My husband and I are currently unemployed and are wanting to purchase a CF+ investment property using the equity in our home.
I would like know if a mortgage lender grant us a loan for the CF+ investment property if we don't have any income. Our existing equity will more than cover the costs of the investment property.
Thanks!
Hi Veronique
Yes there are lenders that will however just bear in mind that what is cash flow positive may only cover the interest and not the other expenses such as Rates, Insurance, maintainance.
Also what happens if the property becomes vacant.
You would certainly want to have some form of cash or equity buffer built in.
Rates of interest also would be fairly ugly so if if you were self employed and had your ABN for 1 day the rates and terms would be some much more favourable.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Hi Veronique
Also what happens if the property becomes vacant.
Good point Richard, thanks for pointing out the obvious!
You mention that the rates and terms would be more favourable if I was self-employed. I currently have a very small business, so are you saying that applying for a loan with an ABN (any ABN, ie related to property) I could get a better rate?
Veroniqui
Oh yes indeed.
Richard Taylor | Australia's leading private lender
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