Hello
After building a portfolio of 4 or 5 property, I find it harder and harder to find lenders that are willing to support you while wanting to continue to build the portfolio. Has anyone else had the same problem? Does anyone have a solution? I’d like to hear if you can suggest a lender that can think a little outside the box.
Thanks…
hi freedom
i’ve found the same problem over the years, on different occasions NAB and CBA have refused to lend me any more. but i have found Homepath (owned by CBA) have been happy to lend to me. i only buy properties that will put $30 per week into my pocket (excluding depreciation). Due to this all my investment properties actually improve my financial position in homepaths eyes. My salary income is only about 45K per year and yet i am able to keep purchasing with them if i wished to. i currently have 20 + properties.
keep looking there are plenty of lenders offering money. By the way Homepath have a variable rate of only 5.65%, no application fees, no account fees, but they can be slow to deal with.
regards westanHello Freedom,
My best advice:
Dump your bank and find a GOOD mortgage broker.
Beware there are a lot of AVERAGE ones out there.
Make sure they spend the time with you, to find out what you’re looking for in the future, not just getting “approval” for the current loan.
As Westan said, if your loans are all +ve Cashflow, then your income should be increasing, therefore no real problem. If you are -ve gearing, then your income needs to get higher each time to keep supporting them.
Good luck,
Will & Del
coongratulations Westan, that’s fantastic!
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