Hi there, I am new to this site. Have read Steve’s book, amongst others, have gone to some seminars too.
But there seems to be little information on how to get ahead without the permanent job (serviceability). I work casually, and my partner has gone from one job to another- and is currently looking for another job.
Has anyone gotten ahead in our situation, and where did you turn to? Do we look at no docs loans? We have no idea.
We have about $200,000 equity in our own home and savings of about $14,000 growing in a seperate account. We have no debts apart from the mortgage with about $200,000.
[
]Have you tried a good broker, there are a few that frequent this site, they should be able to get you a low doc loan or better if you have $200,000 equity in your home.
regards,
Gavin
Hi Carrington,
Welcome to the forum! As a broker I agree with Gavin, on the info given you will have lots of options for low doc and no doc loans to continue investing. The rates aren’t that high at around 6.8-7.5% and many of them reduce down to the basic variable rates around 6% after 2-3 years of good repayment history.
Drop me a line if you’d like any further assistance.
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Mel
[email protected]Thanks for your help Gavin and Melanie.
With these types of loans, do they all require 20% deposit or is it just Mortgage House?Hi Carrington,
If LVR is at 80% you may encounter mortgage insurance,
With a 20% deposit LMI should not be an issue,
Good luck.
Regards SteveMobile Mortgage
[email protected]
Phone 04024832166.57% would be about the lowest at the moment, however with this loan you must be for investment purposes, no cash out. On the positive has an off set account for your savings.
All Lo Doc loans max 80% LVR
No Doc’s 65% LVR
You should have no problems.
Hi Carrington, I’m no finacial wizard, but I was in a similiar situation a few years back. What I did and this will depend on your current mortgage rate, was refinaced at a cheaper rate and borrowed against the equity to the value of the current payments. My payments were still the same as before but this gave me extra cash to do a few things. This worked for me and maybe there are some brokers that can give you some advice along these lines. It may not be the best tax situation but it can give you extra cash to get the ball rolling.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Thank you everyone.
We are seeing a broker that has helped our friends (in a different situation, butstill very happy)tomorrow night.Should we need a second opinion- I wonder how many people on the forums are Sydney mortgage brokers?
[
]Not meaning to put you off tomorrow night’s meeting, but I would also be inclined to contact one of the brokers on the forum and get a second opinion. They seem to have a wealth of knowledge and are investors as well. We have used a couple of brokers in the past who were a bit like a couple of the bank managers we spoke to, they weren’t investors and just didn’t come across as being positive about our goals. Had we listened, we would not have settled on 8 properties in the last 15 months.
AnnaHi,
Good luck with your broker Carrington, as Anna says you should be able to tell pretty quickly whether they support your plans and can help you get there. The only Sydney broker I know on the forum is TerryW from Discover Home Loans – a long long time formite and investor.
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Mel
[email protected]Thanks again,
it is reassuring to know that there are “like minded” people here that could possibly help.
Well at least I hope I am thinking in the right direction.
It seems like a lo- doc is the direction we could be heading, as we have group certificates for the last financial year which I think is in a reasonable range.If I need to contact a member, eg. Terryw, how do I go about that? I am really new to this site and haven’t worked out anything past posting.
[
]Terry can be reached via email on [email protected]. He posts a fair bit especially in the property section.
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Mel
[email protected]Hi, Pretty new to this also but excuse my ignorance …. what is “lo doc & no doc loans???
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