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Deposit Shortfall

Discussion in 'Property Finance' started by Martinez22, 8th Aug, 2015.

  1. Martinez22

    Martinez22 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Perth
    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?
     
  2. SeafordSunshine

    SeafordSunshine Well-Known Member

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    24th Jun, 2015
    Posts:
    373
    Location:
    Sydney
    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
     
    Bubica42 likes this.
  3. Martinez22

    Martinez22 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Perth
    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
     
  4. SeafordSunshine

    SeafordSunshine Well-Known Member

    Joined:
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    Posts:
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    Location:
    Sydney
    Yes it will affect the loan app, sorry I should have been more concise, The grovelling hurt...
     
  5. Kinnon Bell

    Kinnon Bell Finance Broker

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    14th Jun, 2015
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    Location:
    Cairns
    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.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast
    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