Ok all the mortgage broker on here, what aremy chances of securing a line of credit from equity to use as deposits on ip’s?
Income 33,000 yr
credit card limit 5000
loan repaymentweek 285
3 dependants (13,15,16)
plus monthly expenses determined by bank i’m guessing.i’m looking at using around $10,000 to re do my bathroom / kitchen and at least another $10,000 for ip deposit with as joint venture type arrangement .
What are my chances?
available equity around $150,000
cathnniv wrote:What are my chances?Very slim I’m affraid. A rough estimate for living expenses p.a for a single adult with three dependants will be around the $30k mark….which is almost equal to your income.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
great!
all that equity is no use then?
I am married by the way though would not be putting husband down due to bad credit rating and my name only on mortgage/Hi Cathniv
Unfortunately so. Having equity is one thing – but not being able to service the loan is another.
You could always speak to a mortgage broker about your husbands situation. Depending on your husbands income and the type/number/value/age of the defaults on the credit rating, you may be able to refinance to another lender and access some of that equity. Just a thought.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Cath
From memory you mentioned buying with your father so as i think i pointed out if you looked at buying in a Discretionary Family
Trust this may aid your serviceability if he was a Trustee. More importantly with 3 dependant children you will get additional flexibility when it comes to income distribution.Your level of your husbands credit history will likely effect the question of whether he can be a party to the loan or a Trustee to the Trust.
Whilst you mentioned your Gross income i also assume you receive some form of family assistance for the children by way of either Part A and or Part B benefit.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I do recieve part b family payment for two children,youth allowance for the 16yr old.
father, mother (carers payment) and myselfwouldbe on the mortgage with my contribution being equity only.
let youknow how we go with broker today
p.s noneedforreno $ deposit is all we are really after
And of course potential rent and negative gearing if aplicable.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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