- emmajane06Member@emmajane06Join Date: 2007Post Count: 38
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.
EmmaletParticipant@letJoin Date: 2007Post 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.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
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.kaushal1Member@kaushal1Join Date: 2007Post 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.Richard TaylorParticipant@qlds007Join Date: 2003Post 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.