Hi Nzu

Sorry i have to disagree with a lot of what Investor888 has written.

Yes 95% across 2 properties is available and doable but whether it is financially adviseable is a different matter.

I assume the valuation of $300K was a Bank valuation rather than a local agents estimation.
First thing i would do is get Bank of Qld to approve a 90% equity loan and have this sitting there as a Line of Credit to be used down the track.

Then unless you can get the Vendor to fund some of the deposit i think i would buckle down and save some funds and then look to increase the LOC on the increased equity.

Wont happen overnight but will happen done properly.

Hi Cath

When you say that you have reached your limit of borrowing do you mean in regards to Anz serviceability ?

If this is the case then there are a variety of options however a bit more information would be required to provide you with an accurate assessment. 

KN

I think you need some specialised advice as coming in at the end of the post i think you have still missed the point.

The accounts need to be separate and you will find it slightly harder than it was to obtain a IO loan with no end use.
Lenders like to see what the funds are going to be used for and hence the need for some specialised advice.

Getting it wrong can be an expensive mistake and most independant mortgage brokers do not charge for their services so no extra
cost to you.

Hi there

I have answered this in the other area which you placed it.

There are no issues at all as long as each party understands that they are not only liaible for 1/4 of the loan but in fact they are Jointly and Severably liable for the entire loan.

I have had a number of clients do exactly what you have suggested and we can split the loan into 4 different amounts each with their own loan name.

Hi Joanne

If you have a FICO score that will go in your favour.

Passport does not especially if you are a resident of Australia.

There is no time limit at all however you are limited by the valuation.
.
If you were to buy something and then pre-settlement have managed to add immediate value then nothing to stop you accessing the equity straight away.

Course this may vary from lender to lender

Unfortunately the calculation varies from lender to lender and is not a simple one formula fits all calculation.

Your mortgage broker should be able to crunch some numbers for you and give you some guidelines on approximate amounts.

Remember the structure of the loan is just as important as the amount so make sure your MB is au fait with investment purchase structures.

Joanne

Been involved with finance in the US market for over 20 years and dont think you will find any US lender be too keen on an application for a Foreign National inthe current climate.

Currently the only State we deal in is Florida which has specific laws for FN lending.

Dont take applications these days from any other State.

micro remember your advisers dont have to be in the same City or State where you are.

I have hundreds of inter state client and also many expat clients around the world.

Currenty in the Uk on holiday and had the opportunity last week to meet up with a client in London for the first time who was wishing to buy more property in Melbourne from where they come from.