Sometimes at Bee Finance Savvy, we have customers who are married, but want to get a home loan on their own. If their partner has a default, it may be easier for them to get finance on their own. In this situation, more competitive interest rates are available if they apply in their name only.
In some instances, it is helpful for couples to take turns in property purchases.
Whatever the reasons behind this common decision, obtaining finance in this manner can be tricky. Many lenders apply strict rules in this situation. Often these rules don’t make a lot of sense.
For example, if your partner has their own job, many lenders will still require that you prove you’re able to pay all of their expenses, in addition to your own expenses and the mortgage. Adding your partner’s expenses to yours can really reduce the amount you can borrow.
So what are my options?
Luckily, not all lenders have these rules. Bee Finance Savvy has a panel of over 30 lenders, and this allows us to pair you to a lender who has simpler, more sensible rules. If your partner has payslips to prove their income, these lenders won’t make you prove you can pay their expenses.
They’ll assess your application based on your own income and expenses, without adding your partner’s expenses. This can make a huge difference to your home loan borrowing capacity. It can allow you to borrow more. This improves your chances of approval. It can also increase your budget for buying a property, should your income alone be high enough alone.
These lenders can also help if you’re looking to purchase a property with a family member. Unlike lenders who want you to prove you can pay the entire monthly mortgage repayments, these lenders only need you to prove your ability to pay your half of the mortgage.
How do I apply for a home loan with these lenders?
To find out whether you’re eligible, call Bee Finance Savvy for an obligation free consult and assessment. In this consult, our Sutherland Shire based broker Desiree, will discuss your situation and goals. Following this assessment, Desiree will go over your options with you.
We never submit an application unless we’re confident it will be approved. This means you won’t get unnecessary marks on your credit file.
To take advantage of our obligation free consult service, call Desiree on 1300 140 554 or 0455 131 937. If you prefer, you can also email her at firstname.lastname@example.org
Alternatively, you can fill out the contact us form on this site.
Want to learn more about Bee Finance Savvy? Take a look at what some of our happy customers have said: https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
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