All Topics / Finance / Advice needed. We’ve hit a dead-end!

Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of sumnerstephensumnerstephen
    Participant
    @sumnerstephen
    Join Date: 2007
    Post Count: 34

    Was hoping someone might have another solution for us. My partner and I are finding it quite difficult to find the right finance for our investing prospects. To briefly describe our situation: I'm self employed, recently immigrated on a Spouse visa (9months ago) and my partner is Australian citizen in permanent part-time job. No probs with with her criteria but seems lenders are apprehensive about me because I don't have 2 years worth of records. We've spoken to 2 mortgage advisors now who have given us the same feedback.

    The whole reason why I have gone the "self emploed route" is to have the flexibility to take time off as and when i need to for my involvment in our renovation projects. We have been to Steve's seminar (as well as others), got the Reno Toolbox and done extensive research and preparation, including making great contacts with agents and tradies. It just seems we've been stopped in our track at such a crucial stage and as we were really getting some momentum.
    Any suggestions would be greatly appreciated.
    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Your position shouldnt be too much of a problem dependant on what the LVR requirement is.

    Richard Taylor | Australia's leading private lender

    Profile photo of sumnerstephensumnerstephen
    Participant
    @sumnerstephen
    Join Date: 2007
    Post Count: 34

    What I didn't mention was that we have about $180k in equity on a $280k property in Christina's name. And the amount we looking to borrow for our reno roject would be around $330k (including renos and holding costs). Would we still be within the 80% LVR. 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I cannot see a problem with the information you have provided.

    Richard Taylor | Australia's leading private lender

    Profile photo of sumnerstephensumnerstephen
    Participant
    @sumnerstephen
    Join Date: 2007
    Post Count: 34

    Thanks Richard. Do you have any suggestions for where we should be looking or brokers?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Right above you last post?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Try asking  the broker if you are eligible for a no doc loan where you self certify you can afford the loan rather than having to provide evidence of income. Also get yourself an ABN number if you are running a business. Because after 2 years you can use it for helping to get loans.

    Profile photo of lovelyjvlovelyjv
    Member
    @lovelyjv
    Join Date: 2007
    Post Count: 9

    You could do a cross collaterasation when you get a loan and yes you will be at 70.1 LVR.

    Joseph

    4180K

    Profile photo of lovelyjvlovelyjv
    Member
    @lovelyjv
    Join Date: 2007
    Post Count: 9

    You could do a cross collaterasation when you get a loan and yes you will be at 70.1 LVR.

    Joseph

    4180K

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Joseph

    Hardly a sensible suggestion when 1 party to the loan is a non resident and may require FIRB approval and cannot show evidence of income and the other is part time employed and the existing loan is a fixed rate loan.

    I am sure you suggestions are welcomed but vague statements without supporting fact do very little for anyone.

    Richard Taylor | Australia's leading private lender

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