SearchExploring deposit options
Diem asks:
(updated on Monday, October 23rd 2017)
I'm a New Zealand citizen but have recently relocated to Australia for about a year. I'm planning to move back to New Zealand at the end of this year, 2017. I'm looking to buy a property for myself to live once I'm back in New Zealand.
But, in the meantime, my parents will live in that property and will pay rent for me. I can't afford to deposit 40% on the $700,000 worth house. I have about $220,000. What is the best option for me to do now? My income is $50,000 after tax.
Our Experts Answer:
With the house being a rental property the main banks aren't going to exempt this, even though you plan to live in it down the track. There may be a non-bank option to look at as there are a lending options outside the main banks which can do investment lending at LVR's in the 70-80% bracket - both of which you meet.
Do note that one issue may be the servicing side of the equation, based on what you have stated. But I would need more information on the rental that you will achieve and what you are paying in AUS rent to advise further on that.
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