Hi guys Just wondering if boq has a generous calculator or is relatively strict in general. I am interested in BOQ as they will do 95% without lmi for my profession. I would like to buy an investment soon. I have just this week got a pay rise. My base pay will only increase by 5k but I will now be earning commission. This should take my salary up from something modestly below 100k to modestly above (same workplace). I know I need to talk to them or a broker but am I best waiting 3 mths for improved servicibility? Will BOQ consider commission differently to normal salary...will they consider any rent? We have a ppor that we only bought just over 12 mths ago and I am guarantor for my wife's IP which we only just refinanced for a better deal on rates... she was off on maternity leave so in hindsight not an ideal time to refinance :s. Should I also wait for her to go back to work part time and apply to have myself taken off as a guarantor? I know we need some specific advice based on actual numbers but I would really appreciate any general advice before I approach them
You definitely need specific advice. It's probably best not to comment here, but I can't help myself. Commission income, most lenders take an average over between 3 and 24 months and then they shade it to 80%. So that won't help. Being guarantor of an investment property means the new bank will use the full debt involved and none of the rent received when calculating your capacity. Looks like you would be well served getting some specific advice.
BoQ are tight for servicing, same as most of the little guys. You'll need to go direct to branch for their 95% deal, so best go chat with them from the get go.
Thanks guys....appreciate it! Just to clarify Tobe you mean they base income on an average commission over 3-24 mths and then calculate servicibiltiy based on 80% of that?
Not sure for boq specifically that's the general gist of commissions income. Some banks need to average 3 months, some 12 some 24.
It's not actually 95% with BOQ specialist. It's 90% and then another 5% repayable P+I over 5 years at secured personal loan rates. Have a look at the actual way the loan figures out. When I talked to them last (almost a year ago) they would do 90+5 for INV or 90+10 for PPOR. May well have changed completely since then.
Aha... that would be cheeky if it were at personal loan rates (and P+I!)!! They state 95% for INV and 100% for OO on the website for BOQ specialist but I will definitely need to talk to them! If that is the case they really should have at least an asterisk next to them as I think that is quite mis-leading if that is still the case! I may as well go NAB Health at 90% no LMI if that is the case and pick up another 250K velocity points!!
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