Gday guys! I was wondering how the banks looks upon you purchasing two properties within a very short period or even at the same time. My wife and I are on high incomes(mining), 2 IP under our belt with 10% deposit for both upcoming purchasing( inc stamp duty; cost etc )
Should we perhaps purchase one with current lender and other through a new lender? In which case we dont have a saving record with new lender ( does this matter/ how to fix ) ?
Should we just head to a broker ?
Multiple question i know but any advise would we greatly appreciated! Thanks !Hi Chris
Welcome to the forum.
It's possible. It just depends on your asset/liability situation, borrowing capacity and a few other things.
Cheers
Jamie
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]
Hi Chris
As Jamie mentioned subject to your serviceability and overall credit score (Not all lenders credit score) it shouldn't be a problem.
We have many a forum client who has purchased 2 or 3 properties at the same time or in a very short space of time and generally there is little problem.
As i often mention on the forum structure and the choice of lender can often be just as important as the property itself as some lenders have very pro investor serviceabiliity and others do not.
A good Broker will be able to interpret your goals and plan a structure accordingly.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi, We bought 3 properties in 6 months using up our equity in our home. We used a broker and two different lenders with no problems. However a friend who is on a much better wicket than us and with more equity applied to borrow for two houses at once (approx $450,000 each) using a trust setup and the bank pulled out at the last minute and both purchases fell through. My friend was fuming and has since gone to a broker. What happened is that the application got send to the commercial dept due to the structure being in a trust. It was a disaster, brought on by bank people who have no idea about property investing. Get a good broker and the odds of the purchases going smooth will be greatly increased. I use a lady in Melbourne even though I live in Tom Price (no brokers here!). She is great and will fight tooth and nail to get a loan through. She has lots of bank contacts and has worked in the bank system. And she knows which banks/lenders are easy to get loans with. She suggested to us to go with the more trickier lenders to start with and then the more lax lenders as we start to build up our portfolio.
Cheers,
Janice .
Funny got a couple of forum clients in Tom Thumb small world.
Yes we often find clients say that their broker or banker has never purchased an investment before but is out there giving them advice on structure and suitable investment lenders.
Most Brokers dont even understand the differing credit criteria applied by lenders.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I'd suggest to go to a broker as they can advise you better on your personal situation
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