Hi everyone, i think i may know the answer to this already but i'll ask away at the risk of looking stupid!
I have an opportunity to purchase a property off a family member for considerably less than it's current valuation (335k purchase price, 390-420k valuation). As the property has great renovation prospects too i'd love to jump in, but….
I have been overseas for much of the past 10 years and have only recently returned home to Australia and therefore my employment since being home has only been just over a month, far too short for any conventional loan i'm sure!
I am eligible for the FHOG (as i understand it, i have owned 1 property overseas) and have a small amount of cash savings (around $5000) but could liquidate some non real estate assets (car etc) if required because it's an opportunity i'd really like to grab.
I have been told by a cluey collegue that there used to be a 95% LVR product, low documentation for 1 day ABN holders but with the current credit squeeze i assume this is no longer the case.
I am almost certain this is a helpless situation, are there any creative options that any learned brokers on this forum could suggest? Or is it simply a matter of waiting several months in my current job and hoping like anything the place hasn't sold in that time! Thanks very much!
hi jbp – welcome to the forum, and back to sunny old Oz!
Dont completely discount a bank loan.
as long as you had steady employment overseas, and can confirm via your employer that you arre not on any type of probation or trial period, if you have a reasonably strong asset postion and no stupid amounts of personal debt (ie storecards, P/loans etc) you may well find a <95% full doc loan will come your way.a good broker shoudl be able to advise which of banks will do this for you with LMI with a minimum of fuss.
all the best.
I am with V8.
If your current employment is not subject to a probation period there is no reason why you are unable to obtain a 95% LVR on the purchase.
Might have to prove the assets that you have but should be all ok.
The 95% Lodoc style loan went up in smoke about a year ago.
Now anything over 80% will cost you an arm and a leg.
Richard Taylor | Australia's leading private lender
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