I am looking to purchase an IP but basically have no deposit but am happy to get a loan 100% if I can just to get started....just not sure how hard this is still?
At the momment have PPOR worth about $400k with $378k owing ....$20k in cash (prefer to leave this in offset for emergency) leaving $0 deposit for possible IP looking about $400k or less ....servicing is not the problem but how hard will it be to get a loan for this IP? should I speak to a mortgage broker for options? Essentially I'll just be paying mortagage insurance for having no deposit? Equity in the house can be used or not enuff? Thanks
At the momment have PPOR worth about $400k with $378k owing ....$20k in cash (prefer to leave this in offset for emergency) leaving $0 deposit for possible IP looking about $400k or less ....servicing is not the problem but how hard will it be to get a loan for this IP? should I speak to a mortgage broker for options? Essentially I'll just be paying mortagage insurance for having no deposit? Equity in the house can be used or not enuff? Thanks