Hi urgent help needed. I dont if there is there is a way out. My cousin is selling a house. It is a 3 bedroom 2 bathroom tounhouse, in groupof 4, in werrington NSW. its very close to the train station.
My Cousin has an existing mortgage on the property.Not a great performing area acccording to API statistics. -5.5% growth in the last year and 7.8% over 10 years. The rental yield is 5.2%.
I have the option of buying this place but my borrowing power is only $50,000. However, i will be able to afford repayments on the property, with rent coming in. I have an investment property with no equity. Is there any way of doing a deal. I have heard of vendor sale deals etc.
Please give me some suggestions
Who has said that your borrowing capacity is only $50,000 ?
Each lender has its own serviceability criteria and there is a massive difference between the highest and the lowest lender in terms of serviceability.
Is your Cousin able to offer you any Vendor Finance to cover your deposit and acqusition costs ?
If you can cover these then anything is possible.
Further information is of course required to give you an assessment.
Richard Taylor | Australia's leading private lender
Thanks Richard, I do not understand vendor finance. Yes he is willing to help me. i got the $50,000 borrowing power from bank's websites where they calculate your borrowing power.
Please let me know the information required and i shall e-mail them to you in your private e-mail address.
Thank You
Just your income and expenditure that would be a start.
He could merely do a 2nd mortgage carry back.
Richard Taylor | Australia's leading private lender
Could you please explain 2nd mortgage carry back. Please check your mail too
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