All Topics / The Treasure Chest / Finance with no job…

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of NoCashNoCash
    Member
    @nocash
    Join Date: 2003
    Post Count: 0
    August 20, 2003 - 2:00 am

    Does anyone have an suggestions on where to get finance without a job? I have found an IP that I wish to purchase but can’t get any finance.

    Any suggestions would be greatly appricated.

    Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    August 20, 2003 - 3:21 am

    Try a mortgage broker… let them do all the dirty work…

    Also look at NO or LOW DOC loans….

    Pete

    …Beware of the dreamtakers…

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 20, 2003 - 5:33 am

    How much deposit have you got? and what LVR?

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831
    August 20, 2003 - 5:51 am

    Hi No Cash,

    I’m probably a bit conservative, but I wouldn’t get into IP if I didn’t have a job and was not self employed. I’d be too worried about a fallback position. What happens if this IP struggles to rent out? How do you meet the repayments? Probably need some more info from you on the stats of yourself and the property in question.

    Cheers
    r

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    August 20, 2003 - 8:57 am

    I agree with Richo.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of daicosmagic2daicosmagic2
    Member
    @daicosmagic2
    Join Date: 2003
    Post Count: 2
    August 20, 2003 - 9:06 am

    Hi No Cash,
    Email Me With your details at [email protected] I may be able to help you with finance.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 20, 2003 - 12:18 pm

    I didn’t read the name properly! No Cash = no loan.

    Unless you can borrow the (20-40%) deposit elsewhere.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502
    August 20, 2003 - 12:28 pm

    [:D] No Cash, No Job, but interested in IP WOW! let me know also if you find the solution![;)]

    Profile photo of junior2junior2
    Member
    @junior2
    Join Date: 2003
    Post Count: 50
    August 29, 2003 - 4:03 am

    No Cash,

    I bought my house in ararat (which is now for sale any takers?) in 2001 and was an apprentice still in my first three months probation but couldnt get a loan. When i lost my job and was on unemployment benifets i got the loan no probs through HOMEPATH ( I think the address is http://www.homepath.com.au ) because the dole gave me a steady income. that said the house with homebuyeras grant because i lived in it for a bit was only $24k. Your luck might vary depending on amount on loan and how long the loan is for.
    Hope this helps.

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