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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
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.)
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
THanks Terry,
one question, what is a nodoc loan?
thanks
j[?]
THanks Terry,
one question, what is a nodoc loan?
thanks
j[?]
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 foundRichard Taylor | Australia's leading private lender
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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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