Hi all!
Its been great reading everyones posts on this site!
As i am new to this site i probably sound alittle redundant! But here is my question anywayz………..
I work from home trading the stockmarkets fulltime and have monies held in a cash management account ready to begin purchasing +geared properties.
My question is that i know i will have difficulties in borrowing as i dont have a steady flow of income.
Can anyone suggest any institutions that might lend to others in my position as i understand that the Big4 wont have a bar of it!
Your feedback is much appreciated!
Regards JCarlos65!If your deposit is large enough then you may qualify for a LODOC loan or a NODOC loan where you wont need to substantiate income.
Many lenders offer these with all different requirements. Best to speak to a broker who specialises in this area to see what your profile fits.
All the best,
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.
If you have been doing this for longer than 2 years, then the bank will simply average your income (assuming you have lodged tax returns). You are just self employed just like a carpenter would be. However, If your income is fluctuating a great deal, they may only go on the lower figure. And it may be easier just to go ‘low doc’ as Simon suggested.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
To qualify for loans such as the ‘loDoc’ or ‘noDoc’, do they only need the average income and a substantial amount of deposit?
They dont need things such as proof of bill payments and stuff?
Sorry if I sound ignorant, i’m still learning.
Financially Independent = Gateway to FastTrack
Penguin
For low docs, they generally require 20% deposit and an income declaration. No checking is done to verify your income (usually). You still have to quote an income and if it is not high enough, then you will not pass (and you don’t get a second chance).
But they often require proof of your rental income, and copies of your credit card statements to verify the limits, copies of rates noticies to prove you own other proeprty (if applicable) etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Quote:Originally posted by MortgageHunter:If your deposit is large enough then you may qualify for a LODOC loan or a NODOC loan where you wont need to substantiate income.
Many lenders offer these with all different requirements. Best to speak to a broker who specialises in this area to see what your profile fits.
All the best,
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.
Could you please explain what a LODOC and a NODOC loans are please ?
Thanks Lynda and Mike
If you have an ABN for two years plus then you can self certify your income as being self employed. Generally the LVR is under 80%.
You can have a “no questions asked” NODOC loan if the LVR is 65% or less.
These are usually higher interest rates but some start as low as 6.85%.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
Hello J carlos,
I am not sure if anyone has come back to you yet in relation to your question however there are many companies out there that will lend to you underyour current conditions however you really need to be careful and I do not recommend it unless you have no other options.
There are many private lenders such as Liberty / Latrobe / Howard Corporation / Bluestone as they are all private lenders and do not have the same stigint criteria as the banks however they do have higher interest rates.
If i can help any more let me know…
Regards
Steve Murphy
Simply Finance
[email protected]Originally posted by jcarlos65:Hi all!
Its been great reading everyones posts on this site!
As i am new to this site i probably sound alittle redundant! But here is my question anywayz………..
I work from home trading the stockmarkets fulltime and have monies held in a cash management account ready to begin purchasing +geared properties.
My question is that i know i will have difficulties in borrowing as i dont have a steady flow of income.
Can anyone suggest any institutions that might lend to others in my position as i understand that the Big4 wont have a bar of it!
Your feedback is much appreciated!
Regards JCarlos65!Who needs a job? with lodoc’s and 20% deposit you can buy an investment property and as long as the rent covers the payments your laughing maybe you can teach me about the stock exchange get your selfan abn number if you are a proffessional punter so to speak you should have an abn
A few points to note:
Bluestone and Liberty are not private lenders, they are specialist lenders, but they source their funds from the wholesale capital markets (both here and offshore) not from private individuals.
As for only getting one go at submitting your income numbers…most brokers will tell you what income number to lodge to ensure you get the approval you want.
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