hey guys,
SCENARIO
Who: Partner & Myself
Age: 20 Yrs
Property: 1x 2BR House Frankston (Worth: $300,000 – Loan: $250,000) (costing $125 pw between us as tennanted)
Savings: $15,000
Car Worth: $32,000 combined (no loans)
Living: Both live at home with Parents (no board etc)
Expenses: Petrol / Phone Bills / $125 pw shortfallWANT
Purchase a $300,000 unit in Bayside Melbourne (Edithvale) or Northwest (Fawkner) and borrow 95% (+ LMI = 97%)
so pretty much borrow nearly 100%.Can this be done, if so who do i see?
Subject to a little bit more soft data in regards to income / expenditure the deal should be able to be done.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I assume you are in QLD Rich? Anyone in Vic you know of that is able to push something like this through?
Yes in Brisbane.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
QLDS007, does it matter that i do not wish to use equity in my previous property for the new one?
And can you recommend anyone in Melbourne?
Cheers
You'll need more than $15k to get the deal done – the lender will want to see that you've got funds for completion costs as well (stamp duty, legals, etc).
Which lender is your other IP with?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie, but my previous property i only had $15k and purchased a house worth 263k and the loan is structured so that it pays P&I, eg: not an investment loan, rather a mortgage for a house i would live in.
QLDS007, can you help me from Brisbane, love to know what my borrowing capacity would be…
Cheers!
Did you claim any first home buyer concessions for that house?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jvd
Rather than post your income details on the forum feel free to email me some details and i can crunch some numbers for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You will need to show the 5% genuine savings for a few lenders- looks like you have that which is a great acheivment. LMI can still be cap with the right lender (you may need to look around but this is possible). The issue will be your stamps and misc costs. You are going to be looking around 14K for misc (govt costs) – you will need to have this in additional to what you have. Gov't fees are a imovable rock – if your property has gone up already you may want to consider this as a option to raise the extra funds – can still keep it seperate but need to check a few things.
Qualfication will need more information – but remember most LMI providers will require a nominal amount for rent/board even if you are not paying it.
Paul Collins
Oriel Finance / AU.Thanks for the input guys, much appreciated!
Jamie: i did claim the FHOG.
QLDS007, ill email yourself within the coming week..What kind of details would you want to see?
and Oriel, i really dont want to use any equity from the existing property.
Qlds007?
If you take your 300k to 90% this equals 270k which nets a little cash to pay stamps etc. You already have your 5%.
It will come down to income.
or does anyone know where i could get $30,000? i dont mind paying 10%,
i just need it asap.
In essence what we would need to start with would be income / expenditure & assets / liabilities.
This gives a good indication of your general position.
A further needs analysis could then be looked after we could establish a basic borrowing capacity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard,
Ill aim to email you in the next couple of days and we can discuss it from there.
Cheers,
John
Hi John
Need to email it to me as i am in the Uk for Xmas and i can come back to you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie M wrote:You'll need more than $15k to get the deal done – the lender will want to see that you've got funds for completion costs as well (stamp duty, legals, etc).
Which der is your other IP with?
I could not agree with you more. More $15k to make a deal.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
