i have just bought my first investment with cash we had in the bank, wife on maternity, as banks wont give us a loan to buy a house for ourself.
We want to fast track equity and cash flow from investment to buy this property in the sutherland shire sydney.
how can we secure more property on about 90K going up to 150K when wife goes back to work, which she dosnt want as she want to drop and pick boys up from school.
any suggestions please
Hi Col
Dont know your entire situation but find it strange to understand why a lender would not finance a deal for you on one income.
Assuming you can get finance then what you would do is gear against the first property and look for this facility to fund deposits for other loans.
Certainly would have been easier to fund on a purchase rather than now having to do a "cash out" refinance however still very doable.
As i say would need a lot more information to provide further advice.
Richard Taylor | Australia's leading private lender
We require more information to guide you on this one, How many children? How much property do you own (value)? What are your outstanding liabilities? There are a lot of variables that must be addressed before a reasonable response may be posted…..
thanks Richard
Morgage insurance aparently stopped it for us.
we have 2 dependents, renting a place for 630wk enough for a mortage, but only place that would take a dog.
want to get ourself in our own place but didnt want money sitting in the bank doing nothing.
dont want to do refinance but looks like we will have to unless the growth of our investment comes off in next 12 months.
just hate renting with 2 kids and a wife as we want our own house again, we moved for work but lost a good chunk of money selling and coming back to sydney so need to build it back up.
im on about 75 – 80 k a year.wife will go back casual for 6 months probable.
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