hi to all mortgage brokers.
i have a property that i have recently done a renovation on, lets say now it is worth $310,000 and i have a $250,000 loan on it.
my partner and i have been in a new permanent part time role for 6+ months (and previous same company just through temp agency), but it is for a bank an extremely stable!
Income roughly 60-70k combined.
I want to purchase a $400,000 one bedroom unit in northern suburbs, can this be done with 100% finance? Or is this gone now..
Also, is there a possibility to redraw on our other property…
PS: No savings at the moment..But $15k can be compiled very quickly..
Anyone?
Without having 12 months employment with the same employer you would be pushed to get any more than 90%.
You will need to funds the balance plus acqusition costs from your own equity or savings.
Also with a combined income of 65-70K i think your serviceability will be a wee short even with assumed rent.
Richard Taylor | Australia's leading private lender
The servicability is not the problem at all. Even if rates went to 9%, having both rented out would not be difficult at all. Our first IP we only had 6% + the FHOG. And we did not have to come up with LMI or SD.
I understand the 12 problem. But by april next yr we would be both working for 12-15 month at same position…
Regretfully you thinking you can afford the repayments and a lender agreeing with you are two separate issues.
Your first IP must have been purchased as a PPOR as otherwise you would not have received the FHOG or Stamp Duty concession. For future purchased you will pay Stamp Duty at the normal assess rate in your State for an Investment property.
Richard Taylor | Australia's leading private lender
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