I bought a block of land for $50,000 in July, 2005. I have recently recieved planning approval to subdivide the block into 3 separate green titles…and had the block re-valued at $280,000 as is, or $460,000 once subdivided. I also have an Investment Portfolio of shares etc worth $145,000, and other Property/Investments.
My dilemma is…I want to buy another IP, but have no financials…just lots of equity! Also, the house I have my eye on is in a very small country town in WA. Im planning on buying the property and subdividing it into two lots, whilst renovating existing dwelling. Growth in the area was around 80% in the last 12 months.
Are there any Brokers out there who can help me???
Any advice greatly appreciated….cheers! [biggrin]Jim
Most any broker I know can do a NODOC loan – if that is the solution to your problem.
You need to choose one and discuss it further.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[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.
As Simon mentioned a Nodoc / lodoc loan dependant on your financials could be the way to go.
Many lenders that offer such product will restrict their lending dependant on certain postcodes.
Without more ifnormation as to where the location of the property is and other factors relating to your income it is difficult to quote an interest rate or overall product recommentation.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
A no doc loan could be a good alternative for you. YOu dont declare any income simply that the loan wont put you into financial hardship.
Most lenders will go to 70% of your property value and some will go to 80% if you have had an ABN for more than 2 years. There are also some that will go higher on a low doc (where you state an income but if you go above 80% the interest rates tend to jump up a bit)
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]
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