Hi All
I mentioned in a separate post I now have $90k cash which I intend to use as a deposit/deposits on an IP/IPs.
The bank I currently use (which rhymes with wet-patch) has stated they will lend me $450k. I haven't lodged any formal loan application yet.
I don't want to use the whole $90k for the deposit as that would leave me a bit skinny and for a 90% lend, I have factored in LMI.
As this would be my first finance and I am looking at Brisbane suburbs, possibly free-standing townhouse where there is minimal possibility of the whole block being converted to townhouses and thus potentially reducing mv of any one I purchased, I am looking at a purchase around the $400k mark. With costs (inc LMI) this would mean I would have to kick in $70k and have a $20k buffer.
Questions:
a) Should I find the property first and then lodge a loan application as I've heard that sometimes "pre-approvals" don't mean much;
b) Someone mentioned that with $90k, I may be able to look at 2 IPs, however, to me that means they would probably have to be in the $300k-$350k mark. Not saying that's bad, but is that how others see it?
c) I already have a business loan with wet-patch, so if I had an IP loan with them and they had security over that property, do you think that would be sufficient for them.
d) Any good Brisbane based brokers I could talk to about my situation?
Many thanks
Zargor
I mentioned in a separate post I now have $90k cash which I intend to use as a deposit/deposits on an IP/IPs.
The bank I currently use (which rhymes with wet-patch) has stated they will lend me $450k. I haven't lodged any formal loan application yet.
I don't want to use the whole $90k for the deposit as that would leave me a bit skinny and for a 90% lend, I have factored in LMI.
As this would be my first finance and I am looking at Brisbane suburbs, possibly free-standing townhouse where there is minimal possibility of the whole block being converted to townhouses and thus potentially reducing mv of any one I purchased, I am looking at a purchase around the $400k mark. With costs (inc LMI) this would mean I would have to kick in $70k and have a $20k buffer.
Questions:
a) Should I find the property first and then lodge a loan application as I've heard that sometimes "pre-approvals" don't mean much;
b) Someone mentioned that with $90k, I may be able to look at 2 IPs, however, to me that means they would probably have to be in the $300k-$350k mark. Not saying that's bad, but is that how others see it?
c) I already have a business loan with wet-patch, so if I had an IP loan with them and they had security over that property, do you think that would be sufficient for them.
d) Any good Brisbane based brokers I could talk to about my situation?
Many thanks
Zargor