Hi there David, You have a couple of options depending on when you need to apply. You could use a private lender to fund it or use a normal funder when you have work. There may be a smarter way however. I suggest you contact me so I can check a few things first. 13 years of broking experience I have a few things up my sleave. Regards Greg
Hi, David, I would suggest that you seek both legal and an accountant's advice before deciding what to do. There are a few private lenders that may consider capitalising the interest on a short-term loan, however, the rates are normally quite high and something to be avoided. Subject to the advice you may receive you could also seek to purchase a property with a delayed settlement. Regards, Ken
Hi David. I have access to private lenders and Solicitors funds who will lend you the money secured over your two properties. You need to however find your new home first. Your loan can then be repaid from your inheritance. Regards.
Hi David, Congratulations on your inheritance David. It is unclear whether you have a mortgage on your investment property. It also sounds like you intend to settle the full amount on your new home when your inheritance comes through. Is this correct? If that is the case, you need to talk to your solicitor when you find a house to assist you with extended settlement and early access to the new property rather than taking out a loan. If it is a loan you are looking for anyway, then you will need to be working to service the loan. Depending on how long you have not been working for and whether you come back to the same industry and similar role, it may prove difficult. Please contact me via my profile for further discussion. Thank you David, Bulelwa Freer
Hi David, I am assuming you are inheriting the $1.4m in cash or equity without any liabilities. If you are not working, you are going to have to service the loan/s from your rental income/s. If we can know your specific personal and financial details, we can present you with the options available from about 40 lenders in our panel. We may also have to think of an exit strategy when applying for your loans. If you are an Australian taxpayer and happy to take both your home loan and investment loan/s to one lender we perhaps can offer you a product where you can bring your home loan interest rate below 3% depending on the home loan and total investment loan amounts. This innovative product has been developed for investors to pay off their home loan quicker with some additional tax benefits. Once we have the required information we can send you a report for you to compare the huge benefits in comparison to other conventional loan products. If you would like to know more about it, please get in touch with us via HashChing or our profile. Thanks! Jay
Ah just re-read it... you need to move out... try speaking to that same solicitor about proposing a 'licence agreement' which would allow you early access to your property you buy. Basically like renting the place before it settles in January. Anyway, need to get your own independent legal advice of course
Hi David. Thanks for reaching out. How about buy the place in Oct-Dec with a 90k deposit and request a delayed settlement for when you have the rest, in January. A good solicitor will be able to assist with the correct wording etc for any contract. Just a thought unless I am missing something? Good luck
Hi David, I hope you're well? With lending policy with all lenders, you will need to be employed to be able to borrow or apply for a loan. Regards. Glenn
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LEZLI
Hi David, You will need to be employed before lenders will loan you funds. Maybe wait till you get your inheritance cleared and just buy the house for cash. If you have to move out of your existing house in December 2017 - move into a serviced apartment - keep your savings for that purpose. If you have all the paperwork to prove your inheritance & when you will be paid - that would be a start. I do have lenders who'll do a 'bridging loan'. If that helps - please contact me via my Profile page. Kindest regards. Lezli