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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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LEZLI

2 years ago

Hi Gary, I have lenders who will provide finance for self employed with ABN, GST registered. Shouldn't be a problem. Look forward to hearing from you. Thank you.

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Scott

2 years ago

Hi Gary It can depend on what state that you are in as well. In Qld for example, if you are buying or building a new home, you can use just the $20k First Home Owners Grant (FHOG) in some cases as your sole source of deposit - as long as it covers your 5% deposit + costs. In regards to income, you ideally need an ABN for 2+ years and at least 1 if not 2 years full financials / trading figures which we prove to a lender via way of a tax return. Some lenders will work on just the 1 x years financials though. I hope that helps. Scott

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kelvin

2 years ago

The only way to get a 100% loan is with security via a family guarantee. The rules are set by APRA and its to reduce the risk in the housing market. You can borrow the 95% + 2-3% LMI risk insurance - so will need approx 10% of whatever home you wish to buy. Your current rent goes towards the "5% genuine savings" required to show the ability to service the loan. If you are able to service a personal loan and a home loan there is that option - as long as its at arms length and > 3 months old in your bank accounts.

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Guido

2 years ago

HI Gary Sorry there is no way around the savings. You need 5% of the property value or purchase price. for example 400 000 purchase price you need 20 000 in your savings account. You also need to show the saving over a minimum 3 month time period,

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Morris

2 years ago

Hi Gary, if you have been in business for 2 years and can demonstrate to the lender that you are able to service the new loan, then the only option you have to borrow 100%+ is a Family Guarantee. happy to explain how if you want to have a chat. i operate in WA, however, i can assist nation wide.

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Gary

2 years ago

Thanks for the reply Osman, much appreciated. I'll just have to save up some money before applying again. Thanks again

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Osman

2 years ago

Hi Gary Unfortunately this would not work, you would need 100% + Stampduty and other expenses, there is no lender that would do this. But if you had 2 years tax returns showing required income, you could get a 95% + Lenders Mortgage Insurance, based on serviceability. FYI Cheers Osman Duman

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