Hi all,
I was wondering about finance for an investment partnership. My partner has about $70K in equity that they are prepared to put up as deposit/s for IPs and I have about $300/wk in unused income. The problem is I have only recently started my job. What are the chances of getting finance and how much could we expect to get in this situation assuming that we are buying properties that in large part (hopefully totally) pay for themselves, with my income used just a cover in the event of vacancy.
Thanks in advance,
Apples.Apples,
One thing to consider if applying for a loan with a business partner is that the lender will look at you each individually when determnining servicability.
Having a new job is not necessarily going to effect you, it depends on whether you have previously worked and also whether your savings are genuine. Even if you do not qualify for a noremal loan, if you have a decent deposit, there are lo-doc loans around with very good rates
Apples,
Impossible to give specific guidance without asking further questions.
On the surface none of these things alone should stop your plans.
All the best,
Simon Macks
Interest Free Home Loan Agent
[email protected]
0425 228 985Please email me rather than using the PM service here.
Fully Accredited With Derivex LTD and IFHL PTY LTD
***Ask about our Interest Free Home Loan***
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes it could work if you buy jointly – but I agree with the otheres, not enough details.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
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