How on earth do you get a loan??!!

I haven’t read Steve’s book, but now that I know he is an accountant that bailed from accounting (like myself) I think I’ll have a read! In Kiyosaki, if I recall correctly he did specifically say don’t throw your job in tomorrow to do this – he said try do a small enterprise on the side to ease into it i.e. a little mail order enterprise etc. The biggest thing from all these books like this is to make a written plan and that may have to involve working for the first 3 to 5 years until some of your side investments come through. You wil also probably cop some heat from your employer as your attentions will not be 100% on the job – dont buckle to the pressure. Employers only care about whats best for themselves on the day, not who is going to pay for your retirement!

Alternatively, become a joint venture partner in one of our property development partnerships – contact me to find out why our developments are unique. John – 0419 198 856

You can still get loans without a job-easily. But you will have to pay a premium on the interest rate and the LVR will be lower. It is far better to keep working full time as long as you can and then after you get to a certain level, bail out.

Terryw
Discover Home Loans
North Sydney
[email protected]

Terry was possibly describing those lenders who don’t need two years self employed income for a LODOC.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

A low Doc ? One also needs to have had an ABN for some time (two years for some lenders though the broker can play around with that)!!

So perhaps a good idea to apply now in anticipation ?

Pisces133

The bank for Lo Doc’s that will take a brand new ABN is Macquarie bank. They have a low doc at around 7.08% and you could have your ABN for a day apparently.
I have just gotten a lo doc loan through Macquarie, haven’t had to show any financials, but we’ve had our ABN over 2 years, so maybe they go on that. LVR is 60% though….
The thing with Steve and Dave was that they quit and started their own business with clients they took with them from their previous job, and still had their wives incomes coming in. If you just quit your job to make your fortune being a property investor, you may find things a little harder.

Doc is short for Documentation – or proof of what you are claiming in your application.

Jarmbie,

Interstar will do a lo doc loan without an ABN. As you said you are unemployed this would suit you.
You can set up this type of loan by declaring that you are a full time investor ( no need for employment history/checks )
The maximum LVR that you would be able to do in this situation is 65%.
The interest rate would be in the mid 7s ( don’t know the figure off the top of my head! )
Hope this helps.

Mark
[email protected]

oh and the daily tele’s money and you section was talking about Robert K’s latest book, you know other peoples good luck stories….

trouble is, they dont tell you the bad luck ones…..LOL

Hi Terry,
Sorry, I stand corrected. You are right about the ABN for 2 years with Macquarie, I just remember talking to my broker at the time about having the title in a company name, and if we set up a new company for buying and selling, how long did we have to be trading for to be approved for home loans. I was sure she came back to me saying that Macquarie only needed an ABN, and it could be a day old etc….
Anyway, doesn’t matter at this stage as we did have the trading history with our current business…..
Macquarie’s LVR is 80% at 7.3% and ANZ do a lo doc of 6.47% on an LVR of 60%.