Investment Loan Help

Discussion in 'Loans & Mortgage Brokers' started by LloydThomas, 29th Jan, 2017.

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  1. LloydThomas

    LloydThomas Active Member

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    25th Oct, 2015
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    Melbourne
    Hi All,

    I am a couple investment that are 50% owned with another party. I am current going for a loan for another investment however the traditional lenders evaluate servicing at 25 years P & I and then add buffer so it assessed at 7.5% P & I. Is there any lenders out there that dont use buffers or take 100% debt but 50% rental income for their assessment?

    Thanks

    Lloyd
     
    LloydThomas, 29th Jan, 2017
    #1
  2. tobe

    tobe Well-Known Member

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    There are a couple of lenders who don't assess 100% of the debt when shared with another party. Speak to one of the brokers here and get them to work through all of your details. Middle to long term you need to seperate your finances though, it puts you at a distinct disadvantage.
     
    tobe, 29th Jan, 2017
    #2
  3. LloydThomas

    LloydThomas Active Member

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    Thanks @tobe @Redom do you have any advice on this?
     
    LloydThomas, 29th Jan, 2017
    #3
  4. LloydThomas

    LloydThomas Active Member

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    Ok looks like AMP is a possibility!!
     
    LloydThomas, 29th Jan, 2017
    #4
  5. Jess Peletier

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

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    St George is too - better servicing than AMP in most cases too.
     
    Jess Peletier, 29th Jan, 2017
    #5
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  6. Redom

    Redom Mortgage Broker Business Plus Member

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    St G, ME, AMP from memory.
     
    Redom, 29th Jan, 2017
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    CBA for Existing clients

    ta
    rolf
     
    Rolf Latham, 29th Jan, 2017
    #7
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  8. LloydThomas

    LloydThomas Active Member

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    thanks all appreciate this. Cheers
     
    LloydThomas, 29th Jan, 2017
    #8
  9. Corey Batt

    Corey Batt Well-Known Member

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    This is the painful part of joint ownership with a non-spousal party. The other consideration is that whilst you can go to a lender which will apportion the ownership of debt, they generally don't have the highest of borrowing capacity models so you lose out on that upper potential that other investors have access to.
     
    Corey Batt, 30th Jan, 2017
    #9