Forum Replies Created
Thanks so much everyone for your quick and very helpful advice! This has defiantly made me aware of the options I have.
@jpcashflow – I applied directly to bankwest.
It helps to know that some banks mentioned above also manually assess applications (taking into account the individuals cashflow and serviceability ect) as the property I am looking at provides for a net cash inflow.
So I think my plan for action now is to enquire with a ten worth backed lender to see if they can do this deal, and perhaps I will lower the LVR down to 90%. Open to suggestions if anyone knows any good Genworth backed banks (or banks with a DUA), and also where would one find out this information without calling all he banks?
If this fails, I may have to follow the option suggested by MICK C, paying the risk fee with a non bank.
Once again, really appreciate your help guys, Cheers.
Thanks everyone for your input – much appreciated. It has definitely caused me to question my strategy and understand a broader scope of investing in these types of properties. I agree that if I'm having trouble buying it now, it's likely that I'll have trouble selling as any future buyer will also struggle.
Janecav, thanks for pointing me in the direction of CBA, I understand they have no minimum size requirement, so I think I will see them, and develop my rational further based on what sort of LVR they can provide.
Nigel – I'm interested to know why you hold that view on the current market in Melbourne?
Cheers,
