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  • Profile photo of markjrmarkjr
    Member
    @markjr
    Join Date: 2004
    Post Count: 3
    February 9, 2004 - 5:13 am

    Taleisha,

    If you have to put down 10% then you may like to consider arranging a deposit bond.
    A Deposit Bond is used in lieu of cash for a deposit on the purchase of a property. The bond gives the Vendor security that can be converted to cash in the event the purchaser does not proceed with settlement of the property
    If your 10% deposit is tied up in the form of shares or equity that you do not want to use yet you can leave your deposit where it is and for a premium that is lower than current bank interest rate earnings you can purchase a Deposit Bond.
    (from http://www.deposit.com.au)

    Check
    http://www.deposit.com.au
    or
    http://www.shieldunderwriting.com

    and use the deposit bond calculators to work out what your premium would be.

    Regards,

    Mark

    Profile photo of markjrmarkjr
    Member
    @markjr
    Join Date: 2004
    Post Count: 3
    January 28, 2004 - 6:50 am

    You could fit it out as a bar and sell it! http://www.sydneypubguide.net/content/pubs/greenwood.asp
    It worked in North Sydney, though I dont know if it would in a country town[:)]

    Profile photo of markjrmarkjr
    Member
    @markjr
    Join Date: 2004
    Post Count: 3
    January 27, 2004 - 9:01 am

    Jarmbie,

    Interstar will do a lo doc loan without an ABN. As you said you are unemployed this would suit you.
    You can set up this type of loan by declaring that you are a full time investor ( no need for employment history/checks )
    The maximum LVR that you would be able to do in this situation is 65%.
    The interest rate would be in the mid 7s ( don’t know the figure off the top of my head! )
    Hope this helps.

    Mark
    [email protected]

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