Hi,
My partner and i currently have two investment properties totalling about $330k in val (last valuation was june 05), the finance on these is about $285k.
These return $185 a week each before costs.
We have both just shifted interstate, and just starting new jobs.
We have found a great investment property that we want to buy that is strongly cashflow positive, but we can’t arrange finance in the traditional terms.
Does anyone have any ideas or suggestions as to what we can do?
I don’t really want to enter into any terms where i don’t have the title of the property.Help appreciated.
Thanks[[biggrin]
“You don’t have to be rich to invest in Property, but to be rich you have to invest in Property”
I can only suggest you refinance with a lender who will go to a higher LVR and capitalise the LMI.
How much is the new property?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
The new property is $130k.
“You don’t have to be rich to invest in Property, but to be rich you have to invest in Property”
If you take all loanss to just over 90% LVR you should scrape through.
What is your serviceability like? If it is marginal we might need to identify a new lender to take one, two or all the properties.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Hi there,
Have you ever tried taking lines of credits to pay for the deposit or part of the mortgage loan? If you were to do that you might be able to scrape through to be able to get a lower mortgage on it. But the downside is , the lines of credit would be having higher interest rates on them.
azmi
Originally posted by Mortgage Hunter:
[brWhat is your serviceability like? If it is marginal we might need to identify a new lender to take one, two or all the properties.
Serviceability is bad on paper. Both have just started new jobs with fairly basic wages, and don’t have any savings.
Thanks
“You don’t have to be rich to invest in Property, but to be rich you have to invest in Property”
I am with Simon on the basis that the property is in a location which is satisfactory for LMI i can’t see any real problem.
The fact that you have transferred Interstate for new employment (subject to not being on a probationary period) should not have much of a bearing on the application as i assume it was a move to improve your income.
Best thing is to get an independant Broker to crunch the numbers properly for you as where there is a will there is a way.
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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