Join Australia's most dynamic and respected property investment community

Using a personal loan as a deposit

Discussion in 'Property Finance' started by 1234new, 6th Jan, 2017.

Tags:
  1. 1234new

    1234new New Member

    Joined:
    6th Jan, 2017
    Posts:
    1
    Location:
    Melbourne
    I am short 30 K for my deposit. Can any one advise me please?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    10,395
    Location:
    Sydney
    start saving and wait a bit longer.
     
    neK likes this.
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,338
    Location:
    Gold Coast
    perhaps a relative that has some equity can provide a guarantee ?

    ta
    rolf
     
  4. miximitosis

    miximitosis Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    96
    Location:
    Townsville
    I know St George were allowing it at one point provided there was 5% genuine savings. Not too sure if it's still something they would do.
     
  5. Ethan Timor

    Ethan Timor Well-Known Member

    Joined:
    16th Nov, 2016
    Posts:
    56
    Location:
    Northern Rivers NSW
    All of the above + carry back from the vendor and/or higher LVR (using LMI) come to mind.

    Also, trust you're keeping in mind that in addition to the deposit you'll also need circa 5% for purchasing costs, yeah?

    Best wishes!
     
  6. Pamela Palmqvist

    Pamela Palmqvist Active Member

    Joined:
    6th Jan, 2016
    Posts:
    27
    Location:
    Fremantle
    Liberty do those kinds of loans assuming servicing remains healthy. I would suggest a Westpac unsecured LOC they go up to $35K