I would like to purchase again very soon and have been researching certain areas. Could anyone give me a tip on how I could finance another purchase in my current situation? Is a 90% lo doc too expensive or should I just wait for some more equity?
Income: self employed 1 year (lo doc?) approx $75K
Holdings: 190K unit with 128K debt 6.74%
310K house with 260K debt 6.74%
Thanks…
I suggest that yo usee a broker and find out if you can get a normal loan.
I have found people coming to me believing they need a LODOC often qualify for a better and cheaper loan.
Also if we use a lender that wants to win your business with very “supportive valuation policy” we might be able to get a much better LVR and save money on LMI. I guess all of us brokers have a lender like this up our sleeves.
A 90% LODOC is an expensive product and one I would rather not use if it can be avoided.
The market is not going anywhere fast so whilst this is not good news equity wise, it does allow you time to save a deposit or to negotiate hard on that bargain that is always popping up.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
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.
You could try this,
Put an offer in and ask that the vendor leave 15% in the deal (don’t go in low though ….otherwise it put the balance to far in your favour).
Once you get an offer that is accepted… approach a lender that accepts gifting and you have your deposit ready to go.
just an idea! see how you go.
Cheers
Kiwiand i beleive ATO is tracking down on low-doc applicants for more audits.
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