Forum Replies Created
Hi Richard,
I beg to differ it is not a requirement and is offered at 80% without LMI. It is at the lenders discretion and there own risk. The lender does not require BAS or trading statements if an Accountants Certification is obtained.
Kind Regards,
AM
Hi Sienna,
Matt is most correct on this one. Being from a lender it is extremely difficult if not impossible to have the valuer adjust his valuation. Most lenders will not allow a 2nd valuation as the process will just continue if your not happy with that one also.
Most people make the mistake of getting a real estate appraisal and honestly the lender/bank does not care. They will forward this onto the valuer and there is no chance of getting it changed. Although sometimes it does happen if there is such a discrepency in the valuation figures if the 2nd report is extremely different, but you need to weigh up the costs as most lenders will not use a valuation done by the borrower as there may be a conflict of interest.
Kind Regards,
AM
Hi Guys,
ANZ are having a lot of trouble with issues like this as there processing has been partially transferred offshore.
I would be in touch with the Ombudsman.
Kind Regards,
AM
Hi Guys,
I know a lender that will look at 80% Low Doc without LMI Clear credit. They only require a Repayment Declaration and Accountants Letter. If you try to obtain the Accountants Letter and are unable they will ask for six (6) months trading statements.
No Doc is dead. Anyone lending that way would be mad.
Kind Regards
AM
Hi YI,
Parkdale VIC you live. Yes, she does have the cash. A large inheritance from a friend covers this. How can we get into more property investing. I am a bit stuck in a rut with the new family.
Kind Regards,
AM
Hi YI,
I am a 30 y.old with a young family. Just want some advice as i am struggling to get started with investing as to be honest i work in the lending industry and my wife has been on maternity leave returning in the next few months. My situation is the following:
PPOR – EMV: $440K (Debt: $210K) in TRARALGON VIC (Owned by my wife and me)
IP – EMV: $300K (Debt: $145K) in TRARALGON VIC. (Owned by my wife and her brother) – Positive Geared with rent easily covering the mortgage repayments. Wifes brother wants to sell and we do not. Good investment returning well.My wifes grandmother is looking to move from PARKDALE VIC (in Melbourne) to the IP. We want the grandmother to payout the mortgage and retain in our names to avoid costs and retain the PARKDALE VIC property – EMV: $550K (No debt). Has development potential as a large block and we would like her to retain as we would like to potentially develop in the future..
Any suggestions would be appreciated.
Kind Regards
AM
Oh well. Your decision.
Not a fan as i would rather get a higher lend on Melton and even purchase another security with the funds i have left over. Good luck.
Maybe a lender can help instead of a bank.
Andy
Hi Michael,
Richard is right. The 1 brm unit should be over 50 sqm in size in order to obtain a 70% plus LVR. Anything from 40-50 sqm maybe 60-70% were you can get up to 95% on Melton property on a Full Doc loan. If the property is serviced or under a management agreement or high rise development also affect the 1 brm unit.
Ring a few lenders or involve a broker to assist further i suggest. But, my suggestion would be Melton.
Andy
6.6% in Traralgon VIC. Negotiated on the price though.
L.A
Happiness is made. Try making some.
Very touchy the mortgage insurers now days. The valuation may have read noise pollution and that is now a reason for them to decline. Is the loan a Low Doc or Full Doc? What LVR? My dealings with the mortgage insurers know days are nightmarish. The valuer should have really noted the report is known by two (2) addresses.
Let me know if i can help.
L.A
This is a common structure of ABC Pty Ltd ATF The ABC Family Trust with ABC Pty Ltd, Mr ABC and Mrs ABC as guarantor. A lot of people will set up a Special Purpose Vehicle (SPV) for the purpose of acquiring the property etc that may specifically deal with the property investments.
It is definately an option you could nut out with your Accountant. A lot of lenders have no issues, but some of the banks do, so do your homework. It is as Terry says you can use the income from the guarantor to service the debts. You can also use addbacks such as loan interest etc linked to the company if it has other property interests or you are consolidating debts from a business.
I hope this helps.
L.A
Nix340,
You will be hard pushed to get finance for a servicing guarantee as Terry says. I dont know of anyone nowadays that will do a income or servicing guarantee. You can use your partners parents property and as Terry says they will have to refinance any debt over to the lender if they have a debt associated with the property. This is known as a Pledged Asset Mortgage and you could obtain 100% of the purchase property.
Being O/O as well would be a lot easier and with the impairment on your name it really depends on the level of impairment associated with your individual credit file. If you had two years financials there are some lenders that will look up to 80%. But, in your instance a Lite Doc loan is probably the only option up to 75% due to the impairment. Depends on the level of impairment. There are lenders who will assist with defaults with a variety of rates.
The only issue is finding a lender who will offer you a good deal. Hope this helps.
Regards,
L.A
Lenders and Banks are a bit touchy when it comes to these securities. LVR's vary. No differences in relation to structure of the loan, however its your LVR that is reduced.
The ugly is it has a limited market at the Over 55's, so it is all dependent on researching the area to ensure there is a high demand. To be honest you dont want to be purchasing this style of property when the age demographic is a lot lower. If the property is part of a residential retirement village this is something the lender would not look at favourable, but if just referring to the zoning it may be different.
Its honestly research and research.
Andy
