All Topics / Help Needed! / getting started

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  • Profile photo of RowesterRowester
    Member
    @rowester
    Join Date: 2006
    Post Count: 19
    July 14, 2006 - 5:15 am

    Hi,

    I’m about to get started in PI, but the finances seem to be the stumbling block.

    Is there a way to get started without any deposit for a PI? I know that for owner occupier, they have access to 100% mortgages. PI seems to only go as far as 98% (according to my advisor)

    I’m in the red 20k, [satan]but earn 90k pa.[specool]. Servicing a loan once approved won’t be an issue, just getting the thing is.

    Also, what does anyone think of investing into Gladstone? Already missed the boat?

    Thanks for helping a newbie.[smiling]

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    July 14, 2006 - 8:43 am

    20K in debt with no deposit and you want to buy an IP.
    If you manage to get 100% finance you will still need funds for closing costs, stamp duty/legals/LMI etc.

    Do your self-a favor, this is your 1st IP and you have little or no experience so save for a deposit, & don’t borrow any more than 90% LVR.

    (I’m not trying to be mean but sometimes you have to be cruel to be kind, Good luck.)

    Cheers
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Viewing 2 posts - 1 through 2 (of 2 total)

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