Hi all, Could someone please tell me if you need to be employed to qualify for finance and start investing in CF+ properties. I have recently sold my house and I am now renting so I have enough money for deposits and closing costs on a few properties. Any advice would be much appreciated.
Thanks D.J.
You don’t need to be employed if you have enough of a deposit – but it would help greatly.
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
Hi D.J.
If your figures add up:- i.e. enough deposit then enough rent from the property and you can come up with figures that offer some proof of the rental income finance should not be a problem even if you are unemployed. You just need to look for a creative broker rather than one of the big boys.
Good Luck!
Rich Mum
The use of the word “creative” makes me nervous.
Cheers
Stu
Yeah me too Stu…
Usually all of the ‘creating’ comes from the clients!
How do you propose to cover your own living costs + a mortgage if a bank only considers 75% of rental income?
I think what people are implying is you might need a larger deposit so that you qualify for a ‘lo doc’ product, meaning a self-declaration of an income… which you probably don’t have.
Liz
Mortgage Lender
1300 780 826
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