All Topics / Hotch Potch / To sell or refinance

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  • Profile photo of SusannaSusanna
    Member
    @susanna
    Join Date: 2003
    Post Count: 2
    October 9, 2003 - 5:28 am

    Hi
    Iam a new member and have a problem. Since we have two -props it seems to be hard to get finance for a positive prop. Our lender does not see that the positive prop is going to improve our cashflow. Should i sell one prop. or maybe refinance. Any ideas?

    Kind regards
    Susan

    Profile photo of stuck-at-twostuck-at-two
    Member
    @stuck-at-two
    Join Date: 2003
    Post Count: 54
    October 9, 2003 - 6:09 am

    I recently refinanced two existing props into one loan (3 umbrella accounts)when buying a new property (3rd property). I went with a completely different lender. Not only did I better the ridiculous rate I had from the other two lenders (obtained 1 – 4 years earlier) but because I consolidated all loans into one loans (but three account numbers to keep the ATO happy)I recieved a professional package with added benefits and a rate that will remain .7% below the standard variable for the life of the loan.(currently at 5.87%) Obviously many things to take in to consideration including if you have an early termination clause in your current contracts, not to mention the hassle of refinancing. But in the end, if you get a good broker, and an even better solicitor to take care of your refinancing, you will no doubt be better off in the end. Most other lenders will try to come to the party on your third property, just to get the business of your other two loans. A good, fee free broker, should be able to sort this for you.

    Profile photo of SusannaSusanna
    Member
    @susanna
    Join Date: 2003
    Post Count: 2
    October 9, 2003 - 6:24 am

    Thanks stuck- at- two

    This has given me a few ideas.Maybe i get a better deal by refinacing.
    Best of luck

    susanna

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144
    October 9, 2003 - 11:01 am

    I’m only to happy to find the best loan for you, crunch the numbers etc..

    [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 10, 2003 - 12:03 am

    Suzanna

    Like picja happy to offer you some help.

    We have wraped over 120 properties ourselves and same again on behalf of investors so think we now what we are talking about when it comes to +cash flow.

    Cheers Richard
    [email protected]
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Australia's leading private lender

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