mortgage lenders - do you think??....
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Forum Name: General Chat
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Topic: mortgage lenders - do you think??....
Posted By: BaAsKa
Subject: mortgage lenders - do you think??....
Date Posted: 19 August 2008 at 9:00pm
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....they will include a disability allowance into our income???
how about our acommodation suppliment??? Im stressing my bum off at the moment!!  it doesnt help that i have already fallen in love with a house that is an awsome value!
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Replies:
Posted By: mummy_becks
Date Posted: 19 August 2008 at 9:00pm
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Accom yes they do as that helps pay for your mortgage. As the other i'm sorry I don't know. ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: Two Blondinis
Date Posted: 19 August 2008 at 9:04pm
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if it's a guarenteed income then they would have to take it into consideration? ------------- http://lilypie.com"> 
 
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Posted By: AnnC
Date Posted: 19 August 2008 at 9:07pm
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disabilty allowance can go towards your income if it is a regular payment/income (like sickness benefit, chil isability allowance etc...) ------------- Ann 
Also Mum to Josh (15) and Brooke (10) |
Posted By: BaAsKa
Date Posted: 19 August 2008 at 9:08pm
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We have a review in 3 years for the disability so i guess its guaranteed till then??
How would they know how much acom sup to account for seen as it will go up quite a bit when we buy??? |
Posted By: AnnC
Date Posted: 19 August 2008 at 9:09pm
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they can only go on what you get NOW what you might get in the future.
best to get in touch with the bank/place where you plan to borrow from ------------- Ann
Also Mum to Josh (15) and Brooke (10) |
Posted By: ohanlon82
Date Posted: 20 August 2008 at 12:34pm
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not to sure but i do know of a friend that gets a disability allowance and it was not taking into account when they went for a mortagage (ASB Bank)
best to talk to your bank about it ------------- http://lb2f.lilypie.com/TikiPic.php/RPaODBg.jpg |
Posted By: caliandjack
Date Posted: 20 August 2008 at 7:07pm
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have you thought about going through a broker, as not all banks will lend in that situation, whereas a broker will find a lender to best suit your needs ------------- http://lilypie.com" rel="nofollow">   [/url] Angel June 2012 |
Posted By: busymum
Date Posted: 20 August 2008 at 7:13pm
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Ask a broker, I'm pretty sure they'd be able to include both - and WFF if you get those too. -------------  |
Posted By: AnnC
Date Posted: 20 August 2008 at 7:58pm
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We get a child disability allowance an for our mortgage (BNZ) they took it into an account.
On the broker side not all banks deal with them so you don't always get the best deal Did you get someone to do the figures for you though today so you can sleep easy  ------------- Ann
Also Mum to Josh (15) and Brooke (10) |
Posted By: BaAsKa
Date Posted: 21 August 2008 at 2:34pm
I had a terrible sleep last night!!!! because the bank manager rang me yesterday arvo to let me know that SBS is having some type of problem with housing corp and they are freezing the welcome home loans!!! could be for a week or could be for years!!! i was like WTF!!! (well...ya know...more politely put of course! lol) and she said that if i got all my info together by this morning then i might make it in but now im stressing my butt off about it!!!!  firstly i may not even be accepted and secondly i may not make it in before the monday cut off!!
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AnnC wrote:Posted By: minik8e
Date Posted: 21 August 2008 at 2:36pm
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Errrr uh.....really??? My gosh, I hope it doesn't mean anything for the existing Welcome Home Loans!!! Sorry, selfish thought there.
How do you find SBS otherwise?? Also, remember that there are other banks that offer the Welcome Home Loan. |
Posted By: BaAsKa
Date Posted: 21 August 2008 at 2:47pm
nop i dont think it will affect the existing ones. SHe didnt tell me much because she didnt know much but she said that its a problem with the head office so they arnt giving out anymore of those loans which is what worries me! 
Im finding them to be great so far! She is lovely and very helpful!! The only thing about going to another bank is the mark on my credit record so far i havnt heard anything good about the other banks in terms of accepting people with tarnished records...
