visiting bank manager tomorrow, wondering what to ask for & how to get it.
Ive got:
LoDoc loan of $205k
Equity of $185k (all created in the last 18 months tax free)
personal loan in partners name of $25k
credit card (with this bank) debt of 25k with 35k limit
interest rate 16.25%
no earnings history
self employedI dont fit in the banks neat little box of what a good borrower is.
What products would help me in the reno business?
Am I likely to negotiate a lower int rate on the CC?i think i would be going to a mortgage broker for advice on what bank would suit your situation.
Ask about exit fees and mortgage insurance, for low docs. These are the biggest worries for low docs. Maybe try to get a large LOC to help with the deposits on further properties.
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
LOC linked to mortgage is probly the go. mortgage is with same bank.
dont need a mortgage, already got one.
well it was rather productive and not as painful as I imagined.
managed a 6% fall in CC int rate, slashed bank fees & 10% off home insurance.
doesnt hurt to ask…….
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