hi all i have recently finished building my first ip in perth.i paid 230k for the house and land and has now been valued between 335k-355k a unbelievable outcome i thought,originally i was going to live in the property but work situations changed and have moved about 1200klms from perth, so i have tennants in the house paying 240 per week my situation is i have a few other personal loans which now i am finding it extremely hard to service and wanted to refinance to swallow up these anoying loans, also i need to complete some finishing touches on the property eg air conditioning and landscaping as the tennants i have in the house are really good and im sure they are getting annoyed with the house just not quite finished…i have been trying to get finance since just after xmas and so far no luck. It seems the longer it is taking the the further behind im getting making it harder to get finance… viscous cicle……does anyone have any ideas or recommendations
Depending on the location, you could possibly get a No Doc loan up to 80% LVR – no need to prove income or serviceability at all.
This would give you $280,000 if the ppty values at $350,000. That would be another $50K for you to use to consolidate other loans etc.
Terryw
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Parramatta
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Terry is correct a NODOC loan would seem the way to go unless you can show on paper serviceability.
Either way I would also suggest that you split the loan to ensure that you keep the investment portion separate to the debt consolidation part.
Richard Taylor
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Hi Nsellar,
Notwithstanding the desire to refinance I wonder if you wouldn’t be better served by reading this thread for some debt reduction tips and then taking some strategic and concerted action.
https://www.propertyinvesting.com/forum/topic/22883.html
Have you taken steps to maximise your cashflow for the existing IP – interest only loans? depreciation schedule? income tax withholding variation? maximise rent?
Derek
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