I’ve just finished reading 130 properties… and I recently found a fabulous deal on a house but I don’t fit the banks criterior for a loan.
Facts
I have $6000 non geniune savings in the bank
I have offered (and been accepted) $95000 for a house in Kalgoorlie WA.
I have a tenant ready and waiting to pay $180 p/w.
I live in Sydney (so wont be occupying the property)
This is a pearler of a deal for me!
But I can’t get finance unless I find another 10,000 for my deposit.
What can I do?GKD
do you know anyone (family especially) who might help you out or go partners?
(by the way, $6000 non-genuine savings? please explain)
cheers
rHi kosmicgirl, dont let this one slip away. One option is to apply for a personal loan from another bank. $10,000 should not be too hard to obtain. It all depends on your financial position.Be carefull of the interest rate shop around as some loans can vary from 10% to 15%+.
Good Luck.[strum]
I re-read my original reply and wanted to add:
Can you give any more details as to your circumstances, re: earning, age, why you haven’t got any savings? What are the details of your number crunching that tell you this is a good deal? Did you go to Kalgoorlie and look at the place yourself?
I wouldn’t recommend jumping into property investing straight after reading a book if you haven’t managed to get the savings bit down pat first.
Also, if you miss this one, there’s bound to be another around the corner.
cheers
rHi kosmicgirl,
You will require a 10% deposit plus closing costs to qualify for 90/10 non genuine savings finance,
95%/97% finance is available with LMI, 3% to 5% in genuine savings is required for these products.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
[biggrin] Hi kosmicgirl Im in western Australia Perth
I have read 0-130 in 3.5 years and steves second book 1 million in 1 year [juggle]
I know it can be a juggling act to get the properties; I have 1 home and 1 positive cash flow property and im looking for more.
We have a lot of eastern states investors here at the moment looing for investment properties and opportunities you’re not the first.Buying site unseen can be a little risky specially
if you don’t know the area or the home, you may buy a lemon!<deleted the advert – Derek>
Take care
WayneOriginally posted by richmond:(by the way, $6000 non-genuine savings? please explain)
cheers
rGenuine savings means one should save deposit from his own salary in the past. this saving should not come as a gift, tax return etc. They just want to make sure that you can save money from your salary.
Cheers
PropertyGuRu [sultan]
Mortgage Consultant
[email protected]NZ loan pre approval from Australia in 48 hours
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