Hi guys, If you have already saved a 5% deposit but have a short fall in funds required for stamp duty / setllement, can you take out a quick cash loan just incase ? (Serviceability will not be an issue) Will this affect the loan application in some way?
Yes because they all report to a central ending data base. When I bought my house I went grovelling to my 'rich Aunty' for the legals and stamps, repay with extra interest and a bunch of flowers, It worked for me, suggest you try that instead, I hope this helps
Sorry do you mean yes to we can get a cash loan or yes that it will affect the loan app? I wish i had a rich Aunty too! Haha
You need to prove you have all the funds to complete in the mortgage application. So getting it after the fact won't work. Getting a loan to complete the purchase will need to be disclosed beforehand and 99% of banks don't like it when you have used a loan to provide the funds.
Not always .............I had a client who had a pre approval from a big 4 retail outlet for 4 units OOT for a million buy price. Client came to me to raise the deposit after auction from available equity in his PPOR with self employed financials of 25 k pa ................... Have seen a bit of that, though on averages Kin would be 99 % right ta rolf
