Hi guys/gals
First This forum is really interesting and perfect for reading while watching the IPL. Really interesting reads and very informative....
I'm trying to get the best use of the FHOG, and looking at getting a property that i can convert to IP. here is a bit of the background.
I have 3 IP all in Victoria purchased/built in the last 12 months. (Roxburgh Park 4bed/brand new house - value ~ 360k, loan 324k, net rent $17k pa), (macleod springthorpe 4bed house, value~660k, loan 590k, netrent 23k pa), (1/3rd of point cook 4bed house, value~440k, loan 390k, netrent 16kpa). I have been securing 90% lends with westpac without LMI.
I want to purchase a 2bed off the plan apartment for 400k in inner melb with 18month contract. The problem is i don't have 40k deposit right now that the builder requires. When complete i will get 26k from gov + 6k from builder rebate + i will have cash lets say ~ 50k which will hopfully make it easy to get a loan.
I don't want to actually access any of the equity because well i don't think i can.. they are all at or about 90% and if i do have equity i want to use it for development projects in the next 6 months.. I have enough income for serviceability even in bank terms so thats not an issue.
Any ideas to get the deposit???
The bank won't pre approve because building completion so far away so i'm hoping to get approval for the loan just before completion, will that be a problem??
Any ideas about buying apartments off the plan to access the higher FHOG??
Cheers
Nimesh
First This forum is really interesting and perfect for reading while watching the IPL. Really interesting reads and very informative....
I'm trying to get the best use of the FHOG, and looking at getting a property that i can convert to IP. here is a bit of the background.
I have 3 IP all in Victoria purchased/built in the last 12 months. (Roxburgh Park 4bed/brand new house - value ~ 360k, loan 324k, net rent $17k pa), (macleod springthorpe 4bed house, value~660k, loan 590k, netrent 23k pa), (1/3rd of point cook 4bed house, value~440k, loan 390k, netrent 16kpa). I have been securing 90% lends with westpac without LMI.
I want to purchase a 2bed off the plan apartment for 400k in inner melb with 18month contract. The problem is i don't have 40k deposit right now that the builder requires. When complete i will get 26k from gov + 6k from builder rebate + i will have cash lets say ~ 50k which will hopfully make it easy to get a loan.
I don't want to actually access any of the equity because well i don't think i can.. they are all at or about 90% and if i do have equity i want to use it for development projects in the next 6 months.. I have enough income for serviceability even in bank terms so thats not an issue.
Any ideas to get the deposit???
The bank won't pre approve because building completion so far away so i'm hoping to get approval for the loan just before completion, will that be a problem??
Any ideas about buying apartments off the plan to access the higher FHOG??
Cheers
Nimesh