Hi all,
Just wanted to know if there are any lenders out there who can help me out.
I want to try and get home loan for aprox $300k but only problem is i have a personal loan with a balance of $15k.I guess the question is, " Are there any lenders out there who are willing to lend me the money to get my first property and at the same time get rid of this loan?".
I have no savings as all the money i get i put on to the loan I am currently ahead by $5k, I pay $600 each fortnite towards the loan so i can pay it off quicker.
I am currently renting with a friend which i pay $330 fortnite, If i can get my own place and get rid of this personal loan i estimate that i can contribute $1k of my pay each fortnite towards my loan.
so are there any lenders out there that help?.
Thank you
Hi Mark
Hate to be the bearer of bad news especially when i am away on holiday.
In the present climate no lender will advance anything more than 95% of the purchase price and the limited number of lenders offering such a high lvr will want to see a minimum of 3% genuine savings.
Credit assessment is also a lot harder than it used to be for such a lvr especially with a personal loan.
The days of being able to borrow 95% + have been and gone.My suggestion would be in the absence of a family member prepared to offer security to obtain a family guarantee style loan would be pay off the personal loan as quickly as possibly and then maintain the same monthly repayment as part of a regular savings plan to build up your deposit.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
