Silly question I guess.
No job – no income
X amount of dollars in the bank
proven track record with bank on past 4 mortgages, current mortgage with same bank.Would it still be possible to get finance for IP’s??
Thanks
Depending on your LVR a lot of the lenders we deal with still offer honeymoon type products so the 1st year has a reduced interest rate around 5.25%. If you need any more information please feel free to email me at [email protected]
Regards
GolferLow Documnet loan would be the best way to go for now as you do not have a job. But if you plan to get a job in the short term then be careful locking into a product like this. Some have substantial penalties for refinancing.
If you are going to get a job in the short term banks will look at the following points.
How long have you been unemployed
What was your previuos employment.
What are the conditions of your current employment?The reason for this is that the bank will usually like to see at least 3 months in a job where you have not changed vocation. If you change vocation they may ask for 12 months worth of time in the job.
So if you get a job soon in the same feild you worked previuosly then you may only have to wait 3 months to get your finance approved.
I usually suggest that onec you get a job you go for pre-approval and they will put a condition on the loan that you have worked in the job for 3 months. Then you can potentailly buy – subject to finance – and do it all in about 4 months.
My thoughts
Petters
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