Hey guys,
I''ll go through my situation and what I'm planning to do.
Currently have 55k sitting in my bank account and looking at doing a bank guarantee for two pieces of land using my parents property which has 500k equity in it and/or using my deposit too..
I got a block of land at the Ponds that registers early next year.. I have to put 10% down within 14 days. For this loan, I'm gonna be doing an investment loan that uses the family pledge..
I'm also buying another block of land in another suburb which won't register for 12-18 months.. I will be using just a straight investment loan for this one. I was thinking of going halves with my parents on this one..Would there be any negatives to doing this?
In terms of servicing, my broker said I won't have any issues as we are doing both as investment loans and they will consider rent.
In terms of bank guarantee, deposit power said I need a full approval by the bank for the land before they give me a bank guarantee.. How long would it take to get an approval for land?
Is it possible to get a bank guarantee of my parents property for the one in The Ponds and for them to do a guarantee for my funds for the other piece of land?
I''ll go through my situation and what I'm planning to do.
Currently have 55k sitting in my bank account and looking at doing a bank guarantee for two pieces of land using my parents property which has 500k equity in it and/or using my deposit too..
I got a block of land at the Ponds that registers early next year.. I have to put 10% down within 14 days. For this loan, I'm gonna be doing an investment loan that uses the family pledge..
I'm also buying another block of land in another suburb which won't register for 12-18 months.. I will be using just a straight investment loan for this one. I was thinking of going halves with my parents on this one..Would there be any negatives to doing this?
In terms of servicing, my broker said I won't have any issues as we are doing both as investment loans and they will consider rent.
In terms of bank guarantee, deposit power said I need a full approval by the bank for the land before they give me a bank guarantee.. How long would it take to get an approval for land?
Is it possible to get a bank guarantee of my parents property for the one in The Ponds and for them to do a guarantee for my funds for the other piece of land?