Hi Guys,
I'm doing a deal in suburban Melbourne, but have come up against a major issue. I am buying it together with my brother who lives and works in Dubai. He is an Ozzy resident, but earns all his money offshore. So, we ARE able to use his income of course, but every bank we have tried so far, will only lend 80%LVR if one of the parties lives and works offshore. Homeside was going to do 95%, but right at the last minute returned the same reason.
Please help, has anyone got any ideas, lenders who might look at this. Serviceability is great, but the 80% cap is getting me.
Thoughts
Mike
st george will do it
Yes, St george may even do 100%. They have their own mortgage insurers and can do things other banks cannot.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Anz will do 95% as long as he is a Aussie Citizen and capitalise the LMI.
Have done dozens of them for clents living all over the world.
Richard Taylor | Australia's leading private lender
Are any of these great options affected by the fact it is a construction loan, i.e. I am building from scratch?
Thanks heaps for the advice so far
Regards
Mike
No Mike Anz will do a construction loan.
Feel free to email me if you want any more information.
Richard Taylor | Australia's leading private lender
NAB will lend 95% to aust citizens as well.
Hi Stu
Dont want to disagree with you but i spoke to NAB Qld State office on a deal like that during the week and they told me Gemworth would not do any expat deals so they would not go past 80% these days
Richard Taylor | Australia's leading private lender
Qlds007 wrote:i spoke to NAB Qld State office on a deal like that during the week and they told me Gemworth would not do any expat dealsI believe NAB use PMI now instead, swapping from Genworth earlier on in the year.
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