Brahms

This happens a lot, not usually bankrupts, but defaults etc. So you have now wasted a lot of time on this persons application. A way around it is getting direct access to Baycorp and do a credit check yourself before doing any work on the file.

Terryw
Discover Home Loans
North Sydney
[email protected]

Marisa

All the major banks will want you to demonstrate you can service the loans.

Terryw
Discover Home Loans
North Sydney
[email protected]

I have bought about 4 ex housing commission houses and done well.

One of my friends bought one in Sydney and sold 18 months later for $150,000 and her sister also did similar.

In NSW, it appears the housing commission houses are slowly being sold off. I assume they are trying to spread the tenants out over many areas rather than concentrating them. If this is the house, areas currently with the stigma of being housing commission areas will gradually change, and there could be some good growth in years to come.

Terryw
Discover Home Loans
North Sydney
[email protected]

Rob

I meant private lenders who do not look at serviceability or do not even do a craa check. Standard low docs – ANZ and Macquarie are certainly available at the rates you mentioned and should be used, where possible, before trying private lenders.

Terryw
Discover Home Loans
North Sydney
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Mark

your average lender, does not like to lend based on rental income alone. They would say you are too rental reliant-ie what happens if your tenant moves out! (I know, the answer is “I’ll just get a new one”!).

Ways around this are using low doc loans or no doc asset lend type loans.

There are lenders out there that do not take serviceability into account. So if you have the deposits, then you can usually get the loan. rates are 8% + tho.

BTW, why do you want to change strategies now. You appear to be doing well as it is.

Terryw
Discover Home Loans
North Sydney
[email protected]

I don’t do many 100% loans, but what about Pepper Home Loans. they do 100% – without genuine savings (I think).

And then there is The Home Loan Company which is advertising a bit too.

both of the above are mortgage insured.

Terryw
Discover Home Loans
North Sydney
[email protected]

Using equity will certainly speed things up. But it really is a personal decision.

BTW, you can get 95% loans in country areas for properties up to $150,000 with most banks.

Terryw
Discover Home Loans
North Sydney
[email protected]

Bec

This is a tricky one. i would say you could claim it as you have demonstatible equitible interest in the property by holding the option. probably just as business expenses??

Terryw
Discover Home Loans
North Sydney
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Sam

Have a look in the paper at all the ads in the finance section.

Some people require money very quickly for short periods. eg they may have sold one house, but have to settle on a new house before the old one settles.

These loans are securred by a caveat on the client’s properties. It is very risky, so the charges are high – 6 to 10% per month in interest.

You will need to find customers – ie approach mortgage borkers and/or put ads in the paper. And you will need a solicitor who can draw up relevant documents.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi Banderos

With option one, you would have to apply for an increase in this loan. Getting a separte split with a redraw facility wouldn’t be a bad idea.

You could use your existing security to cover the deposit and the purchase costs, but this would be cross collateralising and make it messy for future purchases.

Terryw
Discover Home Loans
North Sydney
[email protected]