My hubby and I are desperately trying to get into the real estate investment market, I have always had the brain and nose for business but as we have only been in Australia 8 months, I cannot use my businesses’ tax return (wedding decorating) to get a loan, and my hubby, being casual cannot be given a loan either… our only option is a low doc, but we need 25% deposit which on a $260K house is a fortune… can anyone help us out? We cannot fint a “money” partner as most people either do not have that cash flow available or are sceptic about the whole idea… As we only have approximately $17K cashflow, should we be looking at buing our first investment property in a cheap area (I had deception bay in mind, or something in the country)? Any hints?
Thanks
Romina and LucaRomina and Luca (and bubba Nicolas)
Hi
Could your husband’s employer put him on full time for a few while the loan is being applied for?
There is one lender out there that will do a 90% low doc/full doc for self employed with only 12 months history. The rates are high though, but you could possibliy get (after waiting a few months) in and then refinance to another lender in 12 months time at a lower rate.
Terryw
Discover Home Loans
Mortgage Broker
[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
Slow down its not a race, there is plenty of time to get rich and happy, in your haste you may miss a bargin. You said you are only new to Aussie so why not do some home work like a proper business person as you are ????[buz2]
I was born in Australia and lived here until 2001, I then went to Italy for 2 1/2 years and moved back in January of this year. That is what I meant by saying that I only just moved to Australia. I have been going through properties pretty much daily on domain.com, realestate.com, contacting agents and searching through newspapers since probably March so I have been keeping track of prices and what the market is asking for certain types of properties… I have noticed which properties have been sold immediately and which ones have decreased even by $80K as they would not sell.. I noticed which areas are sought after and which are not considered.
As this would be our first buy, we are not familiar with lenders… can we really change lenders after a while?
Any other advice is greatly appreciated….
Romina [email protected]Thanks!!![blush2]
Romina and Luca (and bubba Nicolas)
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