hello to all,
i am a green investor who just wants to make a start in property, my savings is taking to long so i am looking into vendor finance for the deposit. i want to invest in brisbane for the simple fact that i believe it has still got some growth in the short term. i will be looking at houses between $300k to $350k ready to rent no work needed.
for i live 1000kms away from there i will not be able to do any minor reno's myself.for any one out there that has done these before, will i be asking to much if i ask for 15% loan over 3 years on 9% interest with a $200/wk payment plan and the rest paid off at the end of the 3 years or asap depending on CG.
i still have a bit of work to do before i will be ready to purchase, but would like to be ready for when the right property comes along. it is hard being so new at this and to try and buy a property in a different town because you can not just jump in your car and drive there on your spare day off, and because i'm asking for the vendor to finance my negoitating tools for a good price are takin away.
but as the saying goes, how will you know what is possible if you don't ask.
whats the worst they can say!! no!any help will be greatly accepted
Why would you not merely go for 95% / 5 % split with 95% from a traditional lender at a competitive rate and t5% through lodoc personal loans or vendor terms ?
Richard Taylor | Australia's leading private lender
hi there,
i am trying to keep me LVR down as low as possible (hoping to find a property that is neutral geared) and i only have $10k in savings. but now that you mention it i proberly could use that way, can you send me some info on lowdoc nodoc loans for i have never used them.
just send me a PM for my personal e-mail
thank you
JasonThey are done on a case by case basis and therefore dont have anything to send you.
Simply operate like a standard secured personal loan although offered by a private investor hence the higher interest rate being charged. In saying this it is only charged on a small percentage of the overall purchase price unlike a standard wrap where you will be charged on the purchse price + a percentage of the mark up.
If you are looking to buy an IP in Qld you will need more than $10k to cover the stamp duty x 2, registration costs etc etc.
Richard Taylor | Australia's leading private lender
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