Hi All,
I’ve been perusing your advice for a while, and need some thoughts regarding the following dilemma :
Have a property worth approx $250,000, of which I owe around $195,000 : I am looking to use the equity up to 95% to purchase another property to move into, and rent my existing residence – however, my wife has started a business 1.5 yrs ago, and although we pay her a wage from this, my broker has told me that the banks will not recognise this until the end of the next financial year.. effective rendering any attempts to borrow against my existing property useless..
Is this right? Does anyone jnow of a reasonable solution to this problem? I cannot justify her going back to paid `secure’ employment when she earns more doing this and the business is growing at a rapid rate …?
A low doc loan may be an option, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
S.O. lodocs are an option, however most lenders only recognise lodocs with an ABN being registered 2yrs or greater and usually to a maximum lend of 80% (or 82%) Im assuming neither of these are options?
So unfortunately I think you may be dead in the water because of the LMI and ABN issues. However, saying that, I do know of a lender that MAY entertain this, collins – a mortgage manager, have some quite interesting policies. You will pay a premium rate however (+1.5 on SVR? at a guess)
If you’d like me to have a closer look, message me off list (pm/email) happy to see if I can point you in the right direction.
Regards,
RobRob Whyte
Certified Mortgage Consultant MIAAPrincipal & Licensee
The Mortgage Gallery
e [email protected]Winner 2004 National Office of the Year!
Accredited with over 27 lenders nationally. 15 years experience in commercial and residential lending, ask me anything, if I dont know, I’ll find out!
As Steven mentioned a lodoc loan to 90-95% would be achievable. A bit more expensive but an option.
Cheers Richard
[email protected]
http://www.yourstatefinance.comEmail us for details on US finance or to be added to our foreclosure / REO / HUD list of US properties
Richard Taylor | Australia's leading private lender
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