Who would Lend?

Viewing 6 posts - 1 through 6 (of 6 total)

mother
Member
@mother
Join Date: 2003
Post Count: 12
July 10, 2003 - 7:01 am
Hello everyone I found your website today and I think it is Fantastic.
My husband and I bought a little gem 2 years ago for $65,ooo, Loan $57,000.
Have just had a price idea from a real estate agent (dodgy I know) at $165,000.
We would desperately love to invest but my husband is out of work at the moment.
Does any body have any ideas who would lend to us for an IP.
DaveC
Member
@davec
Join Date: 2003
Post Count: 79
July 10, 2003 - 7:53 am
Hi mother
Give Deborah Salter a call. She’s an excellent mortgage broker here in Brisbane.
email: [email protected]
or call her direct on 0411 166667
or 07 3351 6057
Hope she can help you out some more……..
Take care
Dave []
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
July 10, 2003 - 8:09 am
Call Homeloans Ltd – they should be able to help you out. http://www.homeloans.com.au/
However, if you are not earning any income then please consider the risks with increasing your borrowings. What happens if interest rates increase? What happens if you have a vacancy? Just be aware so you are making an educated decision. My advice would be: 1. get a job 2. start investing (not the other way around).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
davidfemia
Member
@davidfemia
Join Date: 2003
Post Count: 89
July 10, 2003 - 8:30 am
Good Advice Stu
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.au
mother
Member
@mother
Join Date: 2003
Post Count: 12
July 10, 2003 - 9:35 am
Thank You very much for your help.
Yes we are going to be very careful about what we do, we dont want to purchase a property to turn around and lose it a short while later.[!]
Have you ever had one of those gut feelings that told you that this was the right time to do something, and that if you sat on your but and did nothing that you would lose the oppertunity of a lifetime.
Does any body know much about Line of Credit loans and what the pitfalls are? They look very inticing, but are they really that good?
Cheers Lee-Ann
hilary
Member
@hilary
Join Date: 2002
Post Count: 146
July 11, 2003 - 9:31 am
Hello mother.
Try to get a loan with a full redraw facility – this will allow you some leeway if anything does go wrong. Refinance your gem to draw up to 80% on a no doc loan, then use some to buy 1 or more properties.
JUST MAKE SURE that you leave something in kitty for the hard times.
And go for it!![]