G’Day…My wife and I have recently re-located to Australia. We are living in a Beach/Holiday town in New South Wales.Before Australia we worked and lived in Japan for 5 years. I am Canadian and my wife is Australian. To make a long story short we are very interrested in Investing. We are reading every book on the market right now. We both think Steve’s book has been an excellent read. I guess my question or dilema is…I am actually an immigrant and because we have just settled we are not established with a bank, no job or business etc. We do however have some equity, which right now is earning about 4.5% in the bank. What should we do or where should we go to get started. We definately fall outside the Banks box. Any suggestions???
Russmarg,
I am supprised that none of the brokers have answered you. There is a way for people with no income as such to get loans, but it requires a rather large deposit. I dont know a lot about this, but I know that it can be done. Most banks that lend 90% with a 10% deposit and so forth to about 80% with a 20% deposit. When you have the colatiral, but no income as such, I believe the loan ratio is more around 60% loan to 40% deposit. The property would probably have to be an investment property so it was generating an income…therefor the 60% that you borrowed, you are capeable of making the repayments.
There is ways around everything, you just have to find them.
Hope that helped…..find a good broker…many will tell you it cant be done, keep looking.
CHEERS Larellelj
Thanx L…We have been doing just that. We will find a way to purchase the property we are hoping for.
Greetings,
A few questions?
Do you want to buy real estate?
What kind of strategy interests you?
Would you consider a joint venture, or act as a money partner if a second party could qualify for a loan?
What kind of property do you want to buy?There is a way to do most things. It may involve some creative thinking on your part.
Regards, Adrian.
Russmarg
Generally banks would like to see you working for at least 6 months in the same job. The larger you depost, the easier t gets tho. There are asset lends such as Larrelle mentioned at 65% LVR, but the rate starts off slightly higher. It will be harder for you guys as you have no other property (?) and have just entered teh country.
BTW I used to live in Osaka.
Terryw
Discover Home Loans
North Sydney
[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
Terry is right as usual. But things can be a little flexible if you can demosntrate that you are in the same industry. Demonstrates continuity of employment etc
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
To amswer some of the questions posted on this situation. Yes we want to buy realestate. Our goal is to aquire +CF properties for now. Once we are established…meaning “a job”, my wife and I would like to play with wraps etc. For now we are basically going to stay with Cash Flow. Yes we would consider a JV if the situation was right. I would however like to get my portfolio started.
We have found a property close to us which is currently rented and would actually make the mortgage payments plus a very small amount of extra cash a month. When I went to see the property the Realestate Agent told me the place is in a bad neighbourhood and it has a tendancy to be in a flood area. I wasn’t sure what to believe since it really wasn’t that bad an area. I thought OK…I brought my wife with me the second time and we are convinced he was wrong. It may not have been Beverly Hills but it seems to be alright.
We are pondering what to do and I guess I am turning to the experienced ones in this situation. I hope this explains a little better. thanks for all the responses…you have given my wife and I some hope.
P.S. Terry…when and where did you live in Osaka? We lived in Nagoya
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