I own about 75% of my own property and would like to buy an investment property. I have a house in mind and have a very good tentant to move in. My problem is that I am on a low income and cant go back to work for about another 2years.How do i go about to get finance?
Sounds to me like you need a partnership arrangement. You have the equity which can be used as a deposit and there are hundreds of people out there who have good income to make repayments but don’t have a deposit. I think you could find a few on this site, the trick is to get their attention in the subject part of the post, and somwhow show whats in it for them. i.e. “Deposit available, partner needed to make repayments on ip” something like that. Good luck.
I have only two words for you.
EQUITY MATE!! – said with appropriate accent.
(thanks to CBA)Equity loan is OK if you have the income to service it.
Tara,
You need to speak to your broker and have him run some figures using your income and your expected rent to see what can be achieved.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Tara,
Be carefull of partnership arrangements. It is better to partner with someone you trust(good friend). Legally you are tied to this person and your personal assets are unprotected.
It would be better for you to have some structure in place before entering into any agreements. Best to see your accountant and/or solicitor.
Good luck.
Milkman
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