All Topics / Finance / Help Req!!!

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  • Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627
    February 12, 2004 - 9:19 am

    I’ve invested in some properties. Here are the details
    3 properties, $55K each, Free standing 3br/1bth, garage. 5% deposit on each, 95% Lend interest only loan. Rent $110 for each, P&I loan @ $87-. The other two properties will be I.O.

    The bank accepted my first one, but are having large reservations on my other two.

    Currently I have got all the money req. for the deposits, in addition to $9K lump sum, and a further $4K+ (plus – not sure yet) avalible.

    I want to buy these with as little money as possible (thats why the 5% down). And want to have all loan costs capitalised.

    Unfortantley I think I’m going to have to put down more, in which case go 5% deposit for two, and then a 20% depoit, no docs I.O. home loan for the other.

    Are there any other ways to do the above??? Any probs you see with doing the above???

    (Currently I have no debts, no blemishes on my credit ever, I currently live with a family member and pay very little rent (like $20 p/w) and earn $20K p/yr).

    Thanks for any help!!! It is really appreciated!

    Rgds.
    Lucifer_au

    Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627
    February 12, 2004 - 9:55 am

    Well it looks like I’ve lied!!! The first one is P&I!! AARRGHHH… [:0][8][:0][8][:I]. Well the next ones will be I.O. So the repayments should be around $68p/w. Apparently though they don’t like the risk (rather than a serviciability issue).

    Again ANY HELP much Appreciated.

    Rgds.
    Lucifer_au

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    February 17, 2004 - 1:45 am

    Lucifer I suggest you contact one of the Mortgage Brokers who post on this site and chat to them one on one.

    Good luck.

    Cheers
    Mel

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    February 17, 2004 - 3:03 am

    Much will depend on where these properties are. LMI will play a large part in approving these loans.

    With such small loans you should be more concerned about fees and costs and less about rate.

    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.

Viewing 4 posts - 1 through 4 (of 4 total)

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