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I know there is a product out there that is called a Go-Between Loan. It is sort of like bridging finance but at normal variable rates and you don’t have to make payments on either property for 6 months if you don’t want to. It gives you a bit of flexability without straining your finances too much.
Financial Wellbeing Coach
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I’ve used PIA for the past 5 years, personally and for business. The program is okay but there are probably better out there these days.
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Mermaid Waters. Gold Coast
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Meant to take it off before I posted today. Forgot, but its off now. I have to go and amend our website as well now.
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I really think we need a industry body just for brokers. We would definately be interested.
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Hi everyone
The product is legit, but the lender is rationalizing their products and 17/12/04 is the last day they are taking applications for this product. We have only been told this today.
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Robert,
I would have to agree with you.I’ve found that the MIAA has taken control of most of the lenders when it comes to training and accreditation etc. It is now at the stage where you can’t get accredited with a lender unless you are a MIAA member.
We had a deal the other week which 99% of the lenders wouldn’t do. We eventually found a lender that would do it, but we weren’t accredited with.
When we contacted them they said we would have to do their accreditation program and unless we were MIAA members we would not be accredited. We are MIAA members, but I think this stinks as I don’t think we should be forced into MIAA membership.W: pfsfinance.com.au
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Owner occupied 4.49%
Investment 8.24%You have to be able to obtain a personal loan in the first place and I know for a fact that most personal loan lenders will not accept the purpose of the loan being for a deposit on a property.
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Owner occupied 4.49%
Investment 8.24%The size of the farm definately knocks out a lot of the standard lenders. There is quite a few non standard lenders that would look at the deal but you are looking maybe at a 50-60% lvr depending on the location and because it would need to be lo doc. As Robert said, choose your broker wisely as not many brokers have experience dealing with this type of security and have them come back to you with a few options don’t accept the first offer.
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Owner occupied 4.49%
Investment 8.24%You need to structure your loans so you are paying interest only on your investment property (as it is tax deductable) and p & I on your home loan (non tax deductable). Most variable rate loans are totally flexible so you can make extra payments etc where most fixed loans there are limits on the amounts of extra payments you can make each year. Either go with a partial Line of Credit or a Mortgage offset account with your owner occupied loan and have your rental income paid into this and then make your inv propety loan payment from this.
Try to pay as much as you can off your home is the way to go.
Most lenders would look at that as a stand alone deal. You should be able to obtain a Lo-Doc loan around the 65%/70% LVR mark. You would need to come up with the 35%/30% plus costs. If you use a broker, make sure you use one that has had commercial experience.
You will find most lenders will not do personal loans for deposits on property. Is there a reason you have to put 20% down? Are you self employed and can only obtain a 80% loan for the balance?
