Posts Tagged ‘investment purchase’

Can I use my existing home to purchase an investment property?

Yes.

Your existing home can be used as sole security for an investment purchase.

For example, you may be buying an investment property in your own single name. If you are a single person and your unencumbered residence is worth $500,000, it will be ample security for the purchase of an investment property worth $300,000. Important issues will arise, however, if your residence is already mortgaged or if your residence is owned in joint names with your partner as co-owner.

An alternative is to offer the investment property as sole security for the loan, or add the equity in your residence as additional or secondary security. Again, it is important to discuss your plans with your Accountant first, and not just rely on the lender’s requirements before proceeding. The lender’s requirements may not be in your best interests in obtaining maximum tax effectiveness.

What our customers say about us

Thanks for all your help and for making it so easy for me. Life will be so different now.

Jan Vincent
Montrose, VICTORIA

Thank you for your time on the phone yesterday and copying me into the below email.
I just wanted to take the time to say that I have never seen such a comprehensive email provided to clients by a Broker before. Very clear and detailed.
I hope it’s ok that I hold onto your details to refer to clients who may need assistance.
Kind Regards,

Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA

We have found Barry Le Brocq of Melbourne Mortgage Finance to be very patient, caring and diligent in achieving a successful outcome to our refinancing requirement. We have no hesitation in recommending his services to others.

Don & Christine Perrett
Leongatha, VICTORIA

Many thanks Barry for the exceptional service that you have provided. We will most certainly be recommending you to our daughter (Bank of Melbourne branch manager) for any future customers who need a reverse mortgage loan.

Paul & Barb Spark
Somerville VICTORIA

 

LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

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  • ongoing availability to assist you after loan settlement
  • over 30 years experience in arranging finance and mortgage loans