I have found some properties that meet the criteria for positive gearing. Problem is we have a mortgage on our residential property and no accessible funds to meet stamp duty and mortgage insurance.
I have 2 questions:
1. Has anyone ever heard of getting a bank/financier to waive the mortgage insurance; and
2. Are there any financiers that will finance the purchase price + costs. From my research to date the rental repayments would cover the mortgage repayments even if 100% financed as well as rates.Any help would be greatly appreciated as I'm sick of seeing our potential to create wealth keep slipping through our fingers!
I think I will be able to help you. Please send me an e-mail to [email protected]
Equity Finance & Mortgage Pty Ltd
Mortgage AdvisorThere is one way to can do it. Find yourself a patner (i.e. your brother, family) and ask them to invest just like they invest in shares. For example 80% from you and 20% from your brother. It can be called Patnership.
Equity Mortgage & Finance Pty Ltd
Mob: 0413 594 675Failing that, there are second mortgages available from solicitors and people like that. They charge more interest, but they regularly do this sort of thing. The different interest rates will affect your cashflows so you will want to re-crunch the numbers.
They can provide the extra funds to get you over the line, and later on you can refinance to a standard loan if you wish.
We did this on a largish purchase several years ago for a B&B we wanted to start up. The loan was 60% I.O, 20% our own funds, and 20% from a solicitor I.O for 5 years. The bank wouldn't lend us more due to servicability issues (I was self employed at the time). We cashed out the solicitors after 3 years.
There is a lender who will lend you for the impaired credit but only 80% of the value of the house.
Yes there are 2 lenders that will offer 106% of the purchase price (Post code restricted) with no LMI.
They charge a risk fee out of the extra 6% which is equivalent to LMI but again it comes out of the loan proceeds.
Richard Taylor | Australia's leading private lender
Yes, there are lenders who are willing to lend you more than even 107%. If you like to know more pls e-mail me at [email protected] or contact me at 0413 594 675.
Cheers,
Equity Finance & Mortgages
Eric
Mortgage Advisor mob: 0413 594 675Agreed a 110% loan is readily availble but not at Professional interest rates.
Richard Taylor | Australia's leading private lender
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