Good Evening,
I find myself with a dilema. Our home is worth 350k – 360k, owe 292k. I want to pull 30k out without refinancing. Another option I was thinking of was to sell to an investor and lease back (rental 375/wk, 6 year lease). The option I am trying to avoid is selling outright.
Any suggestions from the forum would be appreciated.
Regards
Craig
Albury/WodongaHi broach,
Probably all of the following suggestions will hurt to a greater or lesser extent…
If you have the money to pay the extra in mortgage lenders insurance, you could ask if your lender would let you borrow the $30K & add the LMI to the loan ???
Personal loan? depends on your cash flow situation I guess.
Can anyone (relative or friend or anyone) loan you the money?
Hopefully others will contribute some more creative sugestions.
cheers,
Jason.Why do you not want to refinance?
Surely that would be easier than the alternative you described?
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why don’t you set up a line of credit using the equity in your home and then draw the $30K from that?
Your at about 83% LVR now. If you bring the LVR up to 90% (based on $350,000), that would give you an extra $23,000, BUT you would have to pay LMI.
Selling the property only to rent it back would be very costly, and probably should only be considered as a last resort.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]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
Craig,
All options to get your hands on 30K is going to cost you money. Sit down and calculate what method gives the lowest value.
Then on a bigger level you need to assess if getting the 30K was worth it and whether it was good value or not.
Is the 30K going to be generating you profits, if not, obviously you cannot calculate the value…dividing by zero doesn’t work. But then, if this is the case and you need it regardless, it doesn’t matter which method…
Cheers,
Dazzling
“Go hard or go home”
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