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Posted By: minik8e
Date Posted: 21 August 2008 at 2:56pm
| Hrmmm true. We approached Westpac (well, the mortgage broker did) and they flat out said no, but that wasn't Welcome Home Loan. TSB Bank are quite strict with their lending criteria. Possibly Kiwibank? They do Welcome Home Loans. As long as it's paid, it shouldn't be tooooo bad. |
Posted By: BaAsKa
Date Posted: 21 August 2008 at 3:00pm
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Yeah iv heard Westpac are hard as well as TSB.
I was thinking kiwibank may be the way...i just hope we can make it in!! im praying my butt off for it!!!
I originally went to mike pero to enquire but he basically said i was wasting my time! so i just went straight to SBS.
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Posted By: minik8e
Date Posted: 21 August 2008 at 3:13pm
| Really???? That's who we went through, but our local guy of course. He was fantastic, worked his butt off, especially when we had 5 working days to get our finance approved, and we had to get a valuation in that time as well!!! |
Posted By: BaAsKa
Date Posted: 21 August 2008 at 9:56pm
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he was all keen until i told him that we had 1 mark against our credit rating and he scoffed and said "well you dont have much chance then"
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Posted By: minik8e
Date Posted: 22 August 2008 at 8:23am
| LOL well we had more than one I'm afraid, and got approval from the second lender that he approached. Any other brokers round your area? |
Posted By: caliandjack
Date Posted: 22 August 2008 at 8:26am
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Try Mortgage Link we used them and didn't have any trouble, and I have a Baycorp record against my name. ------------- http://lilypie.com" rel="nofollow"> [/url] Angel June 2012 |
Posted By: kezplanet
Date Posted: 22 August 2008 at 10:37am
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I agree, try another broker, sounds like he just didn't want to do any work and there are lots of brokers around. Good luck!! ------------- Kerryn, Mum to Ashlyn(29/3/04), Anastasia(1/11/05) & Abigail (24/02/09) |
Posted By: BaAsKa
Date Posted: 22 August 2008 at 1:19pm
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will definately go to another broker if we dont make it in to this loan.
I just spoke to the bank and everything seems good to go but they are waiting on word from housing NZ as to whether i have gotten in before cut off oh the stress!!!
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Posted By: minik8e
Date Posted: 22 August 2008 at 4:25pm
| Ohhhh how cool!! Housing NZ can be a little slower than the Bank though. Good luck!! |
Posted By: BaAsKa
Date Posted: 23 August 2008 at 9:46am
oh really!? that gives me a little bit of hope because everone had been saying that it takes 24hrs to get an answer and this morning it has been 48hrs! with any luck we will have some good news on monday!
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Posted By: minik8e
Date Posted: 23 August 2008 at 11:11am
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We had the approval from SBS and had to wait about 3 days I think it was, to get the approval from Housing NZ. Then once you've got that and you've signed up to buy the house, that needs to be sent to Housing NZ for approval too, with a copy of the valuation etc. So even if you have "approval" make sure you make your Agreement conditional on finance, because they have to approve the particular property as well....
It sounds far more complicated than it actually is!! Just don't do what we did and have a grand total of 2 weeks from signing the agreement to settlement....it's just not worth it stress-wise!! |
Posted By: BaAsKa
Date Posted: 23 August 2008 at 2:34pm
lol! that IS what we may do! lol we have already found a house (we wernt actually looking so it kind of fell in our laps!) and we are meant to be signing the agreement subject to finance, the landlord changing some things, valuation and my lawyer looking over it! I tell ya!! im so confussed!!! its all very stressful and confussing!!! |
Posted By: minik8e
Date Posted: 23 August 2008 at 2:52pm
| Hint - make it a 10 working day finance/valuation clause, and then settlement either the week after that, or 2 weeks. We had 5 working days for the finance and then a further 5 working days before settlement (so all docs to be prepared, sent, signed, returned etc). Not recommended. Especially if it's your first time. I stressed to the max, and I've worked in the house sales/purchases field for 7/8 years. Hehehehe |
Posted By: BaAsKa
Date Posted: 23 August 2008 at 3:01pm
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awsome! thanks for the hints!! i need all the help i can get! lol
hahahaha im already stressing to the max! lol i may just die of stress very soon!
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