Hi all you brokers out there,
just after some advice on possible options to keep our investing moving forward, I'm just finishing a reno project and was thinking we would have to sell, as re-val and borrowing up to 80% option wasn't available to LowDoc borrowers anymore, or is it? Have just started to consider Wrapping as option but don't have experience in that area, any advice greatly appreciated.cheers BrenHi Bren
No refinancing under lodoc is still just about an option as it is only one of the mortgage insurers QBE PMI that has decided not to provide cover on lodoc refinances.
In saying this it will depend on the amount of "cash out" you are requesting and the other factors behind the deal i.e your stated occupation, property location etc etc
Also forget the best interest rate just a matter of getting it done.
Richard Taylor | Australia's leading private lender
thanks richard,
we have the loan thru rams for this house, I'm hoping to get back my reno costs approx $25k, I'm a builder and the house is in central Bendigo, Victoria. That said if I could get a bit more out I would, I think the re-val would be around the $230-240k mark and we owe $140K any more advice would be great.
Cheers brenGet your original broker to lodge a further application and subject to everything it should be fine.
Richard Taylor | Australia's leading private lender
thanks richard
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