Hello I am a newbie to this forum so please forgive what may seem to be a basic question, my wife and i have been looking into I/Property, reading every i/p book we can get our hands on,researching on the net, and reading the posts on this great informative forum.
So now i will cut to the chase, I am self employed and we have a no dock home loan at the moment for $225.000 with our home valued at $290.000 by the bank, we have 3% equity in our home at the moment due to the fact our current lender will only lend 80% of Value of the home,
We are hoping to buy an i/p using a separate lender.
1.does anyone know of a lender/no doc that would lend 90% to 95% we have about $10.000 to use as a deposit, We were thinking olong the lines of an io loan, or are we going about this the wrong way,
2.I was suprised to read on this forum the amount of investors buying cheap $50k or so I.P, all this time we have been thing around the $160K mark but now we are not so sure, what are the pros and cons with country town cheapies?
I thank you in advance for your patience with the newbie, regards StevenANZ will lend 95% plus Mortgage Insurance MI ie approx.97% of the property value..
NAB, BankWest & Macquarie Bank,Permanent Trustee, HomeLoan LTD, AIMS will lend 95% but you have to pay MI.
I asked this question myself two weeks back & got some answer so now it’s the time to give it back.Goodluck, it is a hard job to get any lenders to approve at a high LVR. You have to show a very strong application.
I suggest you go to see a broker who deal with the above lenders, they will do all the hardwork for you as they want to earn the commission.
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