hi all,
here's the situation: I want to buy investment properties. I have about $30K for a deposit, a decent income of around $80K and have tried with a few lenders with no success to get a loan above $250K. The reason for this is is most of my income ,around 50K, is actually bonus/commission. Unless i borrow 80% or less, then they won't count my bonus as my income (because of lenders insurance). Does anyone know how a way around this? (other than borrowing 80% or less). Also, does anyone know a good accountant in Brisbane?
Btw, i have no debts, no dependents or anything… it's really frustrating…
thanks for any help you have to offer.
Hi keen as,
We might be able to help you, email me at this address [email protected]
Hi Keen as,
Dependant on how long and how regular your bonus/commissions are then they are able to be used in the calculations for your income.
Feel free to email all your info and I would be happy to see what any of the lenders I deal with could do for you.
Sharlene
[email protected]Hi Keen,
I brought my first investment property about 12 months ago. When the time came to secure finance for the property I had quite a bit of trouble getting a large enough loan. My mortgage broker informed me that the problem seemed to rest with the LMI providers. So we ended up finding a lender that 'self insured', therefore by-passing any of the lenders insurance probs. We got a very competitive rate as well. If you would like the number of the mortgage broker I used (he is located in brissie) just message me and I will pass it on.
Good luck!
Mark OReilly / Choice home loans
0419 603 535 / 33242700
He can get you money with the major banks just got to make sure you can actually support loan this size…
When bank where giving me only 100K, he could get me 300K with same bank
Regretfully Mark like every broker is governed by the mortgage insurers lending policy where the loan is > than 80% so no disrepect but he will have no greater pull than anyone else.
In saying this if the bonus / commissions are regular you should be able to move forward.
Richard Taylor | Australia's leading private lender
thanks for all the suggestions. i'll follow up with a few leads tomorrow.
my bonuses are paid weekly.
Qlds007,
When you deal with any professionals some are more switched on and creative than others.
I remember seen one accountant that stated that i owe ato 5K. So i went to the other (recommended) and actually got 3-4K back from ato.
So, even they all governed by the same regulations, the result can be remarkably different.
Just my 2csimple who and where is your account, i think i need a change.
what did he cost?Hi Keenas. Have you been in the job for over a year? If so, that shoudl be fiine for at least one well known lender.You will be assessed on all your commission payments, and up to 100% lend depending on location.
All the best
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