My quest for a new mortgage – to retain my children’s home after sadly separating with their wonderful dad – continues.
However, the test is not just for now. They also assess you for if official interest rates rise by a further 3 percentage points. Until the end of last year, it was only 2.5 percentage points. That is on top of a mortgage interest rate that has probably already lifted 2.25 percentage points in the past five months alone, as the Reserve Bank of Australia strikes to combat inflation, and your repayment capacity shrinks.
Most lenders favour earned, employed income. Casual income may not come into the equation until it has been consistent for an entire year. Even then, a month will likely be chopped off annual income on the assumption that you will likely take a holiday for at least that long each year.What about child support from an ex-partner? You need to have a formal agreement and a faultless payment pattern – and not a cent above the required amount counts.
As a separated applicant who earns income through a long-established but COVID-hit small business, I am hit by almost all of the above.Many people had their earnings cut after being laid-off or had their hours reduced by COVID-19 conditions in the past two years. Some received fortnightly JobKeeper payments to help keep them financially afloat.
Whatever your credit card limit, it will typically rule out seven-to-eight times that amount of your borrowing capacity.
Ignoring Inv Income=joke. It’s probably more resistant than your income. The banks stereo-typing your spending and not actually examining your specific spending habits is just as bad. There was an advantage to having lending specialists who would deal with you personally.
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