first timer - low doc questions

Hi,

Not sure if we have sufficient funds to consider an IP but this is our situation.
We are Australians and have a PPOR in Brisbane currently rented out while we are overseas. We have $65k in adavanced payments (currently only $6k owing P&I, property market value around $450k) that we can draw on. The rent easily covers the loan if we draw the $65k out. We also have another $50K in savings.

I can see by most of the postings on this forum that $115k is not a lot of money.

We are self employed and income proof is a big problem. We have BAS's for renting our PPOR in Queensland over the last few years but they do not show a significant income.

Not sure if we would be able to get a low doc loan or better off looking at very cheap investments instead.

If anyone can provide some suggestions, tips ideas etc. it would be greatly appreciated.

thanks
 
Hi pimilco,

There are still 80% LoDoc's with No Bas but you will pay for it. There would be a 1% RISK fee and the interest rate is about 1% higher than the average rate. Not too bad though with no LMI.

You will also need an ABN to have been registered for min 2yrs.

It depends on how much you want to buy a property. 115k will cover a deposit and Stamp Duty at the lower end.

Regards JO
 
Hi,

Thanks for all of your replies.

The current lender is Suncorp.

As far as I know we probably do not have an ABN in Australia as wasn't required by ATO just to rent out home whilst overseas from what I remember.
I did register an ABN about about 6 years ago but it was with a partner in a business nothing to do with RE investment if that would be of any use?

Yes, we were thinking using the $115k as deposit and stamp duty etc. to purchase a inexpensive PI.

Maybe the ABN issue will rule us out, not sure?

Thanks
pimlico
 
Hiya Pim

I suspect there is a loan with ur name on it, if its set up the right way

Contact Bradsdad or Josko that have posted above and they will help u for sure, they know their loans stuff !

ta
rolf
 
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