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Hi guys,
I’m not sure that I still understand the concept of wrapping. My understanding is the ‘purchaser’ doesn’t never gain control of the title, therefore on what grounds are they able to obtain the FHOG. It have seen this idea lot for Steve and David but yet there is no explaination on how the grant is obtained.
Thanks
Tim,
There are lenders out who do pure asset lending. The LVR (loan to value ratio) they look at is between 65%-75%. The rates can vary from 7.95%-9.5%, but its you your property. Some these are flexible to allow additional repayments to reduce your interest costs.
David Do
[email protected]Yack,
It depends if judgement appears on the individuals report. If it is on the report then the lender is interested in status of the judgement, paid, unpaid, settled, etc. Another thing to look for is the timeframe of the lodgement to when the application for finance was made. All of these will determine if the application will be declined due to a poor CRAA.
However, several lenders will work with you to have these removed if the matter has been settled.
Hope this helps,
David Do
[email protected]Freedom Finder,
GENWORTH will look at 65% with complete construction details. They won’t look outside category 1 for vacant land only.
In regards to interest rates be careful not to fall into that trip, lower the rate better the deal. Find something which is flexible which will allow to the utelise your cashflow and reduce your interest costs, now that will save you money.
Have you considered drawing on exist equity if it is available.
Hope this helps,
David Do
[email protected]Spanky,
There are loan products out there which are flexible to assist individuals in your situation. Some of these are lo-doc and pure-asset lends.
The LVR (loan to value ratio) will vary depending on the product, from 65%-80%. Hence, a larger deposit is required to cover the shortfall.
In addition some of these are very flexible any allow you to utelise your cashflow to reduce the interest costs charged from the bank. Therefore, minimise the cost of your loan and build more equity again faster and buy more properties.
Hopefully, this helps.
Regards,
David Do
[email protected]
