I am seeking the advise from experts…..
I have a property valued at $870,000, a four bedroom terrace house. I have credit cards mounting up to $80,000, I have owing on my mortgage aprox. $425,000, I have two lines of income averaging $2500 to $3500 per week combined, I am not upto date with financials, I was in partnership that end, and I was left to pickup the tab..so to speak…this left me in a position where I did not maintain my financials…so I am now on a low doc loan with my mortgage…I am unable to access my equity in the house…which is high….what do you advise. I do…my fellow investors? I have looked to refinance…however the interest rates are higher than my current mortgage. If I sell and pay off all debts, I can only apply for a low doc loan in the meantime….any answers?Swim
Why can you not refinance?
Lodoc loans are still very much around and as long your loan repayments have been conducted satisfactorily and you credit is clear you would appear to have sufficient equity.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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