Hi all
I'm in Sydney and have just signed off on a property in rural Victoria
Settlement is in the next 2 weeksHere's the problem
I have $30000 and the the property is $41000. I initially had the other $11k but it fell through, (someone owed me)Trying to borrow $11k on low docs is a nightmare
I sort of work, sort of but I declare little. I will be on shortly minimum $800 a week through parenting payments and I make anywhere from $500 to $1500 a week myselfMy plan is to buy the property and then borrow against it
Can anyone help with a good broker in the short term?
I am sorry did i read those figures correctly
Purchase price – $41,000 and you are looking for $11,000.
Hate to say you wont find any lodoc lender offer such an amount but you might be able to get your local bank branch take the security and offer a secured personal loan or similar.
Sorry that you find yourself in such a predicament.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Try a credit card.
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
Credit Card is it's max
what's a secured loan within the context of what I've written?
Are you saying fix my $30k? sorry I'm a freshman
Secured loan is one where security is used such as a property.
11k is a bit small for housing loans, maybe you could get a personal loan?
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
they're so anal at the banks even though it's property and I've been with them from day one
could you sugggest a good broker 'cause I'm really over being nice with them (banks)
I don't think a broker would be able to help you, except for a fee. I would suggest a personal loan with a credit union.
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
I don't mind a fee
And I'll try the credit union
Can I ask why you mentioned a credit union?Credit unions are generally good with personal loans. You get more personalised service too.
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
Thanks for that Terryw, I appreciate it
Totally agree with Terry.
Try one of the smaller credit unions as they would certainly be included to look at a deal especially where you were giving them security by way of the home.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You need to factor in $1000 extra for costs in the purchase of this property to cover Stamp duty,Solicitors fees, Title transfer fees.
hope somebody can help me with this question: I am looking to buy another IP under joint names with my wife, if the bank had given me full financial approval but the property had not been settled and I lost my job before the settlement, will the bank recall the approval, and what would be the consequences in regards to the contract. thanks for all opinions
Hi Mj
Difficult one.
If the Letter of Offer and Mortgage Documents have been issued then you should be ok with most lenders although i can think of one particular lender who will remain nameless that often calls up on the day before Settlement to check.
I guess more the concern of mine would be can you afford to support the new level of borrowing without your income.
Good luck in finding new employment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
thanks Richard
I have no concern about cash flow to support new mortgage as I will receive compensation and finding new job is no problem at all. my concern is if the bank is to recall the loan, and if I have to rescind the contract, any penalty to the vendor even though the contract is subject to finance
thanks a lotCan anyone recommend a good credit union?
Try that one with Seinfeld in the ads. Heard they were giving away free holidays.
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
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