- MrVipMember@mrvipJoin Date: 2004Post 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?paulmeeseMember@paulmeeseJoin Date: 2006Post 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.
0412 850 820TerrywParticipant@terrywJoin Date: 2001Post 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.
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Just send me a blank email, with â€œsubscribeâ€ in subject line.Josh-PrestigeloansMember@josh-prestigeloansJoin Date: 2006Post Count: 62THEHEATHParticipant@theheathJoin Date: 2006Post 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.THEHEATHParticipant@theheathJoin Date: 2006Post 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 quicklyMrVipMember@mrvipJoin Date: 2004Post 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?corectbussinesParticipant@corectbussinesJoin Date: 2006Post Count: 3elkamMember@elkamJoin Date: 2006Post Count: 722
Hello Mr Vip
OK, I’ll take a crack at it. Was the horses name friday?
[withstupid] and very [offtopic]