I am a Podiatrist living in Perth. I have a gross income of over $200,000 per annum and jointly own two positively geared properties in QLD. My short term goal is to get finance for a home for my wife and myself to live in. My problem: apart from being a Podiatrist i have dedicated the last 15 years of my life to climbing Mout Everest which i just came back from four months ago. This venture has cost me a great deal over time. My personal level of debt is high. Credit Card debt and Personal loans amount to $120,000. My serviceability for these loans is fine as my income is quite healthy. But i know a bank will not loan me money for a personal property on top of this.
My goal is to achieve a loan of approximately $600,000: $450,000 for a property and $150,000 to consolidate personal debt. ps i have finished climbing and my only goal now is to become financially secure. I believe this is the best way to start that process.
If anybody thinks they can help ie providing a wrap for example, please contact me on [email protected].
michael
Hi Michael
You cannot generally borrow more than a property is worth, so it may depend on how much equity you have in your 'cashflow' properties.
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
COngratuations on the climb! That's an achievement and a half. Now…..on your salary, with your tenacity it should be a snack to significantly reduce your huge personal debt level to something more manageable, and then look at borrowing. Makes much more sense from where I am. If you feel you are in too much in to do anything, I would not hestiate to sell one of your properties to help remove that debt, (or your share of it) and then go the other way – save a small deposit and buy another IP once you have taken care of your own home with the sale funds and your savings.
Another strategy, if you can buy right in an up market, is that many lenders would consider topping up your loan after as little as 6 mths against a new higher valuation, at which point you could use this extra to consolidate whatever debt you still have.Maybe sell the Audi too! Not financial advice, just personal opinion on some options.
All the best!
Wraps aren't legal in Perth.
I believe wraps are legal over in WA if the person has the required licence.
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
Terry, is that a new thing in past few years? How do you get a licence?
Its something I heard about years ago, not sure if things have changed. I can't even remember what the licence is called now, but it would probably be covered by the dept of fair trading over there.
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
Wrapping is not illegal in WA but an Annual Credit License is required. Applications can be made through the Office of Fair Trading.
Richard Taylor | Australia's leading private lender
Thanks guys, you're so knowledgeable! P.S. I'm not into wrapping though
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