Guys, I plan to move to Bne in 2 years time and also want to buy an apartment or house in Bne. I will have deposit around 250k and want to buy a 400k apartment or 550k house. With 60% deposit for apartment or 40% for house, is it possible to get a home loan ( even low-doc) if say it, I have to find a job in Bne first after moving. Is there any alternative like signing home loan first whilst having my job in Sydney and then move to Bne after that ? Is there any problem that may arise from my plan that I am not aware of ?
Minimum repayment will not be a problem as I have other income outside my full-time employment.
You would only qualify for a lodoc loan if you hold an ABN which normally means you are carrying on a business.
PAYG Lodoc is a thing of the past.
In saying this i am unsure why you need to go lodoc.
Why would you not buy the property as an investment property prior to moving and use the potential rent to justify the repayment serviceability. Structured correctly you could claim the deductions prior to moving and then if you later reside in the property loan can be restructured.
Of course without any real numbers it is difficult to make any form of recommendation.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
Nice to talk to you again, you are always very helpful. That house/apartment will be my first home and I would really like to take the benefit of FHOG and stamp duty concession. Maybe I am wrong, but that is what I thought that if I make that house/apartment as an IP for a while, I would not be able to get the benefit, is it correct ?
I am thinking about signing the contract whilst I am still working in Sydney. What do you think about it ? What should I say on my application ?
Hi Ferdinand
Ok if the property is your 1st home then I understand you want to apply for the FHOG & SD Concession.
Dont forget the terms of the Grant state that you need to occupy the property for 6 continous months in the first 12 months so nothing to stop you renting the place before you move in. In many cases the property couldnt have an existing tenant in it and you need to wait until the lease has expired before you can move in.
Structured properly i think you could still get the best of both worlds.
Might have to lodge the FHOG separately and not have the funds available at settlement but either way could still be done.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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