Passive income but no job as such

[Qlds007]

Most lenders that insure with PMI QBE dont require BAS or Trading statements at the mo and Suncorp are just one of those.

There are lenders that allow lodocs for Trusts, Company applications etc

 

[Shaneelastic]

Hi,

I am seeking advice on finance for property purchases. The problem is that I am finding a lot of banks etc wont lend unless you have the good old mundane form of income ie: work. I sold my business some time back and have healthy equity and passive income. I dont get why a "job" is classed as more secure than a 5yr signed lease. I would think that one could lose a job easier than a lease would fall over ( commercial anyway). What I need to know is who will lend me the money, 65% loan is fine, I can fund the 35% deposit and stamp duty. Any assistance or input is most appreciated. I am located in Perth.

Thanks in advance.

I recently saw a 5 yr lease broken after 8 months, went to court to get funds but none availiable, thats why a 5 year lease isnt the be all and end all.

 

[reeco]

I recently saw a 5 yr lease broken after 8 months, went to court to get funds but none availiable, thats why a 5 year lease isnt the be all and end all.

Clauses. They are your friend

 

[pickle pickle]

Not sure what your structure of your investments are, but if you have a trust or company maybe you could get a wage from the trust or company.

Then you have a job.

 

[Spectre]

Back to Dazz's post - agree 100% with as IMO he's probably got more skin in the game than the entire circle of bankers he sits with (and probably most SSers as well). So I'd imagine its quite funny come review time if I'm right and if he pointed that out to see what their reactions would be

Back to the question though -if you can relate to this... we're doing a nonresident loan - full doc presently thru a mortgage manager. 650 app fee 6.5%... The rent on a unit owned in Oz is greater than the loan payment at qualification rate. They're happy with that and we dont have LMI too. Overseas stuff is excluded from assessment so its purely an asset lend at the end of the day.

Point being you might find if the income earnt from the lease is > your proposed payment you might get it up without the full doc criteria.
Dont see a bank doing it though.