Where can renters get finance for IP's

W

WebBoard

Guest
From: Matt Cho


Prepared to do a lot of legwork but hoped
someone might be able to point me in the
right direction. We are currently in rental
accom. and we are looking for a bank to
lend us , well money ! Money for a deposit
not for a boat or a car or a holiday but
something income producing, makes
sense?
Obviously we need the io loan too for the
property and we hope to tie up a deal
either for both or just one at a time. I have
shown a few banks our proposal but no
success yet. We have 30k in the bank but
would prefer not to sink all of it into a IP.
Any suggs?
Ray
 
Last edited by a moderator:
Reply: 1
From: Paul Zagoridis


Generally if you want to borrow 100% it's very hard. Your choices are really narrow. Banks even discount your cash on deposit with them. See what they'll lend you on the $30K

A personal loan is the normal way to borrow a deposit. Often an overseas trip is the reason given. Obviously you pay personal loan interest rates. But if the deal is good enough, it's worth it.

Heck! My business partner and I bought a studio using credit card cash advances in 1999.

Regards

Dreamspinner
 
Last edited by a moderator:
Reply: 2
From: Matt Cho


Paul
Thanks for your advice. Maybe I was
being too honest!
I appreciate anyone taking the time to
reply
Ray
 
Last edited by a moderator:
Reply: 3
From: Rolf Latham


Hi Ray

Try Home Loan Centere of NSW.

If you have good income you can borrow the 10 %, and do a 90 % insured loan, ip or owner occupier - interest only to boot.

Ta

Rolf
 
Last edited by a moderator:
Reply: 3.1
From: Robert Longmore


tell me more of this home loan centre in NSW ???
 
Last edited by a moderator:
Reply: 3.1.1
From: Rolf Latham


One of a few of my many lenders

Contact Home Loan Centre Australia direct on 02 9299 4773 or go through a broker, and save yourself the leg work and headaches.

Ta

Rolf

ps Alos applies for other states
 
Last edited by a moderator:
Back
Top