Can anyone let me know the lineant banks for Property Investment purpose (95% with tight servicability). Also let me know a contact point who are extrodinary in getting approval (there are quite a few people who will put their hand first but please dont waste both of our times)
At 95% there are no lenient lenders or mortgage insurers trust me.
With most it will depend on your credit score as to whether you qualify and this can be determined by a number of factors.
If the property is investment and you want an IO loan there are other factors to consider.
With any hard data it is impossible to assess further.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
py wrote:Can anyone let me know the lineant banks for Property Investment purpose (95% with tight servicability). Also let me know a contact point who are extrodinary in getting approval (there are quite a few people who will put their hand first but please dont waste both of our times)
Contact any decent broker and provide them the info on your situation. If it can't be done – they'll tell you. I know I wouldn't waste time on a deal that's not going to be approved.
Cheers
Jamie
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 Richard. My salary is $142K per year and married with 2 kids. Currenly I own a house which is my principal place of residence and the loan amountis $478K (95% of value). I have just sold one of my investment property and will have 50K and anoter 50K which I refinanced my PPOR. So intotal I will have 100K. I want to buy two properties using 75K and rest 25K will be my saving for emergencies since I have two kids. I have gone into contract for a property in Emerald (400k with $600 per week rent till Dec) for which I am seeking 95%. I have a credit card with 35 K limit and I owe 10K. In addition to Emerald property I want to buy a property in Gladstone for $550K rent expected is $750 per week.
Please let me know if you could help me. Can call you any time.
When you say you've gone into "contract" have you made it subject to finance or have you actually exchanged with the vendor? With $75k, you're not going to be able to purchase a $400k property in Emerald and a $550k property in Gladstone.
Which lender is your PPOR with? Because if you do end up purchasing these two properties in quick succession, you might want to diversify with LMI.
Cheers
Jamie
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]
Currently with ANZ. And yes looking for 95% for both.
Contract is Subjest to finance.
Cheers
Jamie is right.
Emerald and Gladstones are two of the fav hot spots for positive geared investors! but it comes with it;s associated problems
1. Not easy to get 95% funding for these areas especially with tight serviceability
2. Valuation is alwasy a hassle and takes a while to come back for both these ares + seems to fall short 75% of the time due to the fact the property price are driven by the rental yield and stability of these rent.Hopefully you haven’t signed the contract yet..
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
py wrote:Currently with ANZ. And yes looking for 95% for both.Contract is Subjest to finance.
Cheers
I'd give up on the second property and focus on getting the deal done with the first one.
Cheers
Jamie
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]
Richard will be able to point you in the right direction.
But as Jamie mentioned, don’t over stretch yourself ….
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I have done my due-deligence with respect to my serviceability (I am a familman with 2 kids as well, so I had tpo). I have done my research from top to bottom and I am sure that these both propertie values are going to increase by atleast 10% in next year or so. Hence do not want to lose 100K
I am sure there is a way out.Py your calculations on serviceability and the mortgage insurers are two different matters.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Also consider tax deductibility.
If you have cash available from a sale you would ideally want to put that off the home loan to reduce the non deductible interest and then borrow it again to increase deductions. Being such a high LVR will complicate things, but you could use redraw as a last resort.
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
A 95% lend, especially for an investment property, is so difficult these days unless you have $$$$$$ of serviceability.
I am sure there is a way out.
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