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Hi YoungGun,
Only know Oz lenders but as picja1 says, given you sound largely self-employed (& diverse!) you can lend on a low doc or no doc basis with a lot of lenders at following percentage of purchase price:
Metro (eg Brisbane) – up to 80% low doc at 6.5-7.5% interest, up to 90% no doc at 8%+ interest.
Regional/Rural (eg Townsville) – up to 76% low doc at 6.5-7.5%, up to 85% no doc at 8%+ interest.Low doc is obviously the preference if you have clear credit, otherwise no doc which can be expensive but a lot of the no doc lenders decrease the interest rate as reward for consistent payment history. $40K is a great start. Also, have you thought about doing a JV with someone with income or equity but no cash or property investing knowledge, eg sibling, parent, friendly uncle? If you pull the first one off and they are impressed they may want to join in the fun for the next 129!
Happy investing!
MelSlum Lord – you are a legend!
My partner & I bought our first property, a little terrace house in Clayfield, Brisbane, last June at the reported ‘top’ of the cycle and now with about $80K equity growth for $20K reno’s are mad keen to refinance and start investing – heading out to check stuff out to buy in west Brisbane this afternoon. We are determined to be our own masters so after throwing in the wage slave engineering job I’ve taken up mortgage brokering to master the financing side of the game too and I agree with everyone it is very tricky, especially with brand new trusts and co’s in place, but not impossible! Thanks for putting your story out there and inspiring us to get moving – looking forward to saying we have accumulated 17 properties in 9 months too ….. !!
Happy investing everyone!
Mel
