All Topics / Finance / When can I refinance?

Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of MrVipMrVip
    Member
    @mrvip
    Join Date: 2004
    Post Count: 28

    I went for 100% finance on my home loan and it has now been 6 months since paying it off. I now owe $224,000 and have payed off close to 10K on it. My intrest rate is 8.25% and is far to high so I want to refinance with someone else. I got my property valued but it came in at only $220,000 seeing as there are no houses on the left side of my house as the estate hasnt been released there yet, but it will be within 2 months or so.
    Do you think there is anyone who will take me on? I really want to buy a investment property real soon.

    A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?

    Profile photo of paulmeesepaulmeese
    Member
    @paulmeese
    Join Date: 2006
    Post Count: 26

    This is unfortunately one of the pit falls of borrowing 100%,you might need to hold on until the equity has a chance to grow as most lenders will look at a 90% refinance or possibly even a 95% if it is a single debt refinance.

    Paul Meese
    Onyx Finance
    [email protected]
    0412 850 820

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

    Seems like you owe more than it is worth. That will make it impossible to refinance. You will have to wait for the market to pick up a bit and/or add value.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    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 Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62

    Watch out for Penalty costs for canceling the loan early…usually a percentage of the loan amount…. the biggest cost is usually within the first 12months…

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of THEHEATHTHEHEATH
    Participant
    @theheath
    Join Date: 2006
    Post Count: 27

    Break costs are what you will need to consider. To get around the not having the full 10% for a 90% maybe you can take out a personal loan to make up the short fall. I took out a personal loan through HSBC to get me over the line for a 10% deposit and then took out a smart choice loan with wizard as it didn’t require you show a savings history (or where you got your deposit), I’m not sure if this is how most 90% loans work or not. If you have your 10% deposit and a strong history of repaying the loan I don’t see why another lender wouldn’t take you on.

    Profile photo of THEHEATHTHEHEATH
    Participant
    @theheath
    Join Date: 2006
    Post Count: 27

    Of course you’ll be paying a higher interest rate on the personal loan so the aim of the game is to knock it over pretty quickly, which given you’ve able to pay off 10k off in 6 months I assume you’ll be able to knock it over pretty quickly :)

    Profile photo of MrVipMrVip
    Member
    @mrvip
    Join Date: 2004
    Post Count: 28

    Well, when I posted this topic nothing was happening next to me, today I seen heaps of workers here building the new park and the plumbers told me that the estate is now for sale, fingers crossed that the land sales fast!

    A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?

    Profile photo of corectbussinescorectbussines
    Participant
    @corectbussines
    Join Date: 2006
    Post Count: 3

    Hello,

    If you are new in the financial world, you can easily get lost with all the complicated terms inside the papers and contracts. That’s why you can chech the http://www.financialdictionary.org/ and deal more easy with them.

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722

    Hello Mr Vip

    OK, I’ll take a crack at it. Was the horses name friday?

    [withstupid] and very [offtopic]

    Elka

    Profile photo of paulmeesepaulmeese
    Member
    @paulmeese
    Join Date: 2006
    Post Count: 26

    The horse is named Friday

    Paul Meese
    Onyx Finance
    [email protected]
    0412 850 820

Viewing 10 posts - 1 through 10 (of 10 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.