Hello all,
I really need some advise here. Ive currently finished a 3 x bed Duplex in Toowoomba, Qld. The duplex is currently 1 title however it has a considerable sum of equity.
The total debt is $228k and if strata titled, a 3 bed unit is worth approx. $270k each however I need to refinance now as I can really afford to wait the 3 month period or the costs involved with the title process.
I can say that the duplex as 1 title is probably worth about $400k – $450k but dont know who to do the deal with or will do the deal?? My broker had a loan approved with Suncorp a few weeks ago but they wanted the duplex strata titled (2 titles) so that fell through and now im in the middle of waiting for St George as the broker again applied for a lo doc loan there. Im sort of unhappy with my broker in Sydney at the moment and unsure how this St George will go and just wont how to seek if that falls through (Fingers crossed it wont!).
We run a printing & design business with a 120k t/o but prefer to do a lo doc loan.
Any ideas at all? Really desparate at the moment to refinance and dont mind paying a higher interest rate.
Thankyou heaps for any assistance.
If your existing loan is a low doc, it may be difficult to refinance at all due to recent restrictions. St G is probably the best bet.
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
A lot of brokers would have no idea about how to do a multi unit complex.
As Terry mentioned doing it lodoc maybe a thing of the past due to the recent mortgage insurance restrictions.
In saying that with the equity you have in the property there are a couple of lenders who would do the deal as is but unfortunately the Dragon is not one of those.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:A lot of brokers would have no idea about how to do a multi unit complex.
As Terry mentioned doing it lodoc maybe a thing of the past due to the recent mortgage insurance restrictions.
In saying that with the equity you have in the property there are a couple of lenders who would do the deal as is but unfortunately the Dragon is not one of those.
Thankyou for your reply. What lenders would be interested in taking this deal on? I dont understand why Dragon wont do it considering my current broker covered all angles and put the app through. Just waiting on an answer this week. Hopefully he's right in going with St george I dunno.
Oh well im open to any suggestions and funders. Thankyou all again.
More information would be required before answering that one.
As Terry mentioned both mortgage insurers have dipped out of the Lodoc refinance market.
How much are you looking to fund over and above the current balance ?
St George policy on Cash Out Lodoc is
The Low Doc Home Loan is NOT AVAILABLE for:
- Relocation loan
- Strata title with extended settlement period
- Building Loans – Owner Builders
- PAYG applicants (except where there are joint self-employed and fully verified PAYG applicants.
- Company borrowers
- Trusts
- Cash outs >$10,000 (cash out limited to refinancing expenses)
Richard Taylor | Australia's leading private lender
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