My question is how does a person enter the investment game with very little income for eg being on a pension but have enough equity to buy property, also expenses are relevant to size of income, as well.
You could try redrawing the loan on your PPOR if you have one, or borrow against the equity but lenders need evidence of repayment ability also.
Suggest you talk to your / a lender to see what options they can offer
good Luck!
FlyHigh
You need to speak to a mortgage broker. There are too many variables to give a reasonable reply here given the information provided.
Perhaps you have enough equity for a loan? If rent is high enough to service the debt?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.69%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi.
There are various loans out there where you are not required to state an income. These are basically asset loans, – whereby the lender will lend you the money based mainly on the security property. generally these are around 65% LVR.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
dogwoman,
I gyuess if you can get a loan, you’d have to make sure the IP was CF+. A pension doesn’t give you much leeway in the event of repairs etc. Just make sure your property isn’t a … well, a dog.
kay henry
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