There are a few factors that limit your borrowing in a case like this. 1: Overall maximum LVR is lowered, 2: The assessment rate to which they calculate borrowing capacity is now spread over the entire portfolio. If it were a stand alone security the assessment rate is applied to the loans directly related to the top-up and purchase. Thats…[Read more]

I agreeI would still prefer big 4s or INGremember the long term benefit….

The Bank wouldn't (or should I say SHOULDN'T) decline your loan just because it is too close to the original refinance. As long as you have the equity available in your current properties, you have enough income to service the increased debt, and your repayment history / credit worthiness is good – there is no reason why the Bank shouldn't a…[Read more]

Probably low doc may be the way you would get it through, and if serviceability is the issue, then the banks are scaling back to 60%, and not doing 80% unless income/ serviceability and assets is quite high and can be proven. The banks and the Mortgage Insurers at the moment have tightened up a fair bit and they will currently really assess…[Read more]

Really helpful thread thanks for sharing with us….

Good Advices thanks..

Without private investment in the development of new housing and rental accommodation, there would be immense pressure on States to deliver public housing – which is already in a sorry state and there is no budget to properly accommodate substantial increases in demand.

by Majella Corrigan From Money Magazine, July 2006 If you don't have a credit rating, don’t own a car or house and your income is low or solely from government benefits, it has been near impossible to borrow from a mainstream lender like a bank. Now two major banks have separately entered the low-income loan market, offering loans of up to a…[Read more]

If you are needing finance from a lender there could be real problems – as they see it as a niche market situation (even though our population is ageing) and may make you jump through a lot of hoops to get the money or they may not even consider leading to you.

Good Help Thanks for Sharing This..