Heya guys…
Someone is bound to come up with a suggetion on here!
Ok heres the go. After several posts on the website about the problems with my mortgage broker, she has finally managed to get the finance approval through for my second property. -This took 6 weeks mind you!!
The only problem is that settlement is in 3 weeks (June 11) and they have only approved the loan to 84.99% when it needs to be approved at 86% to cover ALL costs. She has been back to the lender and they said no more.
Now I have to come up with $3800 in less than three weeks, and I have no savings (as she knows) to cover this…
Has anyone here got any suggestions on ways I could find a short term loan or anything else creative and legal? (without selling my body) [biggrin]
Would my normal bank give me a personal loan in that space of time? -Help!-
Thanks in advance,
Luke [cap]
Hi Devil,
Credit Card?
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I only have a $1000 limit on my credit card, which is paid out at the end of each month. How long does it take (and how hard is it) to maybe extend this to maybe a 5k limit?
Luke [cap]
Hi Devil,
As you already have a card I would suggest that an increase to your current limit may well be very quick.
Whereas if you were to seek a new card, personal loan etc a financial analysis of your situation would be required and as such this would in the main be longer than an increase to your credit card limit.
Hang around and a broker will be along shortly to give a definitive answer.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Devilcv8,
here are some suggestions,
- ask family and friends for as much as you can borrow, if thats possible.
- increase credit card limit as soon as possible,
- apply for another credit card,
- im not sure if you bought an investment property, (but if you did, ask the vendor to reduce the price, if further and more possible.)
- personal loan – if possible, but apply quick
- if you can and with your work, see if you can get some pay advance, or cash in some sick days and holiday leave (not, all work places allow you to do this, but it can be done.)
- another possibility is, borrow money through a private lender, though, their personal loan rates are a little higher
hope this helps.
Cheers,
sisPersonal loans can be arranged very quickly especially for this amount… usually within a week. Don’t use the same lender. CBA are advertising that you can apply over the Internet and you never have to meet in person and they say they will give you an answer in two days. See http://www.commbank.com.au/getitfaster/
Cheers
Stu
Hi Devil,
If you’ve had your credit card for over 6 months or a year there is a good chance they will up the limit very quickly. When I worked at CBA we could do it over the phone/counter as they now have a system that automatically pre-approves people. If you’re with them it may be worthwhile. Up it to $3K and find the other $800??
A personal loan should be approved in 2 days. Yes CBA can do it over the net but TRUST me, in my early days I had to process the net applications they are definately not faster then normal. CBA in general are not faster and I’m biting my tongue down so hard because its so frustrating not being able to say what I really think but try St George I hear they are fantastic for SPEED and RELIABILITY, which are your key issues at the moment. From application to funding of personal loans it should take about 5 working days MAX.
I can do personal loans now but don’t have the software yet, I know Rob the Mortgage Adviser can do them too, ask him if you need! (he always has an answer hee hee)
Oh and major tip do not apply for credit card increase or personal loan with the lender your home loan is with as it will change your borrowing capacity if they should find out. ALSO make sure you DO tell the bank that you go to for credit card or personal loan about your home loan as it will show up on your credit check.
Good luck!
Oh mates rates are the cheapest – have you nice friends??
Liz Wilson
Mortgage Lender
St George is probably the easiest place to get a
personal loan from.Pisces
Yeah – Like I said, St George. Good to know I’ve got back up here [biggrin]
Liz Wilson
Mortgage Lender
Devil, mid june, little johnny is giving us all $600 for each child we have. If you have done your service for your country, should be no probs
[strum]
Luke,
You could EASILY organise a loan for $3800 in 3 weeks- you’ve got a job, aincha? A bank would love to loan it to you. Seems like you’ve got your credit card under control, so serviceability of the personal loan shouldn’t be too much of a problem? You could always sell your car or something if you have one- but maybe not in 3 weeks. Sis suggested you might be able to get an advance on your pay. Your employetr would probably cought up two weeks pay in advance, but you’d have to worry about what you might live on for those two weeks! Maybe you could suck the life out of your IP, since your wages went in there
Personal loan is a goer, I reckon (or credit card increase, but at much higher interest)
kay henry
I know their just coming into WA and are about in other states..But would – deposit bonds be usable ????
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks Rob..I know diddly about them [biggrin]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWoah lots of suggestions, thanks guys!
My only real concern is that due to loan applications with 2 banks recently, and their respective mortgage insurers taking a peek at my credit file, what is the ‘easiest’ way to do this out of the options above?
I never use the word ‘easy’ when it comes to finance, but on this occasion im looking for the ‘least difficult’ I suppose [biggrin]
Johnny aint gonna help me out with $600 either! Im only 23 and dont have any kids! Not going to have any either considering im… ummm [whistle]
hehe
Luke [cap]
Hi Devil,
Here are some of the options you could try:
– Try to ask for the vendor to leave some money in the deal (say at 10%pa for 1-3yrs)
– Ask the agent to reduce his commission to help you get the deal done
– Can you delay the settlement?Good luck!
Just reading the post by PP in the topic “Mortgage brokers who rebate”
Due to the “lack” of service from my mortgage broker, and the 6 weeks for the approval (and the fact she basically shrugged her shoulders at me when I told her I didnt have $3800 lying around) – what do you think I ask her to “share” some of her initial commission? [biggrin]
Or is that being WAY too cheeky? [blush2]
At the end of the day, I have to look at everything!
Luke [cap]
hi there
just had my credit card increased over the phone.
it took about 2 minutes.added another 4 grand.cheers
hey flash
good stuff…
thanks for getting that 4 grand approved so quickly [biggrin]
Ill send u my bank details, if you could transfer it by the end of the week that would be great
hehe
Luke [cap]
While you seem to have been already given plenty of good options, another might be ‘vendor terms’ of the vendor.
Devil,
We might have looked at how to raise the $3800.00 short fall, but the real question you should ask yourself is, Is it a good deal and you have to put yourself under this STRESSED condition just to seal the deal?
Only you can answer this! Good Luck.
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