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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Simon

3 years ago

Hi James,If you would like to speak in more detail please contact me via HashChing (https://www.hashching.com.au/author/Simon-MaFo551DQY0aVY9YkHoF6mCg1C1j7A9Lq78GA6Xi_~_tI=/ - then click 'contact me'.)Simon

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Steven

3 years ago

The big problem here is foreign income. I am located in SA and would like to talk with your friend about the possibility of investing again.

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James

3 years ago

Hi Simon, thank you very much for your detailed response. I will discuss your points with my friend and then liaise back with you with a more complete picture. What is the best avenue to contact you on, email, or on Hashching? Thanks James

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Simon

3 years ago

Hi James,That's a very interesting question.So to clarify you are looking at going joint borrowers with a friend who is still working in Australia? Are you earning money in £ or are you working for an Australian company and still getting paid in Australian dollars?I think the first point of call is to seriously contemplate the effect of purchasing properties with a friend, in my opinion, it's generally not a great idea, especially for a second property. It shots your borrowing capacity in the foot (there are some exceptions to this, but it restricts you to a few lenders), and there is always the issue of making decisions together! What happens if one party goes bankrupt, or gets divorced etc. Have you explored other options, such as releasing equity from the first investment property to fund the deposit on your new purchase?Unfortunately, your situation at the moment is not something you're going to get an answer off a forum like this. You'll need to get a good broker who can understand your situation, put together a strong case, present it to multiple lenders and get it approved as an exception. I would strongly recommend you talk to a solicitor about the potential implications of buying with a friend.If you would like to talk in more detail please let me know. Simon

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