Hello all,
I have just come across this concept National Deposit Funding, searched forums here and could see nothing in relation to it…
If we have enough to service a loan for an investment property but just dont have enough to get into a property due to not enough equity yet in 2 properties we have mortgaged…how does this option for us appear to you guys please??
Cheers
Shedin
What is National Deposit Funding?
A lender that lends deposits? It could be good and may be a way to save LMI costs, but make sure you service on both this debt and the new loan.
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
Hi Shedhin
I haven't heard of them.
Do you have a link or some other info?
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]
This is where I found their link from: Sorry dont know how I got to the property opps one, have seen soooo many websites over last few weeks and so many do's and dont's and can's and cant's re looking at our 3rd property I am totally overwhelmed! LOL
Looking at the national depositing funding website you listed above Shedin, they offer your deposit for a property as a personal loan, which surprise surprise, is only for choice properties constructed by builders approved by them, and is financed through brokers affiliated through them. Fingers in all the pies.
Though how they can get finance approved with only a personal loan as a 5% deposit is bewildering.
Cheers
Tom
Sounds like second mortgage carry back transactions to me…. They finance the deposit to you by way of a registered or unregistered second mortgage. A growing market…
You'd hope they have an ACL then.. Australian Credit Licence
Actually we, i.e. the VFI, assisted them with their ACL application and they got it in September 2011 (409646).
We have no interest in the business but, as I remember it, it's a bit like Meriton selling some of their stock with vendor finance. Except, in this case, National Deposit Funding, assists smaller developers do the same thing, by way of the developer providing some Deposit Finance in the shape of a second mortgage or personal loan.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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