Loan Options

Viewing 4 posts - 1 through 4 (of 4 total)

Hanstrutzel
Member
@hanstrutzel
Join Date: 2011
Post Count: 2
October 20, 2011 - 8:17 am
Hi Folks
Thinking of buying an IP
Have one already..clear title but not that valuable. 220 000. Presently rented for 250 per week
The property I have found would be 300 000 which would include costs. Has a rental assessment of 390 per week
Problem is my employment. Newly arrived in Australia after 25 years in the USA. Registered a limited company 20 months ago and gst registered at the same time. Didnt work for the first year due to health issues ..lived off savings …no dole etc and living with my parents helped
Got better .in remission so I bought a business doing grounds maintenance. Like a Jims Mowing except a high percentage of commercial properties. Business had sales of 130 000 per year and will remain the same with just me working. Business never had employees. Hence reasonable take home earnings. Only owned the business 3 months so just doing the first BAS
I explained my situation in person to a local mortgage broker, great guy. His view is there isnt much hope of getting me the money to buy this property. My thoughts are I can afford the payments even at No Doc rates of 10 plus percent so am hoping someone here can point me which way I should proceed to make this happen.
No longer married
No children
No credit cards
No debt
Have some savings
Thanks
Hans
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
October 20, 2011 - 10:08 am
With your equity- your employment won’t a major issue…
In fact you don’t even need to go down the No doc path- there are Low doc providers that deals with ABN less then 6 month.
As long as you can afford the loan; the lender is not going to have a issue.
These specialized lenders are small lenders; so they are not your traditional banks; rates are decent for what your getting from 7.8-9.65%+
http://www.shapehomeloans.com.au/blog/self-employed-with-less-then-2-years-abn-2011062937
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
October 20, 2011 - 11:46 am
Might be worth while getting in touch with Michael above to help you out.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Hanstrutzel
Member
@hanstrutzel
Join Date: 2011
Post Count: 2
October 21, 2011 - 10:38 pm
Thanks for the replies Micheal and Jamie
Property went under offer, I should have acted faster. Backed on to my existing property.
All the best
Hans