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Glenn

10 months ago

Hi Carly, I hope you're well and thanks for your questions? You have various options and various lenders to help depending on what you can provide as a family guarantee and the relationship of who is providing the guarantee and their relationship to you & your husband? Using gifted funds of 5% and non- genuine savings will mean you are placed into a non-genuine savings category and the interest rate will be higher than what you can maybe achieve by exploring a guarantee option of using a 10% deposit if possible as this will eliminate the genuine savings policy you will have to meet for most lenders? I have access to over 40 lenders and have helped many clients who don't fit the usual box in regards to lending policies & guidelines followed by lenders. I suggest if you need to explore your options for what you have described in your questions above, please get in contact through my broker profile link so we can discuss in more detail of what is possible and lenders that may be able to assist you in reaching your goals? Just remember by using an experienced broker who's service to you is free of charge as the lender will pay for our time, will help you to find that option that will suit you? Kindest Regards. Glenn Rowan.

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Eren

10 months ago

Hi Carly, Great question. The simple answer to your question is yes it can be done. Every lender has different policies. As long as your husband can service the required amount you need to borrow, it could potentially work. Keep in mind, if your name is on the contract of the property, your name will need to be on the loan as well. Happy to chat further if you like. Feel free to get in touch with me via my profile. Eren Kutup

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Randa

10 months ago

Hi Carly, happy to help you. The banks differ in policies and requirements. Also the loan structure is important for you. There are certainly solutions and we just need to see the best structure and loan product.

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Sunyu

10 months ago

Hi, Carly Regarding your question, lenders could accept that your husband be the borrower if he can service his loan by himself. But his living expense will be higher than people living as single. Hope that would help and feel free to contact me at any time.

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Peter

10 months ago

Hi Carly, it's exciting that you aspire to purchase your first property. There are several steps to be considered in your scenario that will then ultimately decide whether you are in a position to consider such a purchase, if some of the items you mention are issues, and then if they can be addressed satisfactorily. A key step is to first understand your borrowing capacity, using either one or both of your incomes, and then see how this compares to the price (plus costs) of the property you wish to purchase. This exercise will also show any other of your assets and liabilities, along with your living expenses. Then a HashChing broker can work through the other considerations you have raised using good data to make any recommendations around your options. Kind regards, Peter

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Sharon

10 months ago

Hi Carly Feel free to contact me so we can organise some options for you, especially given your situation with the guarantor loan and borrowing in your husband's name only. I have experience helping clients with both situations. I'd be happy to help you buy your first home. Warm regards Sharon

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Iva

10 months ago

Hi Carly, thanks for your question. Different lenders have different policies but I have done this before. Depending on the lender/assessor you still may need to provide a payslip or some form of income verification to show you are not dependent on your husband. This is all making the assumption that he can service the loan on his income alone. Also keep in mind, the Bank's have a minimum living expense calculation and they will use this figure if your husband's share of expenses are less than this figure. Hope this helps and feel free to get in contact via my profile if you have more questions. Kind Regards, Iva R.

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