Hey all,
I have an IP but want another off-the-plan IP that's due to complete mid-2011.
I don't want to invest 10% for deposit in cash as I have some short term plans for that money (reno, etc).
I wouldn't be able to afford the settlement price now but I could easily pay off a deposit loan amount (10%) or a premium cost for a bond. And nearly 3 years away settlement will not be an issue.
I don't have enough equity to obtain a deposit bond or bank guarantee as they both require servicability of the total end debt based on current income etc. even if I was to get a guarantor (this would only count towards the deposit amount)
Do I have any options left?
Are there strategies to crank up my equity worth?
I can see the risk from a banks pov but it's just frustrating.Cheers,
R.D.Hi There
Who did you apply to for your deposit bond? What are the figures you are working with?
If you want to let me know I will look into it for you.
Maggie Smith
Broker & new memberHi Maggie,
Thanks for your reply.
Can you please PM me your e-mail address and your details and I will contact you.
Cheers.Hi Vucko
Welcome to the forum and I hope you enjoy your time with us.
Even a Deposit Bond provider will require you to show satifactory serviceability as they wil be the ones fronting up with the deposit to the Vendor in the event that you are unable to obtain finance and eventually not settle on the property.
Either way there maybe a option or two so feel free to provide us with some additional information and we can comment on your options.
Richard Taylor | Australia's leading private lender
Richard, e-mail sent. Cheers!
vucko84 wrote:Hey all,I have an IP but want another off-the-plan IP that's due to complete mid-2011.
I don't want to invest 10% for deposit in cash as I have some short term plans for that money (reno, etc).
I wouldn't be able to afford the settlement price now but I could easily pay off a deposit loan amount (10%) or a premium cost for a bond. And nearly 3 years away settlement will not be an issue.
I don't have enough equity to obtain a deposit bond or bank guarantee as they both require servicability of the total end debt based on current income etc. even if I was to get a guarantor (this would only count towards the deposit amount)
Do I have any options left?
Are there strategies to crank up my equity worth?
I can see the risk from a banks pov but it's just frustrating.Cheers,
R.D.What makes you confident settlement in 3 years won't be a problem (assuming you could get finance now)?
My income should tripple by then if not more, I will be married so two incomes/security, and worst case scenario sell current property.
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