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Which Mortgage: How one 25-year-old is buying an investment property with $0 down: A broker’s secret to investing.
Brokers know things banks would rather keep quiet. In the debut episode of Which Mortgage, the Finni team starts with one of them: how a 25-year-old on a $100,000 income can buy an investment property without saving a deposit.
This isn’t another investment property podcast. In the very first episode of Which Mortgage, host Alex Whitlock is joined by Eva Loisance and Costa Arvanitopoulos from Finni to pull back the curtain on the finance tactics brokers know and lenders would rather keep quiet.
The trio dive into a real client scenario: a 25-year-old on a $100,000 income with just $20,000 saved, priced out of the market and looking at a Melbourne investment unit. The solution was a family pledge, using her parents’ property as security, which can cover up to 105 per cent of the purchase price, costs included, without the parents handing over a cent in cash.
But there was a twist: a desktop valuation on the parents’ home came back about a million dollars short of a full valuation. Loisance explains why accepting a bank’s first number can be a costly mistake.
They also unpack how the buffer rates of the Australian Prudential Regulation Authority (APRA) affect borrowing power and share their lenders of the week, including a non-bank offering 40-year loan terms, a newcomer with no lenders mortgage insurance (LMI) up to 85 per cent, and a major bank that gets sharper on pricing at $2 million. Plus, each week, the question every borrower should ask: What don’t lenders want you to know?
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