I currently have one property with St George.
Purchased in 2006 for $110k, currently owing $86k.
I am looking at buying another this saturday for around the $120k mark.
The problem is, that I am self employed, and, because of the structure of the business, my tax return is done 11 months late each year. (joys of being in partnership with a company and having an 'interesting' accountant)
Year ending 2008 I earnt ~57k, and a return was submitted.
Year ending 2009 I earnt ~57k also but no return submitted yet.
Year ending 2010 I will earn around 114k(bought out business partner at the start of this financial year)
I am happy to move the loan with my first property to any bank that will happily facilitate my needs.
I can also happily pay 10% at the auction, but I would rather borrow 100% (using equity from my first property to keep the LVR down to 80%)(Assuming this is what will keep most banks happy?)
Can anyone point me in the right direction?
I have no doubt I will get a loan, and I 'could' pay 20+% of the loan with cash but I would rather not do this.
Purchased in 2006 for $110k, currently owing $86k.
I am looking at buying another this saturday for around the $120k mark.
The problem is, that I am self employed, and, because of the structure of the business, my tax return is done 11 months late each year. (joys of being in partnership with a company and having an 'interesting' accountant)
Year ending 2008 I earnt ~57k, and a return was submitted.
Year ending 2009 I earnt ~57k also but no return submitted yet.
Year ending 2010 I will earn around 114k(bought out business partner at the start of this financial year)
I am happy to move the loan with my first property to any bank that will happily facilitate my needs.
I can also happily pay 10% at the auction, but I would rather borrow 100% (using equity from my first property to keep the LVR down to 80%)(Assuming this is what will keep most banks happy?)
Can anyone point me in the right direction?
I have no doubt I will get a loan, and I 'could' pay 20+% of the loan with cash but I would rather not do this.