Just after the thoughts of the finance guys before I sit down with my broker. What I'm after is a 90% lend for a vacant block of land in Townsville QLD, purchase price 100k. The deposit will not be considered genuine savings. My situation is this- 26 yo, income 150k, good credit history, current assets 2 IP purchased in last 2 years @ 95% lvr total owing 375 k total income $500/week no useable equity, 10k savings (considered non genuine).
Im pretty sure I can get this over the line, my only concern is non genuine savings on a 90% lend, what do you guys think? Different policies for different lenders?
Definitely speak to your broker – there are a few lenders that will lend 90%. The only thing is that you actually need a bit more than 10% to cover the stamp duty and other costs such as legals, etc. Have you factored this in?
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Hi Shahin,
I am in a similar situation – which lender would assist?
There are a few lenders – I use predominately use NAB for these types of scenarios or Bankwest. However be mindful that lenders look at many other things such as the location of the security. Townsville is fine though in terms of security location.
TheFinanceShop | Elite Property Finance
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Yes I can scratch together 15% for deposit and purchase costs but it won't be genuine savings?
Yes it doesn't need to be genuine but you do need that amount funds to complete the purchase.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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As Shahin has mentioned there are a couple of lenders that allow 90% lvr without genuine savings and a couple more that will go to 95% (albeit the LMI and interest rate are a bit higher).
No need to be paying anything more for a 90% lvr even on vacant land.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks guys
This looks pretty straight forward, I often take deals like this to Suncorp!
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