Looking for a good Mortgage Broker (Melbourne)

Hi All,

It's been a while (ie Somersoft days), however I'm in need of a good mortgage broker. Basically I'm looking to buy an IP, however the issue I have is that my current employment situation is a highly commission driven one, rather than a salary.

We basically own our PPOR (owe 10k), have a significant amount of cash and shares, my wife works and we have excellent credit and repayment history. So I would have thought it would have been rather easy with our current lender. However they are baulking at my pay structure.

Any advice on mortgage brokers or lenders to help get this done would be much appreciated!

Cheers, J

 

If you can show 2 years consistency with the commission income then you have options

 

Hi Lindsay, that might be the problem. I changed jobs about 15 months ago (Prior job was for 6 Years).

 

Some lenders will still consider <2 years evidence, they typically shade the commission income to 80% of total received in the last 12 month, so if servicing works based on that you could be good to go

 

Servicing will be fine. So any advice on who I should turn to?

 

Lindsay?

 

Some lenders want 2 years, others want to see 12 months, others will look at latest 3-6 months it all depends on the specifics around the role and nature of the commission.

@Peter_Tersteeg is Melbourne based if you need someone on the ground in VIC, most brokers will also do non face to face.

 

CBA do 12 month commission income. If deal points are strong, macq will likely do it too. Bonus income is trickier with some and requires more.

based on what you’ve said, funding options should be available, just need to go to the right mix of lenders who are more comfortable with this.

 

Thanks Guys much appreciated. loans.com.au look like they might be able to help and I have an appointment with CBA on Friday (who I've personally banked with since I was a kid). Hopefully we can sort something out!

 

Just did one with ANZ, 6 month commission paid monthly.

80% lend.

 

If you want the best chance of being approved use a mortgage broker.
Banks are not bound by Best Interest Duty (brokers must act in your best interests, banks don't have to)

 

My entire family banks with CBA our whole life but this didn't get our home loans approved based on "customer loyalty". It was a good mortgage broker who had cleared all the hurdles for us.