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Is there a lender out there who will lend on lvr up to 70% with low short term income? I have high asset but 2 to 3 income flow will be low so can't get loan value to that ratio.
Responses
Hi John,
There are a couple of lenders who consider short term ABN or PAYG income, however, it's difficult to comment on LVR without knowing more about your situation.
If your asset position is positive, you may consider including them as security to bring your overall LVR down.
Have a great day,
Gerry
Hi John,
This is tricky to answer as it's quite specific to your personal situation. Some lenders only require one payslip with an employer if we have lending under at 80%. So this may answer your short term income concern.
If your income and expenses allow for servicing then this can be considered but equity alone without evidence of being able to service the proposed debt is not possible under NCCP Guidelines.
I hope this sheds some light on the situation for you. Of course I'm happy to discuss this further if you would like.
Nicole :)
I am not sure if your employment situation is an employee or self employed.
If you have a low income and you are an employee there are other possible sources of income we can consider like Centrelink income, super income, investment income and more...
If you are self employed there are certain things banks and lenders would consider on top of the normal income reported on the tax teturns but this up to your skilled debt specialist to review this.
I also want to stress the importance of not entering into into a lending arrangement if you foresee changes in your income in the future where you may not be able to maintain the repayments.
If you are open to have a chat about your situation please let me know. Happy to help if I can.
The short answer is yes via Lo Doc loan where your income is verified by your accountant. This is a common loan need for self employed or the growing number on casual income. Some main stream lenders also have options after 3 months but most after 6 or 12.
