Mortgage Broker recommendation

Hey guys,

First time poster. Does anyone have a MB recommendation that is familiar with DVA and Csc payments?

I have already contacted several MB, however they weren't too familiar and confident with DVA & Csc payments as a form of income.

The 2 that did have knowledge didn't have many options for banks, and rates weren't that good...

Prefer to be located in Sydney, but happy for teleconference if need be.

Thanks in advance

 

Youre referring to Veterans Affair income ?

 

Yes correct. Department of veterans affairs.

 

Also, if you are familiar with dva payments. As you can see in that page it refers to ongoing payments. However the payments are renewed on a yearly basis with a new medical certificate.. so they give an end date in a year's time (if that makes sense), and than the certificate is renewed and they can reissue another statement. Some of the banks wouldn't take this letter even though it says they would (their reasoning being the payments have an end date in a year's time). However in saying that, the payments have been coming in for several years and will continue to do so as long as medical certificates are updated yearly.

Hence trying to find someone knowledgeable in the area and knows how to navigate and can speak to the bank regarding it.

Thanks for response too

 

This is where you need to find someone to seek credit approval before lodging anything.

Alot of the brokers here can help out. And all are knowledgeable.

 

Would you have any recommendations? The few I've approached haven't been all that great in this domain..

Much appreciated

 

To be fair it's an extreme niche, there simply aren't a lot of people out there in these circumstances buying houses and borrowing money. In overall context to suggest veterans pensions represent 0.1% of the market would probably be generous.

Part of the problem is as you've already stated. This pension is continuously reassessed. All of the major banks and a few others will accept veteran affairs pensions, but their credit assessors are going to stumble on this point as I suspect you've discovered. The fine print on some lenders policies state that they'll consider it permanent when they can see it in place for the next 5 years.

Consider approaching Australian Military Bank. I don't really know much about them, but I suspect they see more of this niche than most others.

 

Really appreciate the response. Yea it definitely is, and hence the problems i've encountered thus far.

Yes, i've had a look with the 2 military banks associated with adf, and they know our situation well but their rates are no where near competitive to other banks.

Trying to find someone knowing the ins and out is the hardest part i'm finding. All the referral thus far hasn't worked out for my scenario

Thanks once again, and i'll keep searching!