MHP Mortgage Loans - Matthew Stack

  Another Tricky Scenario This saved a customer $6,500 in risk fees by using their vacant land as additional security on their application. Scenario -Refinance & cash out for renovations. Issues -ABN less than 24 months in operation. -Only 1 year tax returns. -Low credit score. Solution -Client’s refinance and cash out was sitting at 80% LVR so a risk fee would have been incurred. -They owned a vacant block of land that they are not looking to build on in the near future. -Using the land as secondary security, kept the overall LVR at 70% and total loan under $750,000. -They could use their 2022 financials in isolation. -No Credit Scoring was needed. The customer was approved in 3 days after lodging. Matthew Stack - Mortgage Broker 0423 237 242 #mortgagebroker #revesby #homeloan #carloan

  Finding the right Low Doc Lender There’s more than just the interest rate to think about. You'll need to consider: 1. Lenders Mortgage Insurance 2. Risk Fee 3. Application fee 4. Borrowing Capacity 5. What income verification documents are required Each lender has its quirks; it's best to use a mortgage broker to walk through your options. What Documents do I need for a Low Doc Loan? - Most lenders require a 20% deposit and an  ABN  at least 24 months old. Need to watch more than just the interest rate There may be other hidden costs.  To find out which loan is the cheapest, take a holistic approach and look at the cost of the loan including fees & charges. Some lenders will charge a risk fee if you borrow more than 60% of the property value. These fees can vary significantly between different lenders.  And some lenders don't even charge them. Low doc loans can transition into Prime loan Your mortgage broker will help you transition into a prime loan after...

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...

Home loans on casual employment ✅It is quite normal to be casually employed in the retail, teaching, nursing, or hospitality sector. Many lenders view casual employment as higher risk, and some avoid lending to this group altogether. ✅ Fortunately there are lenders who will consider a home loan for the casual worker. There are a few considerations to assess this properly. Let's take a look ✅ Full time casual: must be employed 6 months to qualify with some lenders. ✅ Part time casual: irregular hours are assessed on a case-by-case basis. How will the banks assess me? ✅Your income is more vulnerable without holidays & sick days. ✅ Your irregular pay checks will be scrutinised. ✅ When the economy or certain industry's go through tough times, some banks pull back from lending to casuals on the basis they might be the first to get fired. Casual teacher All your payslips are from the department of education (1 employer), but you may be sent to many different schools. Some ...