HELLO THERE I AM 22 YRS OF AGE AND IN THE MILITARY I PURCHASED MY FIRST P.I 18MONTHS AGO FOR 305K WITH A 72K DEPOSIT THE AIM IS TO GO HALVES WITH THE FOKES TO HELP GET OUT OF THE SITUATION THEY WERE IN AND HELP SET THEM UP AND THEY WILL SOON PAY 72K INTO THE HOUSE SOON TO NOW THEY DO NOT WANT TO GO INTO P.I WITH ME AND THEY DO NOT WANT TO GIVE UP ANY EQUITY IN THE HOUSE IS THERE ANY OTHER GOOD ALTERNATIVE THAT I COULD DO/USE TO PURCHASE MY NEXY PROPERY? AND HASANYONE GOT ANY HINTS OR IDEAS FOR ME ANYTHING WOULD BE GREATLY APPRECIETED SORRY SOR THE CAPS.
NATH
Hi Nath
Welcome to the forum.
I read your post twice and I’m still confused as to what it is you’re actually asking……
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yes I am also confused. Have you bought a property with your parents and you want to redraw equity to buy an investment property but they don't want to redraw equity?
Ryan McLean | On Property
http://onproperty.com.au
Email MeHey guys yeh sorry i would love to redraw equity but they do not with to jepidise the house as it is also in their names what should i do?
Thanks guys
Hi keen
I have answered your secondary post before reading this one.
Based on the fact that the Title is in all 3 names then you would be unable to take on further borrowing against the current security without your parents being party to the new loan.
Secondly if you did look to buy separately serviceability might be an issue as although i imagine the existing security is held as Tenants in Common and you would be seen as being liable for the entire new debt.
Still might be the odd way around it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
There are few options: a) Find a mate, family member then do a joint venture to purchase your IP b) save up.
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