Refinancing loans

Viewing 8 posts - 1 through 8 (of 8 total)

Andrew Lee Lawyers
Participant
@andrew-lee-lawyers
Join Date: 2011
Post Count: 37
June 1, 2011 - 5:52 am
Hi all,
Just wanting some thoughts on refinancing options.
Me and my partner are both self employed.
We have portfolio of 4 props.
1st prop is on 60% LVR, 2nd on 80% LVR (princip place), 3rd on 100% LVR
4th also on 60% LVR.
The 4th was meant to be 80% LVR but loan applic with Suncorp fell through, and we had to go with another bank on 60% LVR.
Ideally I want to get all 3 inv properties to 80% LVR or higher, so we can use the finance in the PPOR, and have avail for any further deals. Alternative is to sell one prop and put money back into PPROP.
Can anyone suggest a financier or broker in the Parramatta or Liverpool areas?
Cheers.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
June 1, 2011 - 12:50 pm
Hi,
Can i ask what sort of property or deal is the 4th one? sounds like a “special” property ( studio, apartment in the CBD) for it to be declined by Suncorp and then accepted at 60%.
Regards
Michael
Mick C | Shape Home Loans
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Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
June 1, 2011 - 1:31 pm
Why not give Michael a call – he’s in Sydney.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Andrew Lee Lawyers
Participant
@andrew-lee-lawyers
Join Date: 2011
Post Count: 37
June 2, 2011 - 12:20 am
Hi Michael,
The 4th prop is a 3 bed townhouse out near Liverpool. Bought it for $300k, renting for $380/week.
Actually looking to sell the one next door.
Cheers.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
June 2, 2011 - 12:53 am
OK, What was the reason for the deal to be accepted at 60% LVR only- ; you self employed?
When you buy an IP at such a low LVR, it limits your leveraging power and ability to grow; i guess that’s why you want to sell as well to lower the PPOR non taxable debt.
Also it sounds like your 3rd one is cross securitize since it’s 100% LVR, so if you sell one of the IP and it was used as “security” then this could affect the 3rd loan if it hasn’t gone up in value.
You will definitely need a structure before you decide to sell to save the $$
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 2, 2011 - 10:21 am
Hi Andy
Sounds like a bit of a dogs breakfast to me and I can see why you would want to uncross the securities and make life simplier going forward.
With the available equity and subject to Suncorp agreeing to partial releases no reason with satisfactory serviceability why you cant achieve what you are looking to do.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Andrew Lee Lawyers
Participant
@andrew-lee-lawyers
Join Date: 2011
Post Count: 37
June 3, 2011 - 6:00 am
Hi Mike & Richard,
Mike, Yep, you hit the nail on the head. Self employed. Funny thing is my employee can borrow more LVR than me.
Yes the 3rd property is cross security with the 1st at 60%.
Don't have any loans with Suncorp, and the 4th prop is instead with NAB at 60%. Wanted to bump that up a lot further up to 95%.
Richard, Yes pls email me at [email protected]
ksherwell
Member
@ksherwell
Join Date: 2007
Post Count: 125
June 8, 2011 - 1:23 am
Hi Andy
are you after low-doc finance? I know a provider that will provide 65%LVR back by ING.
I've been searching for over a month to find providers as the banks have cracked right down on Low Doc.