WL Securing a Loan

[Ted Hunter]

How does a working girl secure a loan to buy property ?
Any info greatly appreciated
TH

[hyperultra]

Banks will want a person to show past income tax returns and paysheets to see how much a persons annual income is

Unless the person gets someone to go as guarantor for the loan, their official taxable income is always going to be requested

[wilisno]

How does a working girl secure a loan to buy property ?
Any info greatly appreciated
TH
They buy with cash ! ;) ;) ;)

[aussiegaigin]

If she's quick off the mark she might still be able to slip the bank's loan agent a couple of freebies, to not look too closely at her papers.

Or she could get herself a sugar daddy to go guarantor, or even buy the property for her.

[des888]

I write loans for a living did one for an rnt joint once lmao

[BongKong]

They actually take a general securitt agreement over their vagina as it is a working asset. A gynaecologist is engaged to then value it as a going concern and from there future cash flow is calculated to see if it is able to sustain the requested debt load

[Brothelcreeper]

They actually take a general securitt agreement over their vagina as it is a working asset. A gynaecologist is engaged to then value it as a going concern and from there future cash flow is calculated to see if it is able to sustain the requested debt load


It is called NPV of pussy cash flow

Amount lent reduces over time as pussy ages

[AHLUNGOR]

How does a working girl secure a loan to buy property ?
Any info greatly appreciated
TH

I actually knew someone who did just that.

Some of you old timers may know a Melissa used to work at Impressions , very popular curvy Aussie milf who later also worked at the At Michelle’s in 29 Newland as Cindy!

She told me she had bought about 5 or 6 properties and will be soon retiring. Asked her if her paid for everything in cash ? I wish ! Still have to borrow money from the bank , how did you show your income ?

She said she actually paid income tax as a self employed masseuse!!

The first property was the hardest and she basically had to save up nearly 40% of the unit price and borrowed the other 60. But it got easier once she was in the market and could show rental income as well !

True story !!


Ps. Some of you might have read some old post from me about Melissa and her Indonesian toy boys !!

[Ted Hunter]

Note to Self...
Never ask Clowns serious questions

[hereandthere]

Hi Ted,

Difficult if the girl shows no income, ie. pay slips and PAYG and genuine savings history too.

Even with a low doc loan there is still some proof of income that is required, be it a letter from the employer (not sure if those types of establishments necessarily want to state in writing that person X works so many days a week and earns $Y income. Separately, most low doc loans require a lower LVR, usually not more than 75-80% max which means that the borrower needs a larger deposit, more than the usual 5-10%.

A guarantor with cross-collateralized security would help considerably.

P.S Are there Visa restrictions to consider also??

[Ted Hunter]

Hereandthere....
Thank you for your reply....no visa restrictions to consider
Just trying to figure a way to help someone secure their future and get away from paying Sydney’s high rents

[Momoe]

May want to get in touch with a property agent willing to help? A WL found someone willing to help arrange her finances to get a loan, just that it cost more the service cost.

Another method is probably considered a fraud. Had a ML managed to get a friend to write and issue fake letters to get loans for a new business. Sometimes they just want to know you have sufficient funds in your account prior to approving anything.

However this might be case specific, and with the banking royal commission going on now, not sure if they have tighten those loose strings now.

[davies1520]

If being paid cash, nothing is stopping the person registering a business name and declaring the cash income. She doesn't need to mention working in a shop.

Yes that means paying tax but that in itself is fair. Cash jobs and avoiding the tax man is ok for students imo but if you can afford a house you should be paying the same tax as me.

[Ted Hunter]

Would securing an ABN and subcontracting to the shop be a way of establishing credentials for a bank loan ?

[Momoe]

Would securing an ABN and subcontracting to the shop be a way of establishing credentials for a bank loan ?

Doing this would step into the realm of accounting, depending on how you deal with it may involve GST and possibly dealing with BAS.

Unless some bros here are an accountant, works in banking or real estate agencies could shed some light

[aussiegaigin]

Doing this would step into the realm of accounting, depending on how you deal with it may involve GST and possibly dealing with BAS.

Unless some bros here are an accountant, works in banking or real estate agencies could shed some lightAnd it will take the girl out of the cash economy, and she will have to start paying profit tax. And unless she was subcontracting to a few shops, ATO might decide she was actually an employee of the shop.

[ro7a7e]

I think back a year or 2 ago it woulda been very easy coz mortgage loan applications were full of fraud info, and no one cared. With the current royal commission and clamp down on mortgage loans, it will be very very fuckin hard. Even for legit workers, let alone a WL

[BongKong]

Would securing an ABN and subcontracting to the shop be a way of establishing credentials for a bank loan ?

Yeah sure bud.

