need equity

[WebBoard]

From: Tristan Newman



hi all, need advice on how to find equity, i don't own a house, or have much saved

my story begins with that i tried to go partners with someone and that took three months of giving this guy a business plan,they said no, i find out today that they are do exactly what i showed them.

are there banks or finance institutions that lend equity, or do i need to borrow and get a second mortgage loan etc.

would love some advice, i have learnt a lesson if it has got to be done then i must do it myself.

thanks for reading this and for your comments

regards

Tristan newman

 

[Rolf Latham]

Reply: 1
From: Rolf Latham


Hi Tristan

There are at least 2 lenders that will allow you to borrow the deposit for a 90 % loan from other sources as long as you have the serviceability.

They are Adelaide Bank and Tonto Home Loans.

The hardest part is not the home loan, but the personal loan for the dposit and costs.

Ta

Rolf

 

[WebBoard]

Reply: 1.1
From: Victor Mann


Also rescom will do the same

Victor

 

[WebBoard]

Reply: 1.1.1
From: Glenn M


Just a quick question....if you borrow 90% using a 10% personal loan from another lender, won't the Mortgage insurer want to know where you have got the other 10% from. Usually they will ask for bank statements proving a savings history over 6 months?


GlennM.

 

[Rolf Latham]

Reply: 1.1.1.1
From: Rolf Latham


True

Thise loans though are set up especially for that purpose with the mortgage insurer - waisving the requirement to have at least 5 % genuine savings over 6 months

Only a resrticted number of lenders do this type of loan

Ta

ROlf

 

[WebBoard]

Reply: 1.1.1.1.1
From: Victor Mann


also the lmi is higher than usual