Hi everybody, im a first time poster and I am fairly new to property investing but having read steves book (130 properties) and a monthly subscriber to API I am quite enthusiastic about ascertaining as much property as possible. I have bought a property about 2 months ago which is negatively geared, and although I am quite happy with it I am sure I never want to buy another negatively geared property again lol. Any ideas from forum members on tips to raising a deposit as quickly as possible? I want to buy property fairly soon and capitalise on this shortage of rental properties and an abundance of rentors.
Hi,
I am a new investor too. Do you have any equity in the property you owe? Maybe get a valuation that you can use to borrow from. Otherwise I think the answer is just hard slog saving. You could sink it into shares to move it along. Anything in Asia seems to be going great guns right now. But that of course is taking a punt. If you want something safer – blue chip shares or term deposits. Or buy a lotto ticket?! It is amazing how quickly the funds build up. If you can get a long settlement then you can save the rest whilst waiting for the property to settle. Hope that gives you a few ideas.
Cheers
Caroline[exhappy]Hi richard1984,
Don’t know if this is a possibility for you but what we recently did was used the CommBank Family Equity Home Loan (St. George also offer the Loan) to purchase our beautiful 2 bedroom 2 bathroom unit in Sydney close to the beach…Took a bit of convincing of my partners parents but they agreed after we sat down with them and showing them all the figures. You can structure the options in a number of ways, check out http://www.commbank.com.au/equity/ and look at the different option which could suit you. The best things about the Family Equity Loan it is base on a limited guarantee (meaning your parents or relative is only guarantee to say 10 or 20% of your loan). Additionally the type of loan eliminates mortgage insurance which can be a fair bit.
You can get your limited guarantor off your loan once you reach the 80% of the value…this will also allow us to possibly refinance and then look at another investment property.
Good luck.
Beachesboy
Hi Richard,
If you don’t have any spare equity in your current property the family equity products are pretty good. If this is not an option you can get 100% LVR loans for pretty reasonable rates. You can even go to 106% if need be, although the rates on these loans are over 8%.
Regards
Alistair
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