Help - Mixed Use / Resi / Commercial First Home Loan

Discussion in 'Loans & Mortgage Brokers' started by Carol M, 7th Feb, 2020.

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  1. Carol M

    Carol M Well-Known Member

    3rd Jun, 2018
    Newcastle NSW
    Mixed Use Loan - am helping daughter buy first home, and a lovely house is for sale in rural Vic with a tiny LPO attached. Hoped to get a 90% loan with LMI (or the first home deposit scheme even - yes we know places are limited). But the cute little LPO is a BIG problem for such a small space. The owner wants to throw in the LPO for $10,000 which is price of stock. And it is such a shame to close the LPO (so many are closing down these days aren't they). But to get a resi loan can't see any other option than to make offer subject to PO closing??? Any ideas??
    COMMERCIAL OPTIONS: Other options are to get a commercial loan but LVR drops to 75 or maybe 80%. And daughter cannot run PO as she works. I could even buy it and try to onsell it, or even better current owner could lease it until she can onsell it. BUT I suspect banks would not like any of these ideas for a commercial loan.?? It has not made much profit in past 2 years - probably just wages for owner.
    Daughters PAY G salary easily services loan @ either 75 to 90%, but want to pay as low a deposit as possible to preserve cash.
    All ideas are welcome.