Forum Replies Created
Terry I think the approach you suggested does simplify it a lot – I will look in to doing this as it's probably the most straight forward way and would minimise any long term risks we'd have to take against our investment.
Thanks for your help everyone.
Clare
Thanks for your responses guys.
My Mum has a good deposit saved up and has been told she would be able to borrow the balance of the house value (however – stamp duty & fees would put a dent in this right?). Either way, we feel this would be maxing her out and would stretch finances too thin. Am I right in assuming that any equity we may choose to contribute would be used towards her deposit? Or could it be tied up in to her loan as a guarantee?
We'd prefer not to have to contribute to repayments on an ongoing basis – but rather use our equity to make a one-off contribution that would allow her to borrow less money from the bank.
Our property is in the Oxenford area. The property she's looking at is in NSW and she would be the owner and occupier. She should not need mortgage insurance as her LVR will be at least 70% or less depending on how much we can help.
I still have a few hundred more questions but I'll leave it at that for now and focus on getting a valuation as soon as possible!
Thanks!
