Can anyone help?
I’m a 32yo male with a wife and 1 child who all live in Victoria and I need some advice about loans.
The property that I have rented for the last 3 years is going to be sold and I (knowing the owners) have been given first option to buy. The house is old and small but the land is 1167 m2 and in the area that I live in the chance of subdivision being knocked back is very very low.
My problem is this I have been out of work for sometime and have just started a new business (3 weeks ago) and need a loan to buy this property.
The property is worth $240,000 and up to $320,000 if subdivided but getting a loan is tuff for someone in my position who only has $20,000 for a deposit ($7,000 first home buyer grant $10,000 as a gift and $3,000 of my own) . I have just been approved for a loan of $170,000 at 11% (something like $380 pw) which is way to much for a person starting a first business to pay. So any help on this would be greatly appreciated thanks…
Sorry i also forgot to put that the asking price of the property is $200,000
Kreman
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