chief007Participant@chief007Join Date: 2004Post Count: 11
I currently have an investment loan with my partner and currently owe approx $150K based on a Purchase Price of property of 320K approx 2 years ago. I am approx $70K in advance of repayments as we speak!!!
I have now been asked by my brother in law to invest in a proposed lotto business and will need about $100K in capital to obtain about a 25% shareholding in this business. I will be working their once a week while retaining my current job
After speaking to my fiance she advised me she is not interested in this venyture but did say i can gear up on our property to assist me with funding my contributuion. In regards to the $150K currently outstanding my partner is receiving inheritance money and will fully pay this loan out in Oct.
I was wondering in the meantime if my financier (ANZ) would allow me to borrow on a line of credit in my name only over this propery we have along with the exisitng short term $150K loan we both have together. So in effect 2 loans will exist 1 in my name only and the other in both names. Property is in both names as joint tenants.
Based on my calculations LVR will bw <80% and i earn approx $60K in gross income a year so serving is not an issue. Just wondering if the bank will be ok with that?
Thanks [biggrin]TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
You will have to ask the bank. Generally loans must be in the same names as the title of the property, but with spouses there can be exceptions. Not sure of ANZ’s take on this tho, probably would have to be in both names. Either way you partner would have to give income details etc as if they were not on the loan, he or she would have to guarrantee it.
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Just send me a blank email, with â€œsubscribeâ€ in subject line.Josh-PrestigeloansMember@josh-prestigeloansJoin Date: 2006Post Count: 62
As Terry said, she would have to go either guarantor or be apart of the finance application itself.
Be careful of the wording of your purpose though. ANZ doesnt like the word business and contribution in one sentence.
See how you go and keep us informed with your progress.
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Licensee Brett Christiechief007Participant@chief007Join Date: 2004Post Count: 11
Why is that? I see many people gearing up against their properties to invest in shares. All i am looking at doing is investing in a business as a minority shareholder.
How else can you do it?
If my servicing ability stacks up and within the LVR policy I cannot understand why they would be anal about it?
Maybe its best if i get a loan through another financier and that financier can take a second mortgage over the property with my fiance acting as guarantor? What do you think? It might be cleaner?[biggrin]
LouiMortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
Just say that the loan purpose is for investment – shares. once you have the money you can change your mind.
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.Josh-PrestigeloansMember@josh-prestigeloansJoin Date: 2006Post Count: 62reyvistoMember@reyvistoJoin Date: 2006Post Count: 13