I’m moving back home to Oz in a few weeks[thumbsupanim] and want to invest in IP pretty soon after getting there before settling down into full-time work.
As I won’t have a work history in Oz (but enough deposit money), what are my options or chances for getting a bank to back me? Will a LOC from my current property be possible under the same circumstances?
As I’d be looking for cf+ would they take that into account etc?
Anyone had similar experience or able to offer some strategic advice?
Hi Ben,
I recommend you get in touch with one of the mortgage brokers who regularly post here as they are in a better positon to provide accurate comment.
Having said that, as a rule of thumb, there is a lender out there who will loan you the money, but sometimes at a cost of increased interest rates. Often, however these can revert back once you have established a ‘good record’ with them – or at worst – you can refinance onto a lender with more user friendly interest rates.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
if you’ve got enough for a deposit and more – it should be ok still – just try getting the banks to take that specific property as security for the loan. also show them the lease contract showing that it is +CF and self-payable by the tenants. Banks take 80% of the rental as income towards paying off the loan.
Kind Regards,
George.“If You never never ask, you’ll never never know”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
