Gday, I am putting an offer on a house in Melb. Nth Subs in the low $200’s
I am self employed, (have ABN) but figures arent great.
I dont have property or Equity, I intend to live in this house.
I believe I am eligible for 1st home loan scheme, plus I can put in about $10k.
If offer accepted I think it will be about $15k ($10 conservatively) under its value, and about $30-$40k under median value for suburb.
It is also on a corner block that will take 2 t/houses (STCA) for possible future development.
The place needs a good clean up and some work (say $15k) and then (if I get it) I will have revalued (after fix up) and hopefully have enough equity to go again.Any advice appreciated thanks
Hi Baz
Depends on the way you want to go.
Lodoc upto 95% is available although the interest rates are slighly higher than normal. Lodoc 90% can be done at the same interest rate as the standard variable rate is you can pay the LMI.
Depending on actual loan amount you might need to be GST registered.
On a $200K purchase price you would need $20K plus costs for a 90% LVR or a little less at 95% LVR.
Let me know if you need further information.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Baz
Check out
http://www.pepperhomeloans.com.au/borrower_overview.asp
near prime lvr to 95%
A problem you are going to have is you want an owner occupied no doc loan and a majority of lenders will not lend no doc to owner occupied.
check out also
http://www.bluestonemortgages.com.au/page.aspx?id=327
http://www.liberty.com.au/home_loans.aspBrett Duxbury
Duckster Financial Services
Mortgage Broker
http://www.ducksterfinancial.comComments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi BazH . As already mentioned you will find it a bit tight going unless you use one of the higher ‘lo doc’ loans, with a higher LVR. I tell you what though, they don’t miss you with stamp duty ‘down there’ in mexico eh? As a first homeowner you are entitled to $10,000, which steps down to $7000 at the end of June this year, so that may be worth bearing in mind. But it seems down your way, first homeowners pay more stamp duty for some reason, so that kinda ‘counteracts’ the extra $3k on the grant. This and more will go in your mortgage insurance and stamp duty, so really you are going to need probably around double the amount you have to get into a home I think. Still, there are always ways and means if you think it is a great deal. All the best baz. [strum]
There is a borrower you will lend you up to 95% of LVR.
Call me on 0413 594 675 for a free consultation.
Equity Finance & Mortgages
Mortgage Advisor mob: 0413 594 675Did we say that in a previous response.
There is a borrower you will lend you up to 95% of LVR.
Richard Taylor | Australia's leading private lender
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