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Yes- nothing wrong with your calculations although a fair few variables. He may rent it out first or at least told the bank that. Or his YBR broker did. Deposit could be lent from uncle Nick (or associate) and paid back at 0% interest if he really wanted. Makes him feel more indebted to the roosters. Wouldn’t need mums house can borrow 95% LVR as first home buyer.Is he really on 650 though? Have we got any brokers on the kennel?
The apartment sale price was 1.5mish, let’s say he borrows 1.4 and his mums house is used as security.
1.4m loan is close to 2k per week repayments, single guy, no dependants.
That’s high risk for a lender I’d imagine. Oh wait he’s got Mark Bouris the dodgy **** sorry forgot about that.
New stamping policy doesn’t come into play until January but that’s ok he probably asked for a delayed settlement to qualify. LMI would be quite a few K but could have lent that also. And this is assuming he has no deposit or funds of his own.
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