Interesting new product currently being piloted for public release in Feb 2007.
It is a 100% loan offered by a secondary Bank who lend 80% of the purchase price and a separate lender provides the 20%.
LMI applied to the 20% however no repayments are actually made.
2nd mortgagee takes a share of the future profits / losses when the property is sold. (some conditions apply)
Initially release is to the owner occupied market only with investors to follow later in the year.
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
Hi Richard,
This is interesting and might be something that could suit me. Which two lenders is this product through?
What will the interest rates be like?
I already have an investment loan on the CBA wealth package but am now considering loans I could take out to purchase a home to live in.
Regards,
Sk2
What if an investor never sells the property, it seems like a large risk for the second lender!
I can’t let you know who the lenders are at this stage as we submitting a couple of loans under a non disclosure program.
Investors applications are not able to be submitted initially to iron out any problems the lender has.
Further news will follow when available.
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
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