All Topics / Finance / 100% lnvestment Loans

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  • Profile photo of emmajane06emmajane06
    Member
    @emmajane06
    Join Date: 2007
    Post Count: 38

    Hi all,

    Just wondering if anyone knows if it is possible to get a 100% investment loan?
    I have just had a purchase fall over and I was intending on moving into that to get the FHOG to help with my costs but now its no go.
    So I have to get back on the bike and get moving. Have about 5k saved and have been pre-approved for 210k with RAMS.I don't own my place, I rent.
    My boyfriend is applying for permanent residency in Australia and can't get a mortgage until then but then our borrowing capacity will at least double as he earns a lot more than me and odesn't have any debt.
    I am starting to think I should just save for another year and then try again.

    Any advice?

    Emma

    Profile photo of letlet
    Participant
    @let
    Join Date: 2007
    Post Count: 10

    Hi emma, why dont you keep looking for a ppor, if you are pre appoved you will still get the FHOG. With 100% fiance on an ip you will miss out on FHOG, thats in VIC. The gossip here is that the FHOG will be increasing??? do some more home work and ask your lender about your finance options. good luck.

    let.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Let

    That is not quiet correct.

    With 100% finance on an ip you will miss out on FHOG, thats in VIC.

    The First Home Owners Grant is a Federal Government innovation which is ran and admistered by the Individual States and Territories.

    Purchasing an investment property first will not disqualify your application to qualify for the FHOG in any State.
    Certainly Stamp Duty concessions maybe effected.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of kaushal1kaushal1
    Member
    @kaushal1
    Join Date: 2007
    Post Count: 4

    The facility of 100% investment loan is available in the market but it requires high vredit score anf in some cases income verification is also done.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    100% investment loans are readily available.

    There is no credit scoring at all in Australia although a clear Veda Advantage report will be required.

    In all cases income verification is required.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

Viewing 5 posts - 1 through 5 (of 5 total)

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