I have approx $7500-$8000 in the bank at the moment and am itching to get into property investing. I have found an IP which I would like to buy and it is on the market for around $70k. I know I have 10% deposit at the moment. I will have the money to cover costs etc at the end of May.
Is there any way I can secure the property now? btw: I would still need to arrange formal approval for finance.
If you have had the funds in your account for a while you could look at a slightly higher lvr loan up to a maximum of 95% that way showing the lender you have the funds required for stamp duty etc. With the price $70k the difference in lmi costs won’t be huge.
Marty McDonald | Mortgage Experts
http://mortgageexpertsonline.com.au/
Phone MeThe location of the security can also impact on the LVR the lender is willing to lend at. At $70k I’m assuming the property is in a small regional area.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
See if you can get a really long settlement! That way you will not have to come up with the cash till later. Wink wink.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
As Jamie mentioned if the purchase price is only 70K you may find you need more than 10% deposit subject to post code, zoning and location.
Sounds rather regional rural to me and that is not a good start.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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