I'm sure most of these institutions declare their income, pay tax and provide their employees the benfits/super they are due.

As if any of them are gonna want to hire her as a subbie. They majority of them aren't declaring anything either.

Easy answer - royal commission means she is fucked. Unless you go to a lower tier lender but typically be prepared to pay for it. Or she'll probably just get a chump like you to lol.

[Midnight_Prowl]

It was quite easy couple of years back.
Just deposit regular cash at the bank.
For example every week deposit $2000 on every wednesday. Claim u get paid by cash. Bank will need something in writing from an employer. This can done by easily. Some WL i know did this method ( i told her how to do it ) and she bought property. Another WL got an ABN number and claimed to earn xxxx. I also recommend this method. But now it is more strict and you need 3 years tax return from an accountant. First method will be easier.

[Ted Hunter]

Just finding out info....no cost to me nor will there be

[Ted Hunter]

Midnight Prowl....thank you ...much apprciated

[hyperultra]

It was quite easy couple of years back.
Just deposit regular cash at the bank.
For example every week deposit $2000 on every wednesday. Claim u get paid by cash. Bank will need something in writing from an employer. This can done by easily. Some WL i know did this method ( i told her how to do it ) and she bought property. Another WL got an ABN number and claimed to earn xxxx. I also recommend this method. But now it is more strict and you need 3 years tax return from an accountant. First method will be easier.

Those were the good old days.
I know someone who applied for home loan in 2017, and all banks were asking for a tax return or official employee timesheets.
Getting an ABN may work, but banks may have a list of what occupations and businesses are and are not eligible for a home loan, and again official ATO tax return documents will probably be required

The current Royal Commission into Banks last week heard how a blind woman was given an investment loan on behalf of her daughter, despite not being able to read what she signed. The daughter business went broke and the old ladys house had to be sold
So ... applying for loans is only going to get stricter with time

[tarl1975]

Some lenders can do loans based on cash income. I have organised it before. It takes quite a lot of preparation to ensure everything is done correctly to meet the banks' requirement.

[ro7a7e]

It was quite easy couple of years back.
Just deposit regular cash at the bank.
For example every week deposit $2000 on every wednesday. Claim u get paid by cash. Bank will need something in writing from an employer. This can done by easily. Some WL i know did this method ( i told her how to do it ) and she bought property. Another WL got an ABN number and claimed to earn xxxx. I also recommend this method. But now it is more strict and you need 3 years tax return from an accountant. First method will be easier.
This is prob the path I would try. I believe all they need is 3mnths of this consistent payment and a good broker can fuck around with that

[AHLUNGOR]

The bottom line is, if the lady already has say $200K in cash , it’s a lot easier for her to get a loan than another else who only has say $50K !

[Spydii]

No chance with the spotlight on banks.

[Azninvasion85]

Most of the major banks ie. Big 4 all have strict lending policies. As most of us have mentioned due to the royal commission and APRA changes etc. Maybe better off getting a loan from a second tier lender such as pepper finance. They may ask for more paperwork. However their lending policy won't be as strict, obviously as long as documents are provided to back the info up. One of the guys mentioned applying for a loan as a self employed worker. That can work however different income documents will be provided. If ur lady friend can apply for a self employed ABN etc that may work. Or like one of the others said cash payment from the employer

[salihajeff]

If you're working and making good money, you shouldn't have a problem with that. The bank needs to know that you are working officially and have a work record and a regular income. Your bank account must have monthly payments. When I contacted Mortgage Advice Derby (https://Derbymoneyman.com), they explained that the bank would ask for docs for my last six months' salary. Of course, I was prepared that I'd have to prove my ability to work to qualify for a home mortgage. So all you have to do is contact a mortgage advisor to help you contract with the bank for the right period. It's best to take the maximum mortgage period of 15 years. Then the amount you pay each month will be less, and you'll feel more comfortable.

[cumquat]

Note to Self...
Never ask Clowns serious questions

Note: think before you form a Q.

[Aloscha]

They actually take a general securitt agreement over their vagina as it is a working asset. A gynaecologist is engaged to then value it as a going concern and from there future cash flow is calculated to see if it is able to sustain the requested debt load

Do I detect a legal expert amongst us? :)

[dotcumdotinyou]

Why bring up a 4 year old thread???

New member trying to get to 50 posts???

But why are senior members questioning banned members???its not like their gonna get a reply.

[limbi8888]

FMD - i didn't even notice that, only saw the recent post

[Aloscha]

Why bring up a 4 year old thread???

New member trying to get to 50 posts???

But why are senior members questioning banned members???its not like their gonna get a reply.

Lol you're right bro, didn't even notice this when I was replying. My bad. Time to kill the thread.