We are fairly new to the investment scene and are really keen to get off the ground in a serious way. We have 2 homes, one investment valued $400k with a mortgage of $276 and our principal home valued $410 with a $350 mortgage on it.
Two questions we are wondering about is : how to finance further property purchases – where to find a mortgage broker who can source finance when conservative banks see us maxed.
And we are considering buying overseas and wonder how you arrange finance to do that?
Any advice appreciated.
ThanksHi Sara
We were also seen as “maxed out” by banks here in Oz.
Wanted to start investing in NZ so applied to ANZ in NZ and got knocked back. Also applied to Premier Mortgages over there but were also knocked back.
Then tried Mortgage Link in Taranaki. They got approval from ASB there for us to buy 2 properties and then only didn’t approve the third one as they don’t normally lend on properties under $80,000. However, Mortgage Link then found us approval with a home lender in NZ and we are currently about to settle on our third property.
We have used the redraw on our PPOR in Oz to pay the deposits and financed the balance in NZ as above.
So what I’m saying is, keep trying and don’t give up if knocked back.
Shar
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