All Topics / Finance / Getting first Mortgage

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of eskieski
    Participant
    @eski
    Join Date: 2004
    Post Count: 9

    Is it possible to finance a house, without any or little personal income? Maybe by using company or trust?

    eski

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    It is.

    Depends on the size of the loan and the valuation.

    If you have a 35% deposit nearly anything is possible.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of eskieski
    Participant
    @eski
    Join Date: 2004
    Post Count: 9

    I already have the house, so if I can get a valuation for the house which is 35% more then I need a mortgage for I should be cooking?

    Thanks

    eski

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Eski,

    If your total loan size is 65% or less of both property valuations then a NODOC is possible.

    But talk to a broker first and find out exactly what your options are.

    I don’t like to give advice without sufficient detail.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Why would you want to borrow more money when you don’t earn a income. Won’t you be too reliant on rental income? Sounds too risky to me.

    Investing is about earning an acceptable return for your risk.

    Cheers

    Stu

    Profile photo of eskieski
    Participant
    @eski
    Join Date: 2004
    Post Count: 9

    At the moment I live in the property with two other people. We all pay rent which is more then enough to cover an interest only loan and the yearly rates. I want to mortgage the property to pay back the people who bought the property for me(parents) and so I will then be able to use current equity to purchase more +ve cf properties. Still climbing steep learning curve and not totally sure if this is right, but im sure there is a way.

    cheers

    eski

Viewing 6 posts - 1 through 6 (of 6 total)

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