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From: Mike .


Do I Have to Own my own Home?
From: Crystal
Date: 3/11/00
Time: 1:47:48 AM

Is it possible to buy investment properties with IO loans, without owning my own home? I have 15% cash deposit for my first investment property.

 

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Greg

Reply: 1
From: Mike .


Re: Do I Have to Own my own Home?
From: Greg
Date: 3/12/00
Time: 12:24:57 PM

Hi Crystal,

If you've got 15% deposit, you should find plenty of lending institutions who will lend you the money for an investment property. Remember that of that 15% deposit, you will also have to put out several thousand dollars in stamp duty, loan application fees, mortgage insurance, etc.

The bank's main concerns are that you have enough income to repay the loan and enough equity that if you default, they can recover their money.

Good luck, Greg