Hi all, I moved back to Australia some 7 months ago and decided to start my own business. I currently own an investment property (equity approx $60,000). I am currently living with my parents while I concentrate on my business. I am looking at purchasing a one bedroom apartment (so I can be free from my parents). I understand since my business if fairly new it will be difficult to get a mortgage but was wondering if it would be possible to get a 6 month settlement and 4-6 weeks before settlement then applying for a mortgage. I have approx $70,00 in cash and shares and I would be looking to try and get a place for approx $220,000. I would be putting down 20% deposit.
Any suggestions.
Many Thanks
Robert
A LODOC loan may be the answer. Contact a broker and discuss it with him. It may be quite simple to put together without any special clauses in contracts.
If you don't want to go down the Lo-doc path, anything can be negotiated in terms of purchasing real estate. 6 month settlements are OK if agreed to by both parites. Leasing with an option to puchase is another technique commonly used by people who have been self employed for less than 2 years.
As Simon mentioned Lodoc / Nodoc style loans provide an important place in the market for just your type of enquiry.
This day and age you won't be paying a higher rate of interest for such a product.
Richard Taylor | Australia's leading private lender
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