All Topics / Help Needed! / HELP bank is saying no!!!!

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of RoseRose
    Member
    @rose
    Join Date: 2004
    Post Count: 27

    Dear All,

    I managed to bid for a home in Sunshine and I have 10% deposit but the bank is saying no because my Dog Grooming business is short of 5 months from 2years. I also have a full time job plus one home and another investment property so this would have been our second.

    Can anyone please tell me where else I can go because I really want this unit – we even got tenants in so its already paying itself but the rent is going to the owner for now!

    The price is 165k and I have exactly 16,500k deposit cash. The rental income is $170 now – the unit actually need lots of cleaning and fixing – the bathroom was a wreck so as is it was rented out at $170 and these people want to clean it up!

    PLEASE HELP as I have until the 19 AUG to organise the finance.

    Thank you.
    Rose
    http://www.elegantdog.biz

    Rose

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Rose,
    You have the 10% deposit but what about the purchase costs, approx. 5% $8250
    If you do not have 2 years financials then a Low Doc Loan may be an option,
    I need more info to be able to suggest anything further,

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Rose,

    Suggest you contact (via PM) one of our resident brokers – (in no particular order) – stuart weymss, mobile mortgage, mortgagehunter or terryw – sorry to others who slipped under my radar.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    Rose,

    I am wondering why, if you also have a full-time job, that the banks are being narky. Are you already very highly geared with your home and other IP?

    kay henry

    Profile photo of RoseRose
    Member
    @rose
    Join Date: 2004
    Post Count: 27

    Hi Steve,

    The purchase price is $165k – we have total 10% deposit of $16.500k in fact we can even go higher and make it $20,000.- but no more than this. The rental income from this property is $170 a week.

    I tried CBA for the low doc loan – THEY STILL SAID NO! I even offered to pay more than 12% deposit but they are not even phoning me back to say anything – I have been on the phone for 2 days just to get an answer. It took them over a week to process my application.

    Rose

    Rose

    Profile photo of MonopolyMonopoly
    Member
    @monopoly
    Join Date: 2004
    Post Count: 1,612

    Hi Rose,

    I have replied to your PM; and supplied the info you requested. Let me know how you get on.

    Cheers,

    Jo

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You will need around 20% deposit plus costs for a low doc.

    Because you are self employed as well as paye, most lenders will want to see you business financials – they are worried that you may be running the business as a loss.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537
    Originally posted by Rose:

    It took them over a week to process my application.

    Its amazing how our expectations have changed.

    Profile photo of YorkerYorker
    Member
    @yorker
    Join Date: 2004
    Post Count: 306

    Try every financial intermediary you can find, one will surely say yes.

    Profile photo of BZPBZP
    Participant
    @bzp
    Join Date: 2003
    Post Count: 7

    My friend all I can say is never give up, Im a student on a scholarship and I wanted to purchase a rental with 10% but got knocked back by nearly every bank..All I can say is if you have a broker who knows what he/she’s doing your in with a grin.

    Profile photo of dpeka3753dpeka3753
    Member
    @dpeka3753
    Join Date: 2002
    Post Count: 5

    Hi Rose, I was in a similar situation to you earlier this year. I managed to get finance through AFIG Wholesale. Higher interest rate though, 6.8%. Ph n.o. is 1300 360 801.

    Cheers Dean

Viewing 11 posts - 1 through 11 (of 11 total)

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