Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of Dusty2011Dusty2011
    Member
    @dusty2011
    Join Date: 2011
    Post Count: 1

    I have approx $7500-$8000 in the bank at the moment and am itching to get into property investing. I have found an IP which I would like to buy and it is on the market for around $70k. I know I have 10% deposit at the moment. I will have the money to cover costs etc at the end of May.

    Is there any way I can secure the property now? btw: I would still need to arrange formal approval for finance.

    Profile photo of Marty McDonaldMarty McDonald
    Participant
    @marty-mcdonald
    Join Date: 2010
    Post Count: 64

    If you have had the funds in your account for a while you could look at a slightly higher lvr loan up to a maximum of 95% that way showing the lender you have the funds required for stamp duty etc. With the price $70k the difference in lmi costs won’t be huge.

    Marty McDonald | Mortgage Experts
    http://mortgageexpertsonline.com.au/
    Phone Me

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    The location of the security can also impact on the LVR the lender is willing to lend at. At $70k I’m assuming the property is in a small regional area.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: info@passgo.com.au

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    See if you can get a really long settlement!  That way you will not have to come up with the cash till later.  Wink wink.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    As Jamie mentioned if the purchase price is only 70K you may find you need more than 10% deposit subject to post code, zoning and location.

    Sounds rather regional rural to me and that is not a good start.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.