Hi Everyone
I've hit a wall on finance I've found a property for 585,000 that rents for 1250 a week problem is I have no job but I have $700 000 equity, $10 000 in the bank and all my properties pay for them self plus about $300 extra a week.My aunty said she'll come in halfs and show the banks that there is an income from her wage for 50/50 on the deal is there any other way to get finance.
Thanks Rob
Hi Rob,
You don't need a job to get a loan if you have equity and are willing to use it.
If you have a clear credit record, you can borrow up to 70% of value at normal bank rates on a No Doc loan. The rent will pay the loan or loans.
If you have a lousy credit record you will pay higher interest rates and fees.
Ring a mortgage broker in your area or give me a call.Hi Philihp
My bank told me that they won't lend to me cause i have to much property for my age and i'm to rent dependent when I get all the contracts signed i'll give you a call.
Thanks Rob
That's a good one; "too much property for your age".
I wonder whether they say that to "The Donald"?
Pro investor. I like the too rent dependent statement because if the bank employee is downsized at any time in the future they lose all their income in one hit
.,It is less risky to be rent dependent than wage dependent nowadays.Nodoc loans are actually available to 80% without any evidence of income.
Richard Taylor | Australia's leading private lender
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