All Topics / General Property / Advice needed: Sourcing finance

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  • Profile photo of delboydelboy
    Member
    @delboy
    Join Date: 2003
    Post Count: 80

    Hi All

    Hope you can give me some advice. We are ready to start investing in csh+property. There is a house which we want to make an offer on. Before we even started looking we talked to two mortgage brokers and they said we would have no problem securing finance, using the equity in our unit for the deposit and closing costs.

    The problem: the house is in a country town. The two mortgage guys say that the post code does not exist on any banks list of approved areas for lending. It is a big enough town with a population of 16,000.

    They say that if we went ahead we would have to use the equity for the whole purchase price. Which in turn would mean we could not use the equity in our unit again for other deposits.

    So how does everyone else secure finance for country towns? Please any advice would be much appreciated as we do not want to miss out on this deal.

    Regards

    Delboy

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

    Email me the postcode please.

    I will se what I can find out for you.

    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 JulianJulian
    Member
    @julian
    Join Date: 2003
    Post Count: 232

    Please Email the post code to me, I may find a broker for you

    Julian [strum][strum][strum]

    THERE IS ALWAYS A BETTER WAY!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Depending on the price, you may be able to go up to 95% lvr.

    check out what one of the mortgage insurers will do at:
    http://www.pmigroup.com.au/LocationWizard.asp

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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