Lenders Wanted

WA, $542K, Investment, Purchase, Full-doc, 95% LVR

Posted on 22/01/2014 4:08:36 PM

Have a client who wishes to purchase a property for $570,000 as an investment, so I/O repayments are required. Is an employee of the company he works at but is paid on a commission basis (does receive a base amount in case of a slow month but this is the first thing paid back each month when commissions are paid). So he is PAYG and receives pay slips, super, etc. How long in a commission based role does he need to be - 12 months or two years? What income level would you use - YTD annualised; average of last two years GC's; or compare YTD and latest GC and use the lower of the two?
Want I/O; 95% LVR; has $62K genuine savings.
What product can you offer and what would the rate be? Fees? Anything else I / you would need? Cheers.

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  • Paul29/01/2014 7:33:04 PM

    Good evening,
    Your client should be employed for no less than 6 months to qualify for the loan should include 2 latest pay slips last years tax return or group cert 6 months bank statements.
    I no we have some lenders that will approve this scenario 1 in particular with out LMI helps get some deals across the line, great savings with 62 k shows strong earning capacity should help how long have the clients resided in there current residence ? the longer the better from the lenders point of view ?? rates From around 5%.

    Don't hesitate in contacting me further if you need more information

  • Matt29/01/2014 3:33:31 PM

    Good afternoon,

    Your client would need to be employed with their current employer for at least 12 months.

    Depending on how long your client has been employed with his company, we can go about his income two ways:
    1. If your client has been employed for 2 years or more, then 2 of the most recent payslips (showing YTD if possible), Group certificate & ATO assessments can be used. The income would then be averaged out over the 2 years.
    2. Include 2 of the most recent payslips (showing YTD figure if possible), group certificate & 12 months bank statements (showing the income going in).

    There are a few banks that would accept the scenario, it will depend on a few different avenues, such as if your client wishes to fully cap Lenders Mortgage Insurance (LMI) or pay it separately with their cash.

    The average interest rate will be just over 5%.

    Please email me should you need any more information.

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