Hello all, I am in desperate need to create 12,000 dollars to close my first deal. I have a personal loan of 14,000 and a full 2,000 credit card. The loan i have been offered is a 100% loan from St George for 310,000. The closings are all up 24,000 and the first home buyers grant is only 12,000 leaving me with a short fall. The Property has been valued at 350 and is in need of re-hab and 30k should see it hit the average 460k mark. Can any one please give me some advice on 12k creation and how to get the 30k out of the house for small renos.
Thanx for all help Guys.
[suave2]HI There,
I know this sounds pretty obvious but I’ve heard of people doing this before. Have you considered going into a different bank and asking for a personal loan for $12,000?Hi busta_
I dont want to sound like doom and gloom, and it is not answering your question, but it sounds like you are over-extending yourself.
I suggest you work out how much you can afford to pay back before getting a personal loan and finding the rent does not cover your mortgage and loan expenses. If the calculations work out, then go for it.
Andrew
http://www.rentmaster.co.nz
Software for LandlordsYou might need an equity partner? 50% of something is better than 100% of nothing
Cheers
JeffYes becareful there!
A quick way is to ring your credit card company and to ask for an increase in your limit.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[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
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