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  • Profile photo of comdomcomdom
    Participant
    @comdom
    Join Date: 2003
    Post Count: 92
    September 29, 2003 - 10:05 pm

    Hi,
    Friends and country men and women i will post my problem and ask kindly if anyone has advice.

    I have 3 ip’s and one ppor i owe 625000 to the bank and the current valuation are $820000. I talked to the bank and they say i can only borrow three thousand dollars. As i am a beleiver of long term investment 3 propertys are on 5 year fixed rate and one will be cominig out in may 2004.I have had these propertys for less than one year. Ann ppor 3 years. Would anyone know if i could borrow any more, wife earns $30000 gross and i earn $40000.Any help would be appreciated.

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382
    September 30, 2003 - 12:08 am

    Hi Comdom,

    Sounds like you are storming ahead, good work! In order to help you with loan options I need to know three more things:

    Q1 What gross rental income do you get from your three IP’s?
    Q2 What interest rates approx are you on for your different loans?
    Q3 How recent is your valuation of $820K and where did this figure come from ie you or an accreditated bank valuer?

    I am guessing you have everything with one lender at the moment? If you wish to keep borrowing it may be possible to rearrange your existing/new loans with different lenders to improve serviceability.

    Either post the info on line or feel free to email me directly.

    [:)]
    Mel
    [email protected]

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