Hi there.
Can anyone give me advice on how to start.
Me and my husband are 32 and he-as a self employed company director and me as a permanant employee almost a year. We have about 60K saving. We want to start our property investment but because he is a self-employed, looks like situation is a bit difficult. We live in “high priced area ” of Sydney and do not want to move out of this area and want to live in the house not a flat. That led us looking for an investment property rather than live-in property for ourselves.
I have started studying through web-site and it is best to find a property which can give you a passive income through rent.
Can you recommend any places or any other option that we can start our property ladder with?
Any advice will be appreciated
Thanks
Hi there
Must admit i got slightly lost on your post.
I guess presently you are renting and therefore it is a toss up between buying a PPOR or IP.
Being Self employed will not stop you buying either however if it is a higher LVR with a short period of self employment and unable to proove your income then a lodoc style loan maybe a consideration.
If your husband has at least 1 Years accounts then financing it would be no problem dependant on the LVR.
Over 80% LVR you would end up paying a slightly higher rate of interest if you need to take the lodoc option. Otherwise if you can demonstrate serviceability the rate of interest would be the same whether he was S/E or employed.
Ideally the best thing to do is run through your borrowing capacity with a independant mortgage broker who can not only look at your options but also the recommended structure in which you purchase the property.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi
We’re mortgage and investment property brokers and you’re situation may be do-able. However it needs to be properly assessed based on your personal financial profile. A good mortgage broker should be able to help you. My e-mail is [email protected] if you need an assist.
Warm regards
Dave FlemingHi Marisakim,
As Richard stated, being self employed does not mean you cannot get a loan. Even though you have been in business for less than a year it may be possible to get a high leverage full doc loan.
Regards
Alistair Perry
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