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If I dont want to use 20% deposit

Discussion in 'Property Finance' started by Darlinghurst Boy, 3rd Aug, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    Already I have my Ppor and 1 investment property fully paid off.
    I want to invest in a Country property and pay interest only , its 150k rents for $190 a week.

    I just want to borrow the whole 150k without putting any deposit down.

    Could i find a broker with that or would i be better putting the 20 per cent down?
     
    Last edited: 3rd Aug, 2015
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,756
    Location:
    Perth WA
    Easy peasy with all that equity, as long as you're happy to mortgage one of your existing properties.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,140
    Location:
    Canberra and Sydney
    Just do an equity release against one of your existing properties to cover off the 20% deposit and costs.

    Take out an 80% lend against the new property.

    You've now borrowed 100% plus costs and used none of your own cash.

    Cheers

    Jamie