IO loan of less than $40 000

Viewing 10 posts - 1 through 10 (of 10 total)

Ravtown
Member
@ravtown
Join Date: 2004
Post Count: 48
January 21, 2005 - 6:09 am
Hello,
I want to buy a residential building block in small QLD town using an IO loan.
I want to put a house on it and sell it, so the whole project should be over within two years absolute max. (i’m aiming for a less than 12 month turn around.)
Unfortuantely I cannot find a lender with a minimum borrowing of less than $40000. (I need around $36000).
Does anyone know of a lender who would do a small IO loan like this at a competitve rate?
I should qualify ok. I earn around $63000pa casual, have been there almost 5 months. (18 months in previous position). No other debts (except HECS), have a good credit history.
cheers
heather
pfsfinance
Member
@pfsfinance
Join Date: 2004
Post Count: 171
January 21, 2005 - 6:13 am
Hi
What is the postcode of the town?
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]
Development Finance Specialist
Oakley
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@oakley
Join Date: 2005
Post Count: 10
January 21, 2005 - 6:59 am
Yeah, it sounds like it could be the location of the property that’s causing the problem, because BankWest, St George and Bendigo Bank (the three Bank’s I’ve worked for) would all do that as long as the other lending criteria was met.
My biggest concern for you is that you’re casually employed, and only been the 5 months. Those three Banks would probably all kick back as a result of that. You’d need to be able to mitigate that risk at the interview.
Ravtown
Member
@ravtown
Join Date: 2004
Post Count: 48
January 21, 2005 - 7:01 am
Hi Kerri,
4742 is postcode.
Should probably also say it will be a 20% deposit + closing. Although I would love to be able to get away with a smaller deposit.
Heather
Ravtown
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@ravtown
Join Date: 2004
Post Count: 48
January 21, 2005 - 7:06 am
Thanks Oakley,
I am aware that my current employment history is borderline for most lenders. Am aiming to go permanent in the next two months.
Don’t want to wait though.
cheers
pfsfinance
Member
@pfsfinance
Join Date: 2004
Post Count: 171
January 21, 2005 - 9:44 am
Heather
I’ll check a couple of lenders for you.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]
Development Finance Specialist
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
January 21, 2005 - 10:55 am
(just joking)
thats not a mortgage – thats a credit card!!!!
cheers
brahms
[email protected]
Brisbane
Ravtown
Member
@ravtown
Join Date: 2004
Post Count: 48
January 22, 2005 - 3:50 am
I’m with you brendan,
I could probably borrow for a $200 000 home here in Townsville without too much trouble.
But $36 000 is just too much risk. [blink] Go figure!!!
pfsfinance
Member
@pfsfinance
Join Date: 2004
Post Count: 171
January 24, 2005 - 5:50 am
I think I might have a couple of lenders for you.
I just need to know the name of the town.
Kerri
Financial Wellbeing Coach
W: http://www.pfsfinance.com.au
E:[email protected]
E:[email protected]
Development Finance Specialist
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 24, 2005 - 1:06 pm
ANZ has a min loan size of $20,000 for some products.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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