I know what you mean. It is hard for self employed, but this is due mainly to the mortgage insurers strict requirements. If only you had a job with payslips for 3 months!

What about paying out the personal loan to help serviceability, and then getting a new one after settlement? Also reduce or get rid of any credit cards for a while. If you are living with parents etc, then you could stay there on low rent and say you will rent out your new property to enable rental income to be taken into account. etc

Terryw
Discover Home Loans
North Sydney
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They could always buy in the wife’s name. Or get a lease option.

Terryw
Discover Home Loans
North Sydney
[email protected]

You could possibly negoitiate any terms to your satisfaction. 3 months is a long sale period and often agents don’t get serious about selling your property until the second month when they start getting worried that you will not renew if they can’t sell it in time!!!

Go for 1 month at a time, to keep them working hard.

Terryw
Discover Home Loans
North Sydney
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Who knows what will happen. Units in Sydney have definitely dropped in value recently (esp new ones), so now may be the time??

Terryw
Discover Home Loans
North Sydney
[email protected]

I am no accountant, but would think if you have not lodged a tax return during this period and the wrap has fallen thru, then you could/should probably just treat it as a rental property – claiming interest, legal fees for eviction etc against the ‘rent’.

Can you let us know how the eviction goes? – Good luck,

Terryw
Discover Home Loans
North Sydney
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Have a look at the API magazine, there are a few advertising in there. I think ‘spotters’ are different to buyers agents. Spotters just find a property, buyers agents are usually licenced real estate agents and can find, and negoitate on a property for you – hopefully saving you the time and hassle and saving you more than their fee.

Terryw
Discover Home Loans
North Sydney
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I don’t see how that could have happened.

With a wrap, the title stays in the wrappers name. So it owuld have been in the retiree’s name. So the client – the wrappe- would not have been able to secure a loan against this property. Unless they tricked the owner into offering a guarrantee etc. – In such a case, this oculd happen to anyone, and the wrap would have nothing to do with the process.

Terryw
Discover Home Loans
North Sydney
[email protected]

A few years ago I refinanced a wrap client out and had no problems. A month later I went to the same bank and it was a different story. The LMI people would not consider a ‘wrap’ to be a genuine purchase as of the date of the cotnract – 2 years earlier. So despite the property having grown considerably, they would only take the contract price and not the current value. Because they paid a 20% premium when they purchased they would hoping for a 90% LVR loan on value. Then bank was willing to do it without LMI at 80%, but couldn’t get it higher than this.

So in the end I could not do the deal, and later heard that they went to another broker who did it, by issuing a new contract with new ‘price’ on it. ie they tricked the lender.

Terryw
Discover Home Loans
North Sydney
[email protected]

Some will charge a percentage of the price – around 2%. And some will be paid a commission from the real estate agent selling the property which they rebate against what you pay.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hey are you trying to talk up the market to increase your capital gains!!

Terryw
Discover Home Loans
North Sydney
[email protected]