MHP Mortgage Loans - Matthew Stack

  Another Tricky Scenario - Credit defaults Scenario: -Client wanted to purchase an Owner Occupied home at 90% LVR in Sydney. Issues: -Her credit report showed prior home loan repayment issues within the last 12 months. -Credit report actually showed an X, which meant this facility was more than 180 days in arrears. -She had an Investment property with someone else that was in a location that struggled through Covid. It was not tenanted for a long period of time and they fell behind on repayments with their lender. -The property was finally sold and debt cleared but clients credit file was heavily impacted. Solution: -The investment mortgage had been repaid, so there were no debts outstanding. There was no defaults or judgements listed, and some lenders like Bluestone don't credit check any past debts. -This was a Prime lending loan with Bluestone. -She had been renting, so her last 6 months tenancy ledger was provided for character to repay. No statements or history was need...

 NAB's Making it easier for Medical professional home loans The following changes apply for medical professionals. - Medical professionals can have LMI waived for owner occupied loans up to 95% LVR. - Borrow 95% of the property and pay no Lenders Mortgage Insurance. - Pharmacists are now added to the list of eligible medical practitioners. Eligible medical professionals: - General Medical Doctor, - Specialist, - Limited: post-graduate training or supervised practice, - Provisional, - Non-practising, - Teaching or research Max Loan: -Individual purchase up to $4.5m. -Total aggregate lending up to $7.0m. Further support - If you have any questions give me a call to discuss. Matthew Stack-finance broker 0423 237 242 #doctor #hospital #homeloan #medico #medicoloans

Low Doc Home Loan A Low doc home loan is a mortgage requiring much less documentation than a standard home loan.  Predominately for business owners that haven't had their tax returns completed. If you’re self-employed a low doc loan may help you into a mortgage quicker.  There is always the option to transition into a full doc prime loan in the future when your tax returns are all up to date. How much can I borrow? - Borrow up to 80% for a low doc loan. - Above 80% and risk fees may apply. What Documents Will I need? - Personal Declaration of your business earnings. PLUS, - Either an Accountant's letter or 2 BAS. - Your business will need to have been operating for longer than 24 months. What lenders are available? - There are more than you think, Resimac and Pepper to name a couple. Discover if you Qualify for a low doc loan - Give me a call and I'll walk you through it. Matthew Stack - Mortgage Broker 0423 237 242

Can I consolidate my ATO debt to my home loan? ✅Yes.  Some niche players will lend up to 80% (value of property + ATO debt).  The loan must be less than 80% of the value of the property plus the ATO debt combined. ✅Must provide a reasonable explanation as to why you're late with your payments. ✅Must provide evidence that you can afford this new loan.  There are also low doc options. Does my Credit File show ATO debt? ✅Yes. ✅To show on your credit file the debt needs to be more than $10,000 and overdue longer than 90 days without contacting the ATO to work it out. ✅This will hurt your credit rating.  There are still a couple of niche lenders that will not credit score in this space. ✅It's a good idea to have an accountant help you manage communication with the taxation office. ✅Sometimes refinancing your ATO debt into your mortgage is a good solution to get you back on track with one manageable monthly payment. Must explain the reason for the tax debt ✅A lender will v...

  What Happens to Property when One Partner Dies? ✅If death comes out of the blue, and there is no will in place, here are some facts around how home ownership works.   ✅There are 2 types of joint ownership.  These are  tenants in common  and  joint tenants .   1. Tenants in common ✅A will usually determines where you partners share goes. 2. Joint tenants - the most common ✅You and your partner own equal shares. ✅If your partner dies, their share is bequeathed to your sole ownership. ✅You can now have a solicitor to revert the property title into your name only. Who pays the mortgage if my partner dies? ✅You inherit the property  and the mortgage. ✅Sometimes people who inherit a property with a mortgage need to sell the property to pay out the mortgage.  This may happen if the lender wants to assess your ability to make the repayments on your own.  You simply may not have the serviceability to make the repayments as a sole inco...