Advice from the jungle

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Joined: Sun Mar 26, 2017 12:08 am

Advice from the jungle

Postby Mattdaintree » Sun Mar 26, 2017 12:15 am

Hello forum

I seek your help and guidance.

I have a company that owns a unit and a car.

The unit is worth 140k...and with cba on investment loan with no drawdown. Interest only for 5 years.

The car is a 60 k mustang.

Both loans paying down fast i am paying an extra 600 off principal off unit and and extra 1k off car.

Im moving to bris in October. Wish to get unit 2 then.

So instead of putting money in savings im basically placing an extra 1.6k a month off my loans.

Question will q bank like cba consider this genuine savings..?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: Advice from the jungle

Postby Otto Dargan » Tue Mar 28, 2017 7:23 pm

Hi Matt,
Yes CBA will consider equity in your current unit plus additional repayments on the loans to be genuine savings.
The potential problem is that some lenders consider savings in a company name to not be the same as savings in your own name. So it may be that you need to go with another lender if need be. We find CBA is usually quite reasonable whereas some others can be very picky about it.

FYI we have some lenders than will lend 95% with no genuine savings and will add LMI on top of the loan. As of today rates from 3.89% for a home loan like this. CBA tends to be more expensive for high LVR loans.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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