Hi i wonder is someone can help me with this scenario We are looking at buying a property at around the $500k mark, we need to get a Low Doc loan due to my employment.
Westpac will lend us up to 550k (82% LVR @ 7.35) and we already have $125k as deposit, but that doesn’t leave enough money for the renovations.
Purchase $500K
Deposit $90K
Stamp Duty $27K
LMI $4.5K
Legal’s $2K
Does any one know if I could get a higher LVR than 82% on a Low-Doc loan, still paying around the 7.5% interest?
Or do I buy the property then get 2 personal loans for around 20K (unsecured) to complete the reno and then get the property re-valued to repay the personal loans?, or should I just look for properties below $600K that have already been renovated and then just wait for the growth?
Thanks for any advice90% LVR available at 8.30% as long as you are self employed > 2 years and registered for GST and can declare an income to service total indebtedness.
LMI is around 3% + GST + stamp duty and Bank applic costs around $1250
Richard Taylor | Australia's leading private lender
85% and the Lender pays the LMI rate 7.93
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