I went for 100% finance on my home loan and it has now been 6 months since paying it off. I now owe $224,000 and have payed off close to 10K on it. My intrest rate is 8.25% and is far to high so I want to refinance with someone else. I got my property valued but it came in at only $220,000 seeing as there are no houses on the left side of my house as the estate hasnt been released there yet, but it will be within 2 months or so.
Do you think there is anyone who will take me on? I really want to buy a investment property real soon.A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?
This is unfortunately one of the pit falls of borrowing 100%,you might need to hold on until the equity has a chance to grow as most lenders will look at a 90% refinance or possibly even a 95% if it is a single debt refinance.
Paul Meese
Onyx Finance
paul.meese@onyxfinance.com.au
0412 850 820Seems like you owe more than it is worth. That will make it impossible to refinance. You will have to wait for the market to pick up a bit and/or add value.
Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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Watch out for Penalty costs for canceling the loan early…usually a percentage of the loan amount…. the biggest cost is usually within the first 12months…
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieBreak costs are what you will need to consider. To get around the not having the full 10% for a 90% maybe you can take out a personal loan to make up the short fall. I took out a personal loan through HSBC to get me over the line for a 10% deposit and then took out a smart choice loan with wizard as it didn’t require you show a savings history (or where you got your deposit), I’m not sure if this is how most 90% loans work or not. If you have your 10% deposit and a strong history of repaying the loan I don’t see why another lender wouldn’t take you on.
Of course you’ll be paying a higher interest rate on the personal loan so the aim of the game is to knock it over pretty quickly, which given you’ve able to pay off 10k off in 6 months I assume you’ll be able to knock it over pretty quickly
Well, when I posted this topic nothing was happening next to me, today I seen heaps of workers here building the new park and the plumbers told me that the estate is now for sale, fingers crossed that the land sales fast!
A guy on his horse rides into town on friday, three days later he leaves on friday, how can that be?
Hello,
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Hello Mr Vip
OK, I’ll take a crack at it. Was the horses name friday?
[withstupid] and very [offtopic]
Elka
The horse is named Friday
Paul Meese
Onyx Finance
paul.meese@onyxfinance.com.au
0412 850 820
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