loans from assets

Viewing 8 posts - 1 through 8 (of 8 total)

junior2
Member
@junior2
Join Date: 2003
Post Count: 50
August 29, 2003 - 6:49 am
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
ShaneB
Member
@shaneb
Join Date: 2003
Post Count: 62
August 29, 2003 - 8:16 am
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.)
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 29, 2003 - 11:41 am
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
terry@discoverhomeloans.com.au
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
junior2
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@junior2
Join Date: 2003
Post Count: 50
August 31, 2003 - 7:10 am
THanks Terry,
one question, what is a nodoc loan?
thanks
j[?]
junior2
Member
@junior2
Join Date: 2003
Post Count: 50
August 31, 2003 - 7:10 am
THanks Terry,
one question, what is a nodoc loan?
thanks
j[?]
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
August 31, 2003 - 7:25 am
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
richard@fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 31, 2003 - 1:47 pm
Junior, No Doc loans are also called Asset Lends.
Terryw
terry@discoverhomeloans.com.au
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
junior2
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@junior2
Join Date: 2003
Post Count: 50
September 1, 2003 - 12:48 am
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?