treb
Can i ask you who you have submitted the deal too?
Realistically CBA & NAB Agri Dept or Rabo Bank would be my first port of call.
Stacks are a private lender and probably worth considering if the above lenders said NO.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Howdy,
perhaps they are treating the loan as commercial due to the commercial farming scenario, rather than residential,
Commercial vs residential rates differ by roughly 2.25%.
We pay 9.75% to Bankwest on a big commercial bill, and I pay 6.61% on my personal line of credit with Bankwest.
NAB used to be our bankers but they wouldn't finance us again when we bought an additional commercial property, 65% LVR was too much for them to consider. Bankwest LVR is 82%, maybe we got lucky, we got a fantastic bank manager and the $!
Also check your credit rating in case something has gone askew.
And I guess the most important question the bank will want to know is how are you going to fund your repayments?
Perhaps loan 100k, then some more $ later?Good luck!
I think your approaching the banks in the wrong way, something doesn't sound rite, even if your property is only worth $1.7m and its freehold then I can't see why they will not loan a misreable $300k, maybe appoach a broker, or work out what your saying wrong to the banks
For anyone that still viewing this topic…..WE JUST RECEIVED AN UNCONDITIONAL APPROVAL FOR $300000 from RAMS.
We approached RAMS. Luckily I was put straight through to Craig Green, a RAMS Lending Manager (ph: 0405 762 749) based in Sydney. He was the first person to think outside the square. He suggested I put my Daugher and Son-in-Law on the title (at 5%) and the 3 of us apply as borrowers. We followed his suggestion and he has been nothing short of fantastic. He’s responded to every single call and question and even advised us when decisions are taking a bit longer than expected and why. Apart from the fabulous service, the interest rate is lower than any of the other potential lenders we made inquiries with. What’s more, their interest rates will always be lower than the Big 4 as that is what they advertise. So yes, I am loving RAMS and Craig Green right now.
Good to hear. That is thinking and sounds like you are very happy – but hope you got legal advice on the implications.
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
Terryw, what do you mean by legal advice?
treborsuj, what rate did u end u paying?
god_of_money wrote:Terryw, what do you mean by legal advice?
treborsuj, what rate did u end u paying?
Many issues could arise. eg in relation to trust law, family law, bankruptcy, estate planning, stamp duty, CGT, mortgaging, difficulty selling if one party doesn't agree etc. Disputes can also arise about who pays what etc
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
Yes all sorted on those issues. We have a very good solicitor who seems to have covered every conceivable scenario and what needs to be put in place before it arises.
6.54% – better than the ones we were either rejected from or would only give $100k.
We also got approval from BCU (Bananacoast Credit Union) but it was at 8.34% so we are going with RAMS
excellent
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
very competitive interest 6.54% with RAMS
You must be logged in to reply to this topic. If you don't have an account, you can register here.
