Hi!
I'm considering giving my investment property to my son which is currently mortgaged at 80%. The current property is worth $600k. I would like him to then use the equity to also purchase a second investment property, taking the loan up to 95%. My son is employed full time. Please advise if this is feasible?
Regards,
Considering giving investment property!
- Benny Dubria
- Mortgage Specialist
- Posts: 26
- Joined: Mon Apr 29, 2013 3:00 pm
- Location: Sydney, Australia
- Contact:
Re: Considering giving investment property!
Good Morning,
Thank you for your inquiry.
Yes, this is feasible subject to your son meeting the banks' policies.
What you need to consider at a 95% lend banks have more lending parameters in place, and Lenders Mortgage Insurance will apply.
For further information on qualification and differences in lenders mortgage insurers premiums please get in contact with me below.
Thank you for your inquiry.
Yes, this is feasible subject to your son meeting the banks' policies.
What you need to consider at a 95% lend banks have more lending parameters in place, and Lenders Mortgage Insurance will apply.
For further information on qualification and differences in lenders mortgage insurers premiums please get in contact with me below.
Benny Dubria
Senior Mortgage Broker
P | 1300 889 743 E | benny@homeloanexperts.com.au
Home Loan Experts
Senior Mortgage Broker
P | 1300 889 743 E | benny@homeloanexperts.com.au
Home Loan Experts