Roadblock: Buying in a 'High Risk' Area
- Thread starter syndey
- Start date
Syndey,
What your asking is what I do at present, high risk with large deposits.
It will depend on what the deal is, but first port of call is the vendor. ask if he/she is willing to fund the deposit or a at least a portion of it.
Seek investors / equity contributions and finally 3rd tier lenders.
Mark
What your asking is what I do at present, high risk with large deposits.
It will depend on what the deal is, but first port of call is the vendor. ask if he/she is willing to fund the deposit or a at least a portion of it.
Seek investors / equity contributions and finally 3rd tier lenders.
Mark
pls explain what you mean by roadblock area...
Hiya
Prob high density units .....................some mortgage insurers dont like em.
Find another mortgage insurer
ta
rolf
Prob high density units .....................some mortgage insurers dont like em.
Find another mortgage insurer
ta
rolf
That's a big deposit. For example for a $300k property you might need (say 40%) 120k + costs. With that sort of deposit with a 80% loan you can buy about $500k in property in a non-high-risk area.
Do you think Redfern will appreciate almost twice as fast as a non-high-risk area?
In any case, my general philosophy is buy what you can afford. If you don't have the deposit, find something else.
Alex
Do you think Redfern will appreciate almost twice as fast as a non-high-risk area?
In any case, my general philosophy is buy what you can afford. If you don't have the deposit, find something else.
Alex
ur broker might be right, there are a lot of high density units there
u cold try another broker though and see what other insurance options are available
ta
rolf
u cold try another broker though and see what other insurance options are available
ta
rolf
Meh, borrow from family/friend....try that. Remember, you can always refinance a few years down the track and repay the deposit loan.
Personally, I would never mix money and family/friends. But that's just me.
Go elsewhere ...
I'm with Alexlee ...Sydney market has many opportunities at the moment which can be acquired with "normal" deposits. Why give yourself the pain?
LL
I'm with Alexlee ...Sydney market has many opportunities at the moment which can be acquired with "normal" deposits. Why give yourself the pain?
LL
Syndey,
if the property you are looking is the property you pm'ed me about I'd change brokers
...this is not a high risk property.
The street you are looking at does not have units in it (as far as I am aware) and is one of the better streets in Redfern. Some houses in this street (at one end of the street) sell for 1+ million dollars.
Ajax
if the property you are looking is the property you pm'ed me about I'd change brokers
...this is not a high risk property.
The street you are looking at does not have units in it (as far as I am aware) and is one of the better streets in Redfern. Some houses in this street (at one end of the street) sell for 1+ million dollars.
Ajax
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Synday,
I'd recommend Rolf Latham (who's in Brisbane). I recall that I indicated to Rolf I was interested in an apartmnet in Redfern about 2 years ago...his comment was there are certain areas in Redfern for apartments that lenders (or more specifically mortgage insurers) had tighter criteria for. This is not a blanket limitation on lending on Redfern property.
Rolf has already posted on this thread. I think these details are still current. ASAP Financial Services Ph 1800 08 20 80 www.asapfinancial.com.au
BTW did the property sell at auction or was it passed in?
Ajax
I'd recommend Rolf Latham (who's in Brisbane). I recall that I indicated to Rolf I was interested in an apartmnet in Redfern about 2 years ago...his comment was there are certain areas in Redfern for apartments that lenders (or more specifically mortgage insurers) had tighter criteria for. This is not a blanket limitation on lending on Redfern property.
Rolf has already posted on this thread. I think these details are still current. ASAP Financial Services Ph 1800 08 20 80 www.asapfinancial.com.au
BTW did the property sell at auction or was it passed in?
Ajax
