Hi,
I am recently married and I have a PPOR in my name, and also a block of land, which is for sale as we are no longer moving to that area.
My husband is a discharged banrupt, 18 mths out due to personal issues years ago.
We have been saving for a deposit for an IP. Can anyone shed any light on the best way for us to gain finance for this together? We are looking at starting small, to get hubby's credit rating back up. We are also considering starting a trust with myself as the trustee, as we believe this may help with the finance, but are unclear on this…
I earn $62000 pa, hubby earns $80000 pa.
Thanks!
Hi Forrest,
If you have equity in anything that you own you should be able to borrow for an investment property,
We went through a broker and my husband earns under $45 K pa , we borrowed money for house and land in a mining town that has positive rental returns and that always helps when applying for loans etc, You could even try Australian lending Centre and explain the situation.
I wish you all the bestHate to say if your husband is 18 months out of bankrupcy your choice of lenders will be fairly limited.
Using a Trust structure will not you around any potential serviceability issues.
Without knowing the actual numbers it is difficult to comment but i think you will find that your husbands income is required depending on your eixting liabilities.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I suggest you speak to a professional. Your circumstance is more suited for the help of a mortgage broker or accountant.
You are in a great position with your income and hopefully a bit if equity in your home/land. Unfortunate that you have that bankruptcy problem to deal with.
Ryan McLean | On Property
http://onproperty.com.au
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