Currently I have a home loan, an investment property and am wanting information regarding whether I can use my 160000 equity in both homes to purchase another property while unemployed. I also have a ten thousand dollar deposit and was wondering if anyone has any tips on which brokers or banks that would provide such a loan given my extremely good track record with payments etc etc
Thanks Cameron
Hi Cameron,
You may qualify if you can service the loan with current and proposed future rental income along with unemployment benefits,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Consider a NODOC loan at 65% LVR. You can refinance this when you have an income again.
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.
Can I ask a personal question? Why would you be wanting to commit again to a 25 year mortgage in your current situation? (this sounds a bit rude but it is not meant to!)
Wouldnt centrelink take assets into consideration?
Thanks for the replies
Ill do a search and find out what a NODOC loan is and if it can be taken independantly of my other two houses as they are currently at a fixed rate which is beneficial to me
Cam
Yes centrelink would take my assets into consideration and it would work negatively for me..henceforth the need to make it a positive cashflow rental situation
I find property management, maintenance and renting fascinating and ideally would like to expand my portfolio beyond the meagre as it currently stands
I manage extremely well…[
]You can get loans wihtout working, but interest rates are higher and LVRs lower, but you could go up to 80% LVR using 1st and 2nd mortgages.
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
Hi.
I too am unemployed am about to start investing with my mum. My wife is working full time and we are renting. My mum owns 100% of her house and is working full time. We have a line of credit attatched to her house. Should we be using that as a deposit for our first property or is there another way to access the equity without having to pay interest on it??? Or should we be saving cash instead?Help?!?!
you’ll be paying for it either way.
eg you use mum’s house as additional security to the new IP and borrow 100% of the new IP.
or
You take 20% from the LOC and then get an 80% loan, you loan on the IP would be smaller, but you would also be paying interest on the 20% deposit from the LOC. So all up you have still borrowed 100% of the IP.
Personally I beleive the second method is more flexible as it leaves the securities as un-crossed.
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
Ive been doing searches for the following terms but as yet have not found them explained..can anyone help?
IP
LOC
LVRIP= Investment Property
LOC= Line Of Credit
LVR= Loan to value ratio
regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Ah I should have known!
Thanks and it all makes sense now…!
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