I would work with a broker to see if porting the loan from one security to another is possible without additional paperwork. If they ask for paperwork that shows income servicing and thats not possible then Lo Doc, with an accountant who is willing to sign off on the required income, is a possibility. There are 2 types of accountants letter and some ask for actual income figures and others ask for stated income figures and that the accountant is not aware of any issues with you repaying the loan.
Hi John, I specialise in helping people who run their own business. Westpac is one of my Lenders but I will find you the best deal to buy your new home. Just click on my profile and I will phone you for a quick chat. Regards Craig Tracey
Hi John generally you can transfer a mortgage to a new house and as in all circumstances you would need to be able to afford repayments on the new home. A lender will generally want to see 2 years financials or you may want to opt for a lo doc option. We can assist in these options and help to structure a solution for you. Feel free to call us to discuss.
I specialise in Lodoc loans and we cover all over Australia. Yes please call us to discuss a portable or a lodoc option suitable to your current situation.
Hi John, we would need to find out from Westpac if your current loan has portability which could be a real option for you. I am happy to discuss your situation further and look at what options are available to you. I am located on the Gold Coast. You can contact me through my profile on this site. Best Regards Nikki
Hi John. I mirror the comments of the other brokers above. Yes we can help with low doc options as well with just an accountant sign off. Regards.
Hi John, Much like mobile phone companies some banks allow you to port your mortgage to the new security. Also long as you are not increasing the loan or the loan to value ratio this might be you best option as westpac will probably not need to assess your application in the same way as if it was a whole new application. Happy to explore options with westpac for you if you like or you can contact your local westpac brand and they should be able to assist you. Regards Nathan
John, it entirely depends on your actual income, as lenders will allow you to 'add back' certain expenses, such as depreciation, one off purchases, etc. You can also do a Lo Doc loan if it came to it. In regards to 'transferring' a mortgage, you can do as what has been mentioned and have simultaneous settlements, but you can also do what is called a bridging loan. They aren't as common now, but there are still a few lenders that will do these at good rates, I've recently did a bridging loan for a self-employed person in a similar situation to you. If you are in Perth, please get in contact with me and we can discuss your situation in detail.
Hi John, I have a lot of experience dealing with your type of situation - please contact me via my Profile page - have rates from 3.67% depending on your financial situation. Look forward to hearing from you. I am completing loans successfully all over Australia. Kindest regards. Lezli
Hi John M, there are many options available but if you do not have tax returns, there are other lenders too. You can contact me via the Hashching website and we can have a chat. Our location is Western Australia. Thanks and I hope that I can help you further...Mel :)
Hi John, If you're in SA or NT I would welcome the opportunity to review your situation. Without knowing more I can't comment on whether this is feasible.
Yes, you can 'port' your loan from House A to House B provided that you are not increasing the loan amount and or the LVR (Loan To Valuation Ratio) - although not essential, most banks prefer simultaneous settlement (which means that the sale and purchase occur on the same day) I am based just south of Brisbane if you would like to catch up over phone or face to face. All the best Scott
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Hi John, before any decision is made on low doc versus full doc loans, it would be prudent you work with an experienced broker that understands small business so as to explore all options. I'm based on the Gold Coast and cover most areas in SE Queensland and available over the weekend to discuss. Thanks. Doug Cook from 3Carrots