Can this person get a IO Loan please?

if there are any Brokers who can advise if this guy can get a IO L oan and how ?

1/Apartment 100% owned , worth over 400k but lets call it 400k---

2/House 100% owned lets call it $300k--- rents out for $325 week

3/Cash savings $80,000

Want to buy investment apartment 500k

.* He doesnt have enough cash for 20%
How does he get a loan and what is the process?

 

What's Mushie's income for serviceability like?

pinkboy

 

Will they look at income , payslips ?
His income is around 60k per year.

 

If they can service the debt and have equity in their existing properties- they might be able to release equity and use it to cover the deposit/costs on the next purchase.

However - can't rely provide a decent response based on the limited info.

 

You left out the most important part - income.

Yes he can probably get a loan, assuming he has employment.

He could borrw more than 100% of the purchase price of the property too.

 

Yes full time employment , about 60k a year .
Will this be a lot of trouble going through ?
What will the process be??

Valuation of both properties ???
Should he ring a broker ? What is the first thing he needs , who arranges the valuations of the 2 properties?

 

Probably a desktop val of the property used for the deposit, and maybe a full val on the new IP depending on lender.

 

Easy to get through probably.
broker or lender arranged valuations.

 

Assuming no other debts or liabilities and making an assumption on the new anticipated rental income certainly appears doable.

Choice of lender will depend on the product features he requires but a simple basic rate loan might be the way to go.