terms of a loan, everything is taken into account. So the liabilities of the car loans and the credit cards will be looked at as part of the scorecard that most lenders do, and if it passes that, it all depends on the rest of the deal. In saying that, the cars would be secured loans I presume which are less risky than the credit cards. You do have strong income and stable employment length. The deposit is only 10% but not the end of the world and being a doctor there may be a way to have LMI waived under a medico policy. Until your finances are looked at in more detail in terms of the liability repayments (car loans) and living expenses, then a conclusion cannot be made on whether the land loan is affordable. If it is, then you also have the issue of getting a construction loan down the track which means more borrowings and realistically more deposit. Cheers, Tom 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 19091 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 35312 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11906 |