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Well I am sitting here at my desk at the moment and I am not feeling very good. I just had a call from the mortgage broker who told me the sad news that I won’t be able to borrow more money to do my next deal because of my low income. As most of the people that have read my posts know I have about 30k equity or more in my current place. SO WHAT NOW? do I sell the place and just do quick cash deal or do I find a new job and wait 6 months and get another loan and just build from there. I really don’t like the idea of putting myself back 6 months…I can’t stand the idea of waiting around. I want to make this happen but not sure how. What a good present for the weekend this is for me….[]Cornel
Cornel, is that the next deal that you have found and trying to finance, or just a ‘potential’ next deal?
Did they factor in the rental that you would get?
Might be time to look for an income partner if that is the case that you cannot borrow. Or sit back and start saving some dollars. There’s nothing says you absolutely have to buy in the next 30 days.
Cheers
MelHi Cornel
What about doing JV with some one. Who got income but no equity.
Cheers
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PropertyGuRuGuru – Snap!
What is it ‘smart minds think alike’ or some such quote? And please nobody feel inclined to give the ‘other’ side of that quote.
Cheers
Mel
Guru – Snap!What is it ‘smart minds think alike’ or some such quote? And please nobody feel inclined to give the ‘other’ side of that quote.
Cheers
MelAnd same time also some time [
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PropertyGuRuHi Melbear…this was just to give me a indication of how much I can borrow…..I wanted to buy my next place in Jan or Feb…but I guess I have to look at a partner now….
What about you find another Mortgage Broker?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon, there is definitely that option, and we have done that in the past.
I didn’t offer it as I didn’t know how good the current one was, but I guess another opinion will not hurt either way.
Cheers
MelJust reread my post and it comes accross a bit smart arsed.
I meant that different brokers have access to different products and some are more skilled in areas that others might not be. I have no doubt your broker is v.capable but a fresh look wouldn’t hurt.
There are a number of solutions out there and it really is worth while just being sure that you really have hit the limit.
I speak to people who have been rejected by one lender or one broker and really believe that they have hit the end. It is often not the case.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
but don’t they all work with the same banks and the same figures and interest rates and stuff like that….?
It is true they all work with mostly the same major lenders.
It isn’t only the rates either. Lenders have different serviceability models too which see one lender being able to lend a person up to double what another lender may think is their limit.
We all have access to different smaller lenders. Noone could have all the possible lenders on their panel and know them all well enough to do them justice.
I’m not trying to give you false hope here. Just suggesting getting a fresh opinion.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Cornel, I can definitely recommend dropping Simon an email with your details. He’s got a lot of information that he shares for free, and it’s better for you offline than on here open to the world.
Cheers
MelThanks for all your help guys and sorry if I sound a bit short off but not really the best thing to find out on a Friday arvo after a big build up and excitement…..Will it be okay if I drop you a line Simon?
Don’t worry Cornel, I’m in the same boat – except I found out this morning that my loans have been declined – and were in fact declined LAST MONTH!!
Soooooooo not happy Jan!!
Simon, I’ve got Jason on the case, so I think I’ll be right – thanks for putting me on to him![
]Cheers
MelBy all means Cornel. Not promising anything but we can take a look and see if I can come up with any different lenders for you.
Have a great weekend.
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Cornel,
Email me, I have cash in the bank, good cash flow but little experience – we may be two halves of a complimentary pair
Cheers, Tom
Oh bugger, forgot the email address: [email protected]
Cheers, Tom
Hey Cornel,
how ya doing man? hey ask your dad if he is interested in going in jointnames on the loan (and this way you can still have the property in just your name), or ask him if he can be the guarantor of your loan.
Anyway man hows are things going? Are you on holidays yet, also do you remember the last subject we did at Russo with John Waterman, if you can, did you ever make a copy of the software and programs we used?
cheers man
jeffSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”By the way man, ask Michael, i remember him telling me something that his Dad bought and put a cash deposit of 2k down for an apartment in the city that was currently being built, and was not gonna be finished for at least 3 or more years anyway, with that i dont know what the deal is, but i only remember him saying that they had to put down a 2k deposit.
catch ya later man
jeffSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”hey cornel,
i believe looking at some other mortage agents and other banks would really help. Not all banks deal with their clients the same way. I was in such situation 2 months back, and given my non-residency status and not an income earner ( JV with dad who works overseas ) we had some difficulty satisfying the bank due to the FIRB restriction that was passed down on us. Big Banks like ANZ, NaB, CBa and others view ours a bit as being a bit edgy, as the clause that we can’t sell the land without first building on it, scares them miles away from us.
anyway, persistence does pays off as i track other mortage agents, and some from the forum too.. and finally i manage to get 2 banks that would approve. One requires a power of attorney, another willingly without any conditions or restriction, and just 2 days ago, i found out that this bank, BankWest doesn’t charge any monthly ongoing fees as well, not to mention the lower interest rate in comparison to the other banks that i’ve tried initially. Customer Service was good as well. So i’m a happy boi
So Cornel, just don’t give up, i’m sure there are banks that will accept you. You’re a resident and you earn in AUD in Australia. I was in a worst position and if i can pull if off, i’m sure you could too
Good LUck All the best,
Cheers,
Kev
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