JMO LOAN

Discussion in 'Loans & Mortgage Brokers' started by 30892, 7th Feb, 2021.

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  1. 30892

    30892 New Member

    Joined:
    7th Feb, 2021
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    NSW
    Hi,

    A 2nd-year student enrolled in a 5-year medical degree. I'm currently saving up for a deposit to buy an investment property for rental income. I would like to know what is a good figure to save up to or how I should go about determining a savings goal during university.

    I would also like to know special loans a JMO might receive e.g. 95% LVR no LMI if that's a thing.

    Thanks.
     
    30892, 7th Feb, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Aim for 15% as medicos can get 90% no lmi loans, but you will need to graduate first I believe.
     
    Terry_w, 7th Feb, 2021
    #2
  3. Trainee

    Trainee Well-Known Member

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    reason? As opposed to capital gains?
     
    Trainee, 7th Feb, 2021
    #3
  4. Redom

    Redom Mortgage Broker Business Plus Member

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    If your working at the moment and qualified, than can get 95 no LMI P&I OO loans with ANZ.

    If you buy relatively cheap and avoid stamp duty, the deposit requirements aren't too significant. I.e. an existing property to live in for 650k incurs nil stamp duties at the moment, with a ~35k deposit to cover costs. As you adjust your purchase parameters, stamp duty begins to kick in, adding to the deposit requirements to save up for.
     
    Redom, 7th Feb, 2021
    #4