All Topics / The Treasure Chest / loans from assets

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  • Profile photo of junior2junior2
    Member
    @junior2
    Join Date: 2003
    Post Count: 50

    Im currently selling my ip in ararat that hopefully should make me 35/40k. With that money i am planning on buying another house i have lined up outright. What i am planning to do is get a loan against that house and use the money to buy anouther house outright and keep repeating the formula. I have at the moment no job although i am actively searching. My only income comes from my ip ( although i`m not touching that money) and some money i get from odd jobs that i do for an investor well known to most of you. Because i have no continual source of income apart from the ip, will i have any major problems getting a loan against a house i own outright? Any help appreciated

    Profile photo of ShaneBShaneB
    Member
    @shaneb
    Join Date: 2003
    Post Count: 62

    You’ll always have trouble , but there’ll be someone who’ll lend you the finance (as long as : 1.you have a good credit record: 2. you can show them the ndeal is a good one: and 3. you give them a history of your goood investing.)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    If you are registered with an ABN you could get a low doc loan where you self declare your income. Another option is a No doc loan where you do not have to give any income to get the loan. It will also depend on where the property is.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of junior2junior2
    Member
    @junior2
    Join Date: 2003
    Post Count: 50

    THanks Terry,

    one question, what is a nodoc loan?

    thanks

    j[?]

    Profile photo of junior2junior2
    Member
    @junior2
    Join Date: 2003
    Post Count: 50

    THanks Terry,

    one question, what is a nodoc loan?

    thanks

    j[?]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Junior

    In answer to your question. A nodoc loan is where the lender advances funds merely against the value of the security of the asset and requires no evidence of income. Happy to assist if you wish to email me some further details.

    Cheers Richard
    [email protected]

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Junior, No Doc loans are also called Asset Lends.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of junior2junior2
    Member
    @junior2
    Join Date: 2003
    Post Count: 50

    Thanks to terry and mr bond!

    Another thing that i failed to mention is that with luck i should have 6-7k to use as a deposit for the loan, but im not sure how much easier this will make getting the loan. I am also looking at investing in nz, what are the hances of getting a nodoc loan thru a nz bank using my aus home as an asset?

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