IP with no deposit and no equity, possible?

Viewing 3 posts - 1 through 3 (of 3 total)

ginag
Member
@ginag
Join Date: 2007
Post Count: 5
January 11, 2007 - 10:56 am
Hello all investors. I’m new to the investing game. I don’t own my own home or saved anough enough for a deposit. I prefer to keep renting but would like to purchase an IP. I have no equity and haven’t saved enough for a deposit. Has anybody had any experience this way> Thanks guys
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 11, 2007 - 11:11 am
You can get 100% loans for investment properties too.
Another option is to buy an owner occupied, move in (and maybe claim the grant) and then move out and rent it. This can mean you may be able to avoid CGT as well as claiming deductions.
Terryw
Discover Home Loans
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neilandkategorman
Member
@neilandkategorman
Join Date: 2006
Post Count: 18
January 11, 2007 - 11:51 am
Be aware though, that though you can get 100% loans for investment properties as Terry says, whether you get an 100% loan for an investment property or owner occupier, you still need enough $$$ to pay for:
Property Stamp Duty
Possibly Loan Stamp Duty
Lender’s Mortgage Insurance
Lender’s Application Fees
and your own legal fees.
It might be an idea to speak to a lender or broker to get an idea of what these would be given the value of the property that you might be looking to buy. I’m sure Terry or I could calculate those for you.
Good luck
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Neil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
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