4 units 95% lend - Is finance possible?

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Garry
Posts: 53
Joined: Wed Aug 12, 2009 12:22 pm

4 units 95% lend - Is finance possible?

Post by Garry »

Hello,

I have a couple of questions relating to applying for a home loan and if what my partner and I are looking to do is possible.

We have a combined income of 240k a year. I am a plastic surgeon and my partner is a lawyer. We do have savings but want to use as little as possible. We currently have 230k in the bank and 300k in super. All of the units will be used as investments. I have been in my job for 8 years my partner has been in her job for 5.

We would like to purchase 4 units within the same block in Parramatta NSW. We are looking at a 95% lend. The over all purchase price is $1.1 million.

What is the maximum we would be able to borrow?
Will banks accept 4 units under the same loan?
Will major banks accept our situation or would we need to go through a different type of lender?

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: 4 units 95% lend - Is finance possible?

Post by Otto Dargan »

Hi Garry,

Purchasing 4 units under the same loan is possible through a major bank. Our multiple units on one title mortgage will help to give you a better understanding of what your options are.

On a loan amount of $1.1mil you will generally only be eligible to borrow up to 80% of the property value. On a case by case basis banks can sometimes accept 95% loans.

Your situation in very unique and their are multiple avenues for you to obtain a loan. I suggest you enquire with us by either enquiring online or calling one of our brokers on 1300 889 743. Our brokers will be able to discuss your situation and qualify you for a loan. They can also offer you a couple of different options in the way of loan products and banks.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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