Hey ,
Thank you to all who are replying to my curly questions , much appreciated. Although we did find help locally, cheers.
Just to keep all of the true gurus on their toes I pose this (curly) Question … my partner has just stopped work due to lack of work (construction) and we have decided that he become a full time investor as this is where our passion lies; he spent the last 2 months finding our first asset , successfully under market value ! … but now he has the trouble of finding a lender who will accommondate his needs. We will be after a Low or No-doc loan of course and a flexible lender at a reasonable rate !.
He worked with one employer for the past 7 months full time and has been out of work for two months to date , previous to this employment he did two months bar tending when he arrived on the coast , previous to this he drove a truck for ten months in NSW , so having this work history lenders do not look kindly upon this and we have been getting knocked back regularly. He has genuine savings of $8K and would be purchasing his first home , looking at property around the $200K mark , so with saying all this ….. Do you know of any other similar situations ? and if so , where and how do we go about getting him a loan ? …… Curly I know but this is our reality !!!….Or would it be better to give up fhog and use investment loans ?????[blush2]You will have a hard time getting a loan. Low/No docs are generally around 80% LVR, but there are some that go to 95% with rates around 9% pa. However, for a $200,000 ppty, 5% would be $10,000 plus there are costs on top of this. Also these loans generally are only available to people who have been self employed for 2 years or more.
How much under value is the property?
Terryw
Discover Home Loans
Parramatta
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I know of a way it can be done. And with a funder who will ignore the work history as they don’t get too upset about these things.
It can be hard to pull a low-doc without 2years ABN, but isn’t necessarily impossible. There are a couple of lenders who will play the game on that side of things. Of course this lending is unregulated and therefore investment only.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
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Mob: 0404 056 055Hey great ,
You sound like the man with the answers . Could you possible send me this lenders information ? , or we could confer over the phone ? . Are you based in QLD ? … if so we could set up a meeting?, which would be more beneficial . Being my first property I am not concerned about using the fhog but would love to use other peoples money as much as possible so all loop holes would need to be brought to the table .
I check the mail every couple of days , but would love to be moving as quickly as possible on this .
All your help will be much appreciated , cheers.Nathan.
Thank you for your response , the townhouse is about 10K under market value …
Originally posted by Terryw:You will have a hard time getting a loan. Low/No docs are generally around 80% LVR, but there are some that go to 95% with rates around 9% pa. However, for a $200,000 ppty, 5% would be $10,000 plus there are costs on top of this. Also these loans generally are only available to people who have been self employed for 2 years or more.
How much under value is the property?
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.
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