All Topics / The Treasure Chest / Borrowing to buy

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of MarilenaMarilena
    Member
    @marilena
    Join Date: 2003
    Post Count: 0
    August 12, 2003 - 1:17 am

    I have the knowledge of my local market and $30K to invest, plus an equity of $20K in a current property.
    But my income is only around $17k pa and I am not young.
    A modest house in my city is $155K minimum.
    I cant believe anyone will lend me to buy on these figures – cant find anyone myself – and Steve’s book is a sellout everywhere. I cant wait to find out how he financed his first buy with “no job and virtually no money” if I heard the TV interview correctly.

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144
    August 12, 2003 - 3:35 am

    You can do straight assest lends, where you are required 25-35% deposit. On your deposit of 50k you could look for a property of $130000. That being $45500 deposit and the rest for costs. This is at 35% deposit. If you went to 25% deposit it would be $180,000 purchase price and a deposit of $45000. However going to 25%, you would be on a higher interest rate.

    Also, you might be able to apply for a Lo Doc loan – where you are required 20% deposit and self-certify your income.
    Best to get an ABN.

    Profile photo of Justin2Justin2
    Member
    @justin2
    Join Date: 2003
    Post Count: 1
    August 12, 2003 - 6:04 am

    Can you provide some more information regarding ABN’s? What are the advantages etc.

    Thanks

Viewing 3 posts - 1 through 3 (of 3 total)

The topic ‘Borrowing to buy’ is closed to new replies.