Buying positively geared IP with ~50% deposit

[againsthegrain]

I am keeping my eyes open for next year if any good opportunities/distresses sales might find their way onto the market.

The specific target I would be looking at would be a IP with 50%~60% deposit. This would mean the loan I would need to take would be positively geared. The rental income would totally cover servicing the loan.

My predicament is I am in Melbourne, do not have a job anymore and I was always more self sufficient, trading, investing etc However this means 0 to the bank.

Is there any chance that without having a full time job a loan like this would be possible? The property would be paying itself off (in a perfect world)

If things go bad I will simply move in
If things go good it will keep paying

 

[over9k]

No job = no loan. The banks won't even touch you.

 

[Austwide]

You could talk to a broker who does Lo Doc loans. Not a lot of hope but the 50% LVR may help. Expect high fees and interest rates.