- RoseMember@roseJoin Date: 2004Post Count: 27
I managed to bid for a home in Sunshine and I have 10% deposit but the bank is saying no because my Dog Grooming business is short of 5 months from 2years. I also have a full time job plus one home and another investment property so this would have been our second.
Can anyone please tell me where else I can go because I really want this unit – we even got tenants in so its already paying itself but the rent is going to the owner for now!
The price is 165k and I have exactly 16,500k deposit cash. The rental income is $170 now – the unit actually need lots of cleaning and fixing – the bathroom was a wreck so as is it was rented out at $170 and these people want to clean it up!
PLEASE HELP as I have until the 19 AUG to organise the finance.
RoseMobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913
You have the 10% deposit but what about the purchase costs, approx. 5% $8250
If you do not have 2 years financials then a Low Doc Loan may be an option,
I need more info to be able to suggest anything further,
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.DerekMember@derekJoin Date: 2004Post Count: 3,544
Suggest you contact (via PM) one of our resident brokers – (in no particular order) – stuart weymss, mobile mortgage, mortgagehunter or terryw – sorry to others who slipped under my radar.
Property Investment Support Available. Ongoing and never stopping. PM welcome.kay henryMember@kay-henryJoin Date: 2003Post Count: 2,737
I am wondering why, if you also have a full-time job, that the banks are being narky. Are you already very highly geared with your home and other IP?
kay henryRoseMember@roseJoin Date: 2004Post Count: 27
The purchase price is $165k – we have total 10% deposit of $16.500k in fact we can even go higher and make it $20,000.- but no more than this. The rental income from this property is $170 a week.
I tried CBA for the low doc loan – THEY STILL SAID NO! I even offered to pay more than 12% deposit but they are not even phoning me back to say anything – I have been on the phone for 2 days just to get an answer. It took them over a week to process my application.
RoseMonopolyMember@monopolyJoin Date: 2004Post Count: 1,612
I have replied to your PM; and supplied the info you requested. Let me know how you get on.
JoTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
You will need around 20% deposit plus costs for a low doc.
Because you are self employed as well as paye, most lenders will want to see you business financials – they are worried that you may be running the business as a loss.
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[email protected]gmh454Member@gmh454Join Date: 2003Post Count: 537Originally posted by Rose:
It took them over a week to process my application.
Its amazing how our expectations have changed.YorkerMember@yorkerJoin Date: 2004Post Count: 306
Try every financial intermediary you can find, one will surely say yes.BZPParticipant@bzpJoin Date: 2003Post Count: 7
My friend all I can say is never give up, Im a student on a scholarship and I wanted to purchase a rental with 10% but got knocked back by nearly every bank..All I can say is if you have a broker who knows what he/she’s doing your in with a grin.