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we need help we are a family mom dad and 5 kids we have 50k deposit and have put a deposit on a property ,,sale price of 110k …we are on a pension and get 1915.96 per f/night ..we need 60k ….we dont qualify for bank finance ….we can pay 350 per week …..we have been renting at 350 per week for many years ….the property we are trying to buy is able to generate at least 300 per week …we would pay any monies we make straight of the loan ..we own a toyota parado 2004 grande ..and a 1996 musso combined value at 50k ..we would sell when we got over to our new place in wa …we dont wont to sell them in a fire sale as we wouldnt get true value …monies for car sales would be paid of loan …we have our freinds comming with us and thay can pay 200 p/week which makes weekly paments at a min of 550 per week ..we are eligable for the 14k first home buyers grant ..that will be paid of the loan asap …we also have a 1988 isusu furnature truck that is worth at least 10k we will sell that as soon as we move over to wa ..we dont wont to sell till then as we would then have to pay for a removalist and thay quoted 8.5k ….pleas help ///////ph paul 0408819344 …
ps we are prepaird to pay up to 15% per/annum over 12 monthsholdandrefinanceMember@holdandrefinanceJoin Date: 2004Post Count: 38
are you living there or rentingout. how long do you want to borrow for
hi will be living there ….and only need loan for 12 months…as we can sell lots of our stuff when we get there ..would love to get a morgage and thro normal home loan but banks sa no ….we no we can make a go of itWJ HookerParticipant@wj-hookerJoin Date: 2007Post Count: 272
How many bedrooms etc are in the house you are going to buy. You have a lot of people for one house!
Also you cannot make a statement that you pay $350 a week rent – so you can pay $350 a week off loan.
When you rent you do not pay council rates, insurance, repairs, water charges ( maybe some water use only ), etc.
Are you going to rent the new house partly to your friends?
How old are the kids? Are any near working age?
hi house has 7 bedrooms we no we can pay 350 p/w and rates ect oldist kid is 14 ….we can also deprive at least 300 p/w from the property …we only need 60k …the property is a whole school that closed 1y/ago gov spent 250k on reno 6months pryer to closing ..it also has the headmasters 3 b/room house with it ..it is zoned residential …i have payed a 10k depst ..and had my offer accepted at 110k … wot is wrong with the banks …we no we can afford repayments ……prop value is 205k we have over 70k werth of cars trucks ect we will sell when we get there ..the 1988 isusu is a remuvalist truck ..we dont wont to sell untill we get over there or we will have to pay at least 8.5k for a removilist ….karen.Member@karen.Join Date: 2009Post Count: 196
wow sounds like an interesting property
Can you please disclose the location of the property and if you know the approximate town population? as this will affect financing options for most of the people on this site.
If there is a link to a website marketing the property this would probably be best.
Are you staying on the pension or will you be seeking employment in the future?
Best of Luck
hi its 250 klm north of perth dont wont to discose the property as i dont wont to lose it ,,pop is small 150 but is onlt 16 klm from a regonal town ..it is on a main tourist hwy and transport hub ..we have 50k deposit …we have to live somewhere ..we pay 350 p/week and paing someone elsis morgage …so the banks think its beter to pay other peoples morgage than pay your own the building is in fantastic condition as gov spent 250k on it not long ago ……
i understand your concern with not disclosing the property location, but if you have already placed a deposit and have a contract you wont lose the property.
The only reason i suggested disclosing the location is so that people can look into the whole situation in its entirety so that they can make any offers/suggestions based on that. There is a wealth of information available through these forums.
You could either provide more detail about the property, whilst you still have a contract and increase your chances of pulling off such a deal with finance or you could keep that information to yourself and potentially lose the property as the contract period expires. Either way personally i gain/lose nothing.
i just found the property….. curiousity is a hell of a driving force!
Dont worry, im not about to put in an offer! :p
I think i understand why you dont want to disclose the location.
With such a small population, anyone offering a finance solution to you, may themselves have difficulty getting finance in such a location from any bank. I understand that historically banks try to avoid lending at higher LVR's in regions where the population is less than 10,000 people. This being such an area.
Your call about disclosing the location, Honestly, there are probably people on this site that could do you a deal but Id consider it a very high risk and you may pay a premium for those services.
we cant see h0w it can be a high risk we have 50k deposit ,property is valued at 205k we have more than enough cars ect to sell ie 2004 toyota parado grande value 35/40k isusu truck value 15/20k we have to live somewhere …we like the country ,, only 16 klm from a regonal center …plus first home buyers 14k come on ppl think outside the square ,,, we can make a living out of the position ….we dont wont to lose our 50k so we wouldnt be trying so hard if we had any thourt we couldnt make a go of if ….Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Regretfully the lending scenary has changed and lenders look at risk V reward and the 3 "C"'s of residential lending.
Character – credit report
Cash Flow / Income – post living expenses, credit card repayments etc etc
Collateral – Security itself and location.
You wont find a standard lender to accept the deal given the information you have provided.
Maybe a local private lender but the rate of interest wont be too attractive.
Richard Taylor | Australia's leading private lender
Perhaps a vendor finance option would suit, as the property is open to tenders?
If, the property is worth what you say it is and the value of your assets is reasonable(i dont know enough about either).
maybe you could offer the vendor 50k at settlement, 40k 3 months after settlement and the rest after 12 months?
I have only read about these deals, never done one. But given that the location is remote, perhaps the vendor will go for something like this!?! Maybe offer a bit more as a sweetener for them
This will secure the property for you, you can sell your vehicles and pay that second installment in good time and then for the final amount you could then possibly get finance from the bank as you would be re-drawing from the equity in the property?
This is a 'Hail-mary' play and may not get accepted…. depends on the vendor.
Maybe others have done a similar deal?Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
The property is located in WA therefore the Vendor would be required to have a Credit License to offer such a facility.
Given the Vendor is a local state authority i do not think any form of VF is likely.
Richard Taylor | Australia's leading private lender
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