FromTheRail Posted July 24, 2014 Report Share Posted July 24, 2014 Just looking for a bit of advise and any ideas of options. We have said bye to our 457's and as of 2nd July are now PR, our year lease is nearly at an end, we have sold our flat back in Scotland and we are looking at the possibility of buying to live in or investing into a property either now or in a years time. My wife is the main earner, she is self employed in the the medical profession (I understand they are classified as low risk for lenders) with her own ABN. She has her tax savings in a separate account, will lenders allow this money to be used as part of a deposit for a mortgage? We would rather invest it to help us out rather than it just sit in an account not doing much until it is due well in the future. Another thought is she has only been in business here for just under 1 year but has accounts from the UK for previous years, will banks even lend as she has not been in business to 2 years? Quote Link to comment Share on other sites More sharing options...
abc Posted July 24, 2014 Report Share Posted July 24, 2014 I you like I can pm the number of an excellent mortgage broker!?? Quote Link to comment Share on other sites More sharing options...
FromTheRail Posted July 25, 2014 Author Report Share Posted July 25, 2014 I you like I can pm the number of an excellent mortgage broker!?? Always handy to have recommendations, feel free to pm it over with you experiences with them Quote Link to comment Share on other sites More sharing options...
Home Loan Experts Posted July 29, 2014 Report Share Posted July 29, 2014 (edited) Just looking for a bit of advise and any ideas of options. We have said bye to our 457's and as of 2nd July are now PR, our year lease is nearly at an end, we have sold our flat back in Scotland and we are looking at the possibility of buying to live in or investing into a property either now or in a years time. My wife is the main earner, she is self employed in the the medical profession (I understand they are classified as low risk for lenders) with her own ABN. She has her tax savings in a separate account, will lenders allow this money to be used as part of a deposit for a mortgage? We would rather invest it to help us out rather than it just sit in an account not doing much until it is due well in the future. Another thought is she has only been in business here for just under 1 year but has accounts from the UK for previous years, will banks even lend as she has not been in business to 2 years? Hi FfromtheRail, Congrats on moving from your employer sponsored visa to the PR and welcome! In 95% of all self employed people the banks require the following as a basic: - 24 month ABN - two years of self employed tax returns - or 4 sets of BAS at a maximum 85% lend and a higher rate If your partner is a medical practitioner who is self employed on the basis of a locum doctor who invoices monthly, there are two lenders that can help up to a 95% lend if required and she can be employed for one year without the information above. We would need to determine what exact role and employment details she is on. The lenders can use whatever funds they see saved in a bank account for 3 months as a deposit. They do not worry about that it is saved for taxes, this is your decision what the funds are to be used for (saving for taxes is good also if the ATO is reading this:biggrin:). I will PM with some details if you want to have a chat about this. Hank. Edited July 29, 2014 by Home Loan Experts mistake Quote Link to comment Share on other sites More sharing options...
FromTheRail Posted July 30, 2014 Author Report Share Posted July 30, 2014 cheers will pm you Quote Link to comment Share on other sites More sharing options...
Bibbs Posted July 30, 2014 Report Share Posted July 30, 2014 ANZ required 12 months of self employment, including one end of year tax return. They also offered something like x12 salary too. It was some horrendous multiple anyway. They were the only bank at the time that would do under 24months. Quote Link to comment Share on other sites More sharing options...
FromTheRail Posted July 30, 2014 Author Report Share Posted July 30, 2014 12x that's just crazy !!! Quote Link to comment Share on other sites More sharing options...
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