ANZ will only refinance up to 95% where the new loan does not exceed the old loan.

I think Royal Guardian does, or did, 95% refinances.

And then there is Libert or Bluestone which will refinance to 95% to help clients payout credit card debts etc.

BTW, I had a call from a broker friend the other day. He had a client getting a 95% loan, settling the next week, and he wanted me to lend them the deposit!!

Terryw
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The cheapest loan is not always best!

Terryw
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Working will help you get finance and to save for more deposits. You can’t expect to retire in a year or so, but if could be possible within a few years. Then you could ease off the job and spend your time finding properties.

Terryw
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Excel the XP version has a loan amortisation spreadsheet included for free. Just set up two of these, one for your loan to the bank and one for the ‘tenant’s’ loan to you. Then at any given time you can see their payout figure and your payout figure and hence, you will know how much cash you will receive on cashout.

If you haven’t got these calcuator in your excel, email me and i can send you a copy.

Terryw
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I personally would not invest in Tasmania. As Steve showed in his MAsterclass, the market (actually Hobart in his example) was flat for along time, then investors discovered the place, it took off, but local incomes etc have not kept pace and rental yields have dropped. There could be another long period of low growth. There is not real point in investing if there will be np growth.

However, if this is your first property and you have limited funds, then a $50,000 property down there maybe a foot in the door.

Terryw
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Making an offer would take about as much time as writing this post. What have you got to lose? – a few thousand dollars if you don’t.

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There is no correct asnswer.

Why no lok for one that provides both cashflow and capital gains. they do exist!

But if you are unemployed, getting finance will be the biggest hurdle you have to get over.

There are No Doc loans which you could use, but often regional areas are not acceptable locations for these. There are also minimum loan sizes, so with a small deposit like that will make it hard.

Terryw
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Trusts are not legal entities, so they cannot purchase. It would be the trustee that signs the contract. If an a company is trustee, the director would be signing for the company.

I suppose if the original person is a trustte, or director, then it was the agent that introduced them, so the agent could claim for commission. Read the contract you signed as some may even allow a commission after 3 months if it was a client they the agency introduced.

Terryw
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There may or may not be a general property slump at the moment, But i have had a few recent clients that have purchased way under value. One client paid $400,000 for a place that valued at $750,000. So it doesn’t really mater what the people say about prices and the market, bargins are still out there.

Terryw
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Spouses can generally be added to the loan even though they are not on title. In such cases, their incomes and liabilites will be taken into account.

Generally this cannot be done with third parties, including parents.

If you can’t borrow because of the personal loan, maybe your dad can assist you in paying out this loan or adding to your deposit so you need a smaller loan. He could secure a LOC against his own property if he hasn’t the cash.

Terryw
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