Could anyone advise which banks will provide 104-106% (ie greater then 100%) finance for investment properties as it seems the main banks do not provide this facility.
Also, can two different banks share a property as security for other mortgages.
I am happy to get someone to contact you to see if you qualify for the loan up to 106% if you provide me with your details so I can forward them.
They have very strict criteria so it is not easy to get approved and you will not be eligible if the property is out in the sticks.
Regarding sharing a property, very few lenders will do a second mortgage but the LVR will be very low – usually a maximum of 80% of the property value.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHi Kabe & welcome to the forum,
I have access to this type of finance, however the rates and establishment fees etc for this type of finance is high, around 8.99% on 106% LVR,
I suggest you contact a mortgage broker to explore the possibility of cheaper alternatives, good luck.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Regarding the 106% finance, their average loan term is only 18 months as borrowers use them as a stepping stone to get into a property. They refinance when they build up some equity. I think this 18 month term will lengthen with the slow down in the property market.
If you are a first home buyer, especially in NSW, you don’t need more than 100% finance. Also, if you are buying a property for around the $100,000 and can get the FHOG, the FHOG should pretty much cover the expenses.
Like Steven said, talk to a broker as there may be other, cheaper alternatives!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
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