Mortgage in prep for 801

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Mortgage in prep for 801


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Old 03-10-2016, 03:40 AM
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Mortgage in prep for 801

Hi all,

My 820 visa was granted a few weeks ago and my partner and I are in the process of buying a house. We did apply as a couple, and my name was in everything, however we found out today that due to lenders mortgage insurance and the fact they are unwilling to let a non PR or citizen on an application that needs LMI it looks like we need to take my name off the application.

I would pay off half the mortgage which could be shown with bank statements, and my partner and I share all finances.

When it comes to apply for 801 will it be a hinderance to have an mortgage with only his name on it, even though we could prove I pay off half of everything?


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Old 03-10-2016, 03:43 AM
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No issues as alot of people the sponsor bought a house before the applicant came and it costs money to change the title.


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Old 03-10-2016, 03:46 AM
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Quote:
Originally Posted by Mish View Post
No issues as alot of people the sponsor bought a house before the applicant came and it costs money to change the title.
Oh good okay, thanks Mish


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Old 03-11-2016, 10:19 AM
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We had a problem like this with my Mrs. She was (still is) on the 820 visa when we talked about a mortgage. THe bank said the wont lend to a non PR and we didn't earn enough to borrow. The family tax benefit was in her name for our baby so they did not count that as income, despite being paid into our joint account for a year.
So I changed the Family tax benefit to my name (apparently you can) and wasted a month waiting for them to process it, went back to the bank and she apologised and said she could have lent us the money in the first place.
As long as one applicant is a PR or citizen, they will lend the money, use the non PR's income to add value to a loan. That was the Commonwealth. I rang a few banks and brokers, they said NO. But, in the end the bank said YES.

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Old 03-11-2016, 10:32 AM
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This is very interesting. Me and my partner had joint home loan approved from Westpac in 2012 without any problem. I was on skill graduate visa at that time.

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Old 03-12-2016, 06:37 AM
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We did our application through ANZ as we got a reduced interest rate as we bank and have all our insurance with them. The bank was happy for me to be on the application but the company they underwrote the lenders mortgage insurance wouldn't give LMI to an application that has a non PR or citizen. So we either had to come up with $60,000 so we'd borrow less than 80% to mean we don't need LMI or take my name off it

Little bit gutting really, but hopefully within 2 years I can get my PR and be added on!


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