Hi all,
(to get the full details of the story please refer to my first post- in big trouble-need some help-dated Aug. 14 [
])
I met my MB last Thursday hoping to get a positive feedback but it was hopeless, he said he cannot do anything for now unless i can show him more income or 20K cash (for 80k house) to start wrapping. And i cannot even get back part of my brokers fee which is 3300.00, very upsetting,he tried what he can and i think that’s all what he can do.I will just charge that to experience.I have few questions for you.
1. If i will borrow money from somebody (not a bank), how much interest will it be a month? it won’t be a profit and loss sharing because he is not a money partner, the money is borrowed for a deposit, just like a personal loan, a certain interest for such and such time (2, 3 or 5 yrs.)2. If i won’t do any wrapping at all (put my property investing aside, which is against my will)and refinance again, even if i will lost a little bit of money as long as i can get a lower interest ( maybe less than 6%) remember i have a 300k loan, 7.40% interest, do you think a certain bank will refinance me in this situation? But i have to do reasearch first and do the figures if it is really worth refinancing again.
OR
Stay with what i have now, 7.40% and try to save money and buy IP to wrap.
Thanks for all your help guys. Have a good week.
REGARDS, LUCKY40Lucky
1) I think the going rate for borrowing money from people is 10 to 15% pa.
2) If you have already refianced, then you must meet serviceability so you should be able to refiannce again. But watchout for exit fees, and entry fees again. It may be wise to wait 6 months to get some more growth.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
little bit of money as long as i can get a lower interest ( maybe less than 6%) remember i have a 300k loan, 7.40% interest, do you think a certain bank will refinance me in this situation? But i have to do reasearch first and do the figures if
REGARDS, LUCKY40
Lucky40, My bank loan is at 5.97%, which is at a 0.7% discount to their normal rate. To qualify for this package I have to have loans greater than $250,000, plus have an income > $60,000 (which I believe includes rent). I don’t know your situation, but your loan certainly qualifies.
I’m probably in trouble for quoting an individual lender, so perhaps I shouldn’t mention their name in public forum. Not sure of the rules.
JHi Terry and Doogs,
Thank you so much for your replies. tomorrow i am seeing a banker, i hope he can help me. I will give you an update. Have a good week.
Regards, lucky 401)depends where or who you lend the funds from?
If it’s a friend or someone – set your own rate.
A lender- starts at 6% up to 15%2) Couple of lenders can assist, your main concern will be exit fees on your current loan and serviceability.
I’m only guessing, but the reason your on a Lo Doc is because you couldn’t service the loan with providing prove of income, hence the broker placing you with a Lo Doc loan. If this is true, you’ll have to take the option of lending from someone or saving etc..Ther are a few Lo Doc loans that are a bit cheaper also,however refinancing to these, probably wouldn’t be worth the cost involved. But a few lenders only charge one or two repayments for exit.
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