10% deposit

Discussion in 'Loans & Mortgage Brokers' started by Sammy12, 17th Jun, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Sammy12

    Sammy12 Member

    Joined:
    23rd May, 2019
    Posts:
    5
    Location:
    Melbourne
    Hey guys just seeing what deals you may have come across looking at 10% deposit loans under 4% interest only investment lending, cheers
     
    Sammy12, 17th Jun, 2019
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,640
    Location:
    Gold Coast (Australia Wide)
    www.Goldilocksfinance.com.au


    Someone may be able to dig out that juuuuuuuust right finance, but id suggest the best around at the moment for a 90 % + cap lmi is something like Auswide at 4.09



    ta
    rolf
     
    Rolf Latham, 17th Jun, 2019
    #2
  3. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,684
    Location:
    Perth WA + Buderim Qld
    10% deposit is very difficult to find for IO INV - many lenders still cap IO at 80%, and the rest cap INV lending at 90% incl LMI. The ones that will go over won't give you a rate under 4. So maybe prioritise what you need.
     
    Jess Peletier, 17th Jun, 2019
    #3
  4. jazzsidana

    jazzsidana Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    459
    Location:
    Melbourne
    Just submitted one today with NAB 4.09%, 90% LVR investment interest only 5years @2years fixed.
     
    jazzsidana, 17th Jun, 2019
    #4
    Dian likes this.
  5. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,684
    Location:
    Perth WA + Buderim Qld
    90% inclusive though, right - so 12% deposit.
     
    Jess Peletier, 18th Jun, 2019
    #5
    tobe likes this.
  6. jazzsidana

    jazzsidana Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    459
    Location:
    Melbourne
    Should have clarified that.. Yep, correct!
     
    jazzsidana, 18th Jun, 2019
    #6
    Jess Peletier likes this.
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    Generally need to contribute a 12% deposit as a min for IP loans - lenders usually cap LVR at 88% + LMI

    As mentioned above - can be tough getting IO for deals involving lmi

    Cheers

    Jamie
     
    Jamie Moore, 18th Jun, 2019
    #7
    Lindsay_W likes this.
Buy Property Interstate WITHOUT Buyers Agents!

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia