Forum Replies Created
Renel,
What I think the people are trying to tell you is yes there are some great rates out there with the lenders you mentioned. But what you will find is that lenders that offer the cheaper rates will accept a lot less risk when dealing with investors. So often their serviceability calculation can be a lot less favorable so when you start looking to purchase that second and third investment property you can start to have difficulty. This is where a broker will sit down with you and do an analysis of your situation to ensure you are getting the best loan for now and in the future.
It doesn't have to be a case of going with the big 4 and if you don't want to their are many lenders out there with excellent rates that will match what you are finding with the lenders that you have mention. but you just need to make sure they meet your needs.
Dustin McMahon
0430 110 304
Your Broker | [email protected]Hi Phorsha,
I would be checking with the agent whether you get cooling of period or whether you are buying under auction conditions. If you have a cooling off period it is quite often possible to get your inspections done during this period.
Another note if you are unable to get a condition like pest inspection or building inspection past it will be very unlikely that the bank will accept subject to sale.
It can be a good idea to look at a go between loan, if you really want the house, for two reasons;
-First of all to get any property subject to sale you are going to have to pay top dollar and lose all bargaining power due to the current market, best way to think of this is what would it take for you to accept a subject to sale on your property
-Second when you sell your property you could end up selling for far less than you would like to, due to the urgency to sell. Generally an agent would only let you have about a 6 week period for subject to sale. In the current market this a very short period and you may find yourself having to slash your price to bring out a buyer.Go between loans can be a very cost effective way of getting that home you want and avoiding the extreme stress of having to sell very quickly in a slow market.
Good luck with your purchase. Hope this is helpful to you. <moderator: delete advertising>
Dustin
[email protected]
0430 110 304
