Reply With QuoteBanks 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
How does a working girl secure a loan to buy property ?
Any info greatly appreciated
TH
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
They buy with cash !Originally Posted by Ted Hunter
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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.
I write loans for a living did one for an rnt joint once lmao
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
Is it a bird, is it a plane, no its Punterman. Always seeking out good value bbbj, DFK, DATY for $150 hr in the Western Sydney brothels.
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 !!
Note to Self...
Never ask Clowns serious questions
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??
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
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.
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.
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
And 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.
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
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.
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.
Just finding out info....no cost to me nor will there be
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