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Investment Property Purchaser Tools
- Steps
in buying a property - A general guide explaining the steps
you need to take to purchase a property
- How
much can you borrow? - If you have at least a 5% deposit or
equity in another property and want to know how much you can borrow
complete this form
- Calculators
- To work out your repayments etc.
- Loan
types - Information on the various types of home loans available
- Property
investment - Information on what to look for when purchasing
an investment property
Investment Loan Options
Generally most lenders require you to have a 10%
deposit to obtain an investment loan. But in many cases this is
not possible. If you fit into one of the following categories we
may still be able to help. If you have any questions about any of
the products mentioned please submit your question using our contact
us page or call us on 1300 66 12 11. If you would like a free,
no obligation assessment of your loan options please apply
online.
95% Investment property loan required
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You have 5% genuine
savings, saved over a period of at least 3 months, and you
require a loan for an investment property for 95% of the purchase
price
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| Most lenders will only lend up to 90% of
the purchase price on an investment property. We have access
to a few lenders who will lend up to 95% + will add the mortgage
insurance premium to the loan. Some of these lenders will also
allow you to borrow 95% with up to 10 years interest only repayments.
Normal bank credit criteria applies. Please call us on 1300
66 12 11 for more information or apply
online for a free, no obligation assessment of your situation. |
You have no savings but you own another property with
significant equity in it
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You have no cash savings
but you own your own home that has a significant amount of
equity in it
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| A common misconception that may people have
is that you need to have cash to purchase an investment property.
This is often not the case. Do you own an unencumbered property
or you own a property that has a lot of equity in it (i.e. the
loan balance is 80% or less of the property value)? If your
answer is YES then you may be able to purchase an investment
property with zero cash savings. You can achieve this by simply
borrowing against the equity in your current property. We can
help you set up the right loan structure to best achieve your
investment goals. Please call us on 1300 66 12 11 for more information
or apply
online for a free, no obligation assessment of your situation. |
You have no genuine savings and you don't own a property
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You have no genuine
savings but are being given a non repayable gift from a relative
or friend
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| If the gift is sufficient to make up 10%
of the property price, you may be able to use a 90/10 home loan
for this situation, where the 10% deposit does not have to be
saved. Usually, if you borrow more than 80% of the property
value you will be required to prove that you have saved 5% over
a period of 6 months or more. In the case of a 90/10 loan you
can borrow up to 90% of the property price without any genuine
savings and at normal home loan rates. You will also need additional
funds to pay for costs such as stamp duty. Please call 1300
66 12 11 for more information or apply
online for a free, no obligation assessment of your situation.
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You have no genuine
savings but have a relative with significant equity in a property
and is willing to act as a guarantor
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| There are a number of lenders on our panel
who offer family equity type home loans. Some of these lenders
do not require you to have any genuine savings and will even
lend you extra funds to pay for the purchase costs, such as
stamp duty. The interest rates on these products are very competitive.
All you need is a relative who owns a property with equity in
it and is willing to act as a guarantor. It is also possible
to limit the guarantee so your relative is not a guarantor for
your entire home loan, but for only a small portion of it. Once
you build up enough equity in your property the guarantor can
then apply to have their guarantee removed. Please call 1300
66 12 11 for more information or apply
online for a free, no obligation assessment of your situation.
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