Hi Folks,
As the username suggests I am new to Australia (ex Scotland), and I am exploring the options for getting strated in renovating property. My wife works as a Nurse ($65k) and we have some equity, $40k cash and $100k tied up in a QLD Treasury bond (to get permanent residency points) until Feb 2008. We currently rent a property at $700 a week (yes I know, a bit in the high side!) and we own our car outright ($25k) apart from that no other credit cards or debts. Anyway, the point of the enquiry is to see if any of you old hands out there reckon there may be a way for me to access a flexible source of finance. I also have about $300k tied up in a business in the UK but don't think that this will be of any help in this instance?
Any pointers in the right direction would be appreciated.Cheers
SteveBased on having a secure income and a deposit you should be able to get a loan – how much will depend on a few factors.
Contact a reputable broker and after you have answered a few questions he will be able to give you an idea of how much you can borrow.
Must be a pretty nice property for $700pw!
Cheers,
I agree with Simon but remember if you buy renovate and then onsell your broker will have all of his commission clawed back normally if this happens within the first 12 months.
Might want to be honest with him upfront as Brokers earn their living from arranging finance and you wont get the same level of service if he / she thinks they are having to work for nothing.
Richard Taylor | Australia's leading private lender
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