Hey one and all
I just discovered this website tonight and it looks fantastic – there are a lot of intelligent thoughts and suggestions floating around in here. Being my first night here, I am going to take the plunge into the deep end and post my question straight away.
I’m a 25 year old male with a stable Commonwealth government job (God bless the public service) but am a discharged/ex-bankrupt with no savings and hence nothing to put forward as a deposit. I am desperately looking to get into the world of property investing, but have found given my current situation I am up the proverbial creek without any type of rowing apparatus [wink]
Are there any companies anyone knows of that would offer 100% LVR finance on an IP to someone in my financial position?
Any comments or suggestions would be greatly appreciated.
Thanks
sireltekae [king]
Hi Sireltekae and welcome aboard,
The finance issue will depend on the length of time since you were discharged,
keep in mind the lenders servicing requirements/lending policy for 100% finance is more stringent compared to normal lending guidelines.If you are relatively new to property investing then it may be wise to hold off taking the plunge, and spend some more time reading and gaining further valuable knowledge from the friendly folk here, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
If you are intersted in some information about Vendor Finance, let us know and we can email you our standard package. It might give you an idea about what is out there and where to start.
You can send an email to :
Or send a personal email to me via this forum.
Good luck,
Mapleleaf
Achieve the Dream!
hi sireltekae
interesting post.
its difficult for a exbankrupt and you would need to show a saving record.
I would look out side the square and read up on trusts and company structures.
then I would start your investing route via this vehicle as it is a clean skin and would be easier to get lending with it ,
if you can get a deposit and an account with some funds in it.
you could join with some one to do a small development with your new structure and leverage from there.
have a good long read or find someone that can help with these structures.
a investor meeting is agood place to start.
I have a few investors that are in your position and yes it is hard but not impossiblehere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Thanks for the input so far guys and girls, it is greatly appreciated.
I was about 90% sure that I would have difficulty obtaining the finance at the current point in time but thought I would ask anyway – you never know, someone may have a way that no one else has thought of.
For the time being, I am just going to have to work on the cash/managed funds side of my investment portfolio (mind you, that’s just getting off the ground too) and get a good savings record to allow me to enter into the world of property investing.
Thanks once again, and I look forward to hearing from more of you re: this post.
sireltekae [king]
also have alook at cfd trading and work with a lender this also gives you a trading investment record.
here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Yes, it will be hard for you to get finance initially. You will need a deposit, probably at least 15% plus closing costs, and the rates will be very high – discharge costs will also be high.
Possibly a better option would be to look at vendor finance – ie someone wrapping a property to you. This will get you started, back on your feet, and then a few eyars later, you should be able to refinance out with a norrmal lender at much cheaper rates.
Terryw
Discover Home Loans
Parramatta
[email protected]
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Just send me a blank email, with “subscribe†in subject line.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
Re: vendor finance/wrapping, how hard is it to find a vendor who is willing to do this? Do they advertise somewhere? The reason I ask the question is that I am residing in Townsville, and have not seen any mention of it up here. Does anyone reading this post know of anyone in the Townsville area who does this sort of thing?
Thanks (again)
sireltekae [king]
You wouldn’t be able to get 100% being ex bankrupt.
Are you a discharged bankrupt?
The best I have ever done for a discharged bankrupt was 90% and managed to get Lenders Mortgage Insurance through a major lender. The client had been discharged for 3 years.
Finance Industry for over 20 years
0424 600 249
Mapleleaf is Brisbane based and offers Vendor Finance all over Qld.
Ask him to send you his information pack as i think you will findit very professional.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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