Hi Guys,
I have two properties with a combined value of about $1 100 000 and a combined debt of about $400 000 with ANZ( low-doc @ 7.1 %).
The properties are both currently tenanted with a positive cash flow of $350/wk.
I would like to refinance to buy another investment property when the time is right (I’m in no hurry)
My problem is that I’m currently working overseas and getting paid cash, so my only income is the rental income from the two above properties.
Any advice would be great appreciated
Cheers
It won’t be easy…. given your self employed + overseas and you have no proof for your income….
Im guessing you have already asked ANZ and they have said no?
Since ANZ is your bank, and given your unique situation…the chances a new lender is willing to take the risk is very very low as your overseas and they don’t know you and can’t confirm income and purpose…
We may be able to find a few lenders that will consider but the LVR is going to be low+ you must be able to service the loan with rent in AUS only. since you can’t declare your income from your employment…so the question is do you meet the bank’s serviceability calculation with rent only?
Also how long have you been overseas? if you been o/s perm for more then 10-15 years, you will find it even hardier to find a lender…
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
As Michael has mentioned not an easy one but not saying it cant be done.
Without all of the data it is difficult to give you a full answer but at a 60% lvr can think of the odd lender who would give it consideration.
Hardest part is going to be to retain that low interest rate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Michael and Richard I really appreciate your advice.
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