WL Securing a Loan

[Ted Hunter]

Midnight Prowl....thank you ...much apprciated

[hyperultra]

It was quite easy couple of years back.
Just deposit regular cash at the bank.
For example every week deposit $2000 on every wednesday. Claim u get paid by cash. Bank will need something in writing from an employer. This can done by easily. Some WL i know did this method ( i told her how to do it ) and she bought property. Another WL got an ABN number and claimed to earn xxxx. I also recommend this method. But now it is more strict and you need 3 years tax return from an accountant. First method will be easier.

Those were the good old days.
I know someone who applied for home loan in 2017, and all banks were asking for a tax return or official employee timesheets.
Getting an ABN may work, but banks may have a list of what occupations and businesses are and are not eligible for a home loan, and again official ATO tax return documents will probably be required

The current Royal Commission into Banks last week heard how a blind woman was given an investment loan on behalf of her daughter, despite not being able to read what she signed. The daughter business went broke and the old ladys house had to be sold
So ... applying for loans is only going to get stricter with time

[tarl1975]

Some lenders can do loans based on cash income. I have organised it before. It takes quite a lot of preparation to ensure everything is done correctly to meet the banks' requirement.

[ro7a7e]

It was quite easy couple of years back.
Just deposit regular cash at the bank.
For example every week deposit $2000 on every wednesday. Claim u get paid by cash. Bank will need something in writing from an employer. This can done by easily. Some WL i know did this method ( i told her how to do it ) and she bought property. Another WL got an ABN number and claimed to earn xxxx. I also recommend this method. But now it is more strict and you need 3 years tax return from an accountant. First method will be easier.

This is prob the path I would try. I believe all they need is 3mnths of this consistent payment and a good broker can fuck around with that

[AHLUNGOR]

The bottom line is, if the lady already has say $200K in cash , it’s a lot easier for her to get a loan than another else who only has say $50K !

[Spydii]

No chance with the spotlight on banks.

[Azninvasion85]

Most of the major banks ie. Big 4 all have strict lending policies. As most of us have mentioned due to the royal commission and APRA changes etc. Maybe better off getting a loan from a second tier lender such as pepper finance. They may ask for more paperwork. However their lending policy won't be as strict, obviously as long as documents are provided to back the info up. One of the guys mentioned applying for a loan as a self employed worker. That can work however different income documents will be provided. If ur lady friend can apply for a self employed ABN etc that may work. Or like one of the others said cash payment from the employer

[salihajeff]

If you're working and making good money, you shouldn't have a problem with that. The bank needs to know that you are working officially and have a work record and a regular income. Your bank account must have monthly payments. When I contacted Mortgage Advice Derby, they explained that the bank would ask for docs for my last six months' salary. Of course, I was prepared that I'd have to prove my ability to work to qualify for a home mortgage. So all you have to do is contact a mortgage advisor to help you contract with the bank for the right period. It's best to take the maximum mortgage period of 15 years. Then the amount you pay each month will be less, and you'll feel more comfortable.

[cumquat]

Note to Self...
Never ask Clowns serious questions

Note: think before you form a Q.

[Aloscha]

They actually take a general securitt agreement over their vagina as it is a working asset. A gynaecologist is engaged to then value it as a going concern and from there future cash flow is calculated to see if it is able to sustain the requested debt load

Do I detect a legal expert amongst us?

[dotcumdotinyou]

Why bring up a 4 year old thread???

New member trying to get to 50 posts???

But why are senior members questioning banned members???its not like their gonna get a reply.

[limbi8888]

FMD - i didn't even notice that, only saw the recent post

[Aloscha]

Why bring up a 4 year old thread???

New member trying to get to 50 posts???

But why are senior members questioning banned members???its not like their gonna get a reply.

Lol you're right bro, didn't even notice this when I was replying. My bad. Time to kill the thread.