In a lot of American books I’ve read they talk about assumable mortages where you can basically take over a mortgage without any pre-qualification. Correct me if I’m wrong but any mortgage we take over here in aus we need to qualify for??
If possible would someone be able to contribute a case studie that involves a deal with, `NO MONEY DOWN’. Involving either a second mortgage or seller financing.
Hi insider
You’re right, assumable mortgages are an American strategy, not applicable in Australia.
If you look back through older posts you’ll find this subject has been discussed a number of times.Keep smiling
Felicity
Hi,
I know for certain that assumable mortgages exist in Alberta, Canada… although the standard way that real estate is transacted remains as it is here.
Still, for creative investors there is a great opportunity.
Take an assumable mortgage and apply it with the wrap technique and you have a very, very potent invetsing tool that provides for massive returns with low risk.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Westpac recently released an Australian assumable mortgage. Minimum lend $500,000, 70% LVR, secured by the property and income it generates (IE commercial). It is only a matter of time before other lenders do it and with more attractive terms.
It should be possible to transfer a mortgage – as in a case where we did a vendor finance via mortgage – if someone wants to buy the mortgage deal from us, it is simply a transfer, then the new mortgagor would receive the income not us. This is not what was being queried, but if you can find someone who is in trouble, their bank would probable like to talk turkey – it really is easier for them not to go to court.
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