If you have equity in other property and want to get finance on another house is it possible without a job. I will have job in the near future but am just in a transition period at the mo.[biggrin]
Ricksta,
Good afternoon. Yes it is. We bought 2 props. last year whilst ‘in transition’.
Of course, it all depends on the numbers that you plug in for (a) “equity”, (b) “finance needed” and (c) future – reasonably expected income.
Hope that helps.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Ricksta,
It depends on how much equity you can access and whether you have any other sources of income. You could apply for a no-doc loan for 65% leverage and you do not have to declare any income.
It may possible to find finance at a higher leverage, depending on whether you have other sources of income but it would be quite difficult. I hope this helps.Regards,
Cameron Perry
Accredited Mortgage Consultant
F.R. Perry & Associates
Ph (03) 9662 1999
Fax (03) 9662 2044
email: [email protected]thanks…
OK here are some figures(a)Equity
House 1
owe 110,000
est value 350,000House 2
owe 80,000
est value 240,000(b) Finance needed
180,000(c) income
about 45,000I have already had approval for 180,000 from a lender while I was employed on a similar income but I still want to have finance prepared if the correct deal comes up.
Based on the common garden variety No Doc, you could get 65% of value of your two properties less your current loans = $193,000 approx.
If you are using the funds for another property, you could also get 65% of the value of this property.
Good luck
Terryw
Discover Home Loans
Mortgage Broker
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
As Terry said a NODOC is possibly an option. Watch the interest rate tho – most are high but some are as low as 7.1%.
Cheers,
Simon Macks
Finance 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.
With regard to lo doc, are there any with 90% LVR and free redraw facility? Is an ABN required?
ThanksYes there are low docs up to 95%. Most require an ABN held for at least 1 year and/or a letter from an accountant. I am not sure, off the top of my head, if they have redraw. Rates are high – 9.5%+
Terryw
Discover Home Loans
Mortgage Broker
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
Thanks Terry. That is a pretty high rate.
I guess the logical answer to this one is .. you have to show the bank that you can service the loan. Someone has to pay for the loan when there are no tenants in or if rent being paid doesnt cover your loan. Remember having an investment property is more than just covering the loan, dont forget your other expenses, certainly and income is going to prevent stress on your own standard of living when maintaining an investment property.[angel]
Think big and success is yours always!
Hi
Just because you don’t have the funds to invest doesn’t mean you can’t make a start. There’s always a way to solve a problem.
YOu can go to some banks, and you can use the services of a mortagae broker to help you shop for the right loan for your circumstances. This will save yo a lot of time and it’s usually a free service as the broker is paid a commisssion from the lender.
Passive income:
http://www.unitoday.net/healthyjack/mystory_en.cfm
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