I'm hoping someone can point me in the right direction regarding a mortgage broker or lender. We (my wife and I) own our own home valued 457K, with mortgage of 360K and a redraw facility containing approximately 100K - leaving outstanding mortgage of 260K.
I early 80K pa. My wife is at home with 3 small children and gets a smallish amount of Family tax benefit from the govt.
I'm eyeing an investment property which is a house that has been turned into 3 units ( council approved) with current rental return of $630pw. Asking price is 'offers over 399K', but has been on the market since Feb so probably no more than $399K. Property will require about 20K work (re-roof and some outside areas).
Im having difficulty getting finance for this loan as it is 3 units, and despite the high return the majors seem reluctant. I have a friend who is a broker (works for Ozzie) and he thinks he may be able to do it with 12K mortgage insurance.
However, it would be nice to keep the 12K if anyone has a better solution. Also, I would like to buy the property in the name of our family Hybrid Trust as it is around neutral/slightly + geared. But I'm told lenders dont like lending to Hybrid Trusts... is this the case and can anyone suggest an exceptional broker or alternative solution?
I early 80K pa. My wife is at home with 3 small children and gets a smallish amount of Family tax benefit from the govt.
I'm eyeing an investment property which is a house that has been turned into 3 units ( council approved) with current rental return of $630pw. Asking price is 'offers over 399K', but has been on the market since Feb so probably no more than $399K. Property will require about 20K work (re-roof and some outside areas).
Im having difficulty getting finance for this loan as it is 3 units, and despite the high return the majors seem reluctant. I have a friend who is a broker (works for Ozzie) and he thinks he may be able to do it with 12K mortgage insurance.
However, it would be nice to keep the 12K if anyone has a better solution. Also, I would like to buy the property in the name of our family Hybrid Trust as it is around neutral/slightly + geared. But I'm told lenders dont like lending to Hybrid Trusts... is this the case and can anyone suggest an exceptional broker or alternative solution?