hi everyone, me and my wife are trying to learn all we can about building for our childrens future,we are trying to build a property portfolio but on one income and self employed with four children i don’t know how hard this will be.we have our ppor in sydney and 2 ip’s in country nsw neutrally geared…just,mortgage of 400k, propertys value=840k.we would like to use the 440k equity to get more property and thinking of a low doc but don’t know if we are going to go [?]in the right direction! any advice would be greatly appreciated.just found this site tonight after finding out about steves book and think its great!….help!
Lo Doc’s are a good way to go, but in a lot of cases you need an ABN and for 2 yrs.
If you don’t have this, then a No Doc is the way to go, although max 65%lvr.I gather you’re IP’s aren’t wrapped?
Are they with the same lender as your PPOR?A good way to go is a line of credit from your equity to use for deposit’s on Lo doc loan’s. However, make sure your PPOR has it’s own lender, keep it seperate from the IP lenders. This protects your PPOR if anything happens to your IP’s.
Lo Doc’s are a good way to go, but in a lot of cases you need an ABN and for 2 yrs.
If you don’t have this, then a No Doc is the way to go, although max 65%lvr.I gather you’re IP’s aren’t wrapped?
Are they with the same lender as your PPOR?A good way to go is a line of credit from your equity to use for deposit’s on Lo doc loan’s. However, make sure your PPOR has it’s own lender, keep it seperate from the IP lenders. This protects your PPOR if anything happens to your IP’s.
thanks for the reply don’t know what a wrap is, also our ppor is all linked to the same mortgage and we only have $10,000 left in our line of credit,would it be the way to go to try and refinance and up our line of credit?
Hi wannabe
Most lenders on a limited docuentation basis and subject to the security area will advance upto 80% of the security value. In rough terms assuming that all of you properties were in an acceptable lending postcode then 80% of $840K would be $672K and give you a further $272K. More than enough for a few more properties Happy to provide you with a list of Lodoc lenders if this helps.
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
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