Loans

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maxhugen
Member
@maxhugen
Join Date: 2003
Post Count: 21
February 4, 2004 - 5:33 pm
Many loan products allow a switch to fixed rate, so you can certainly start on variable and switch later.
That said, even professional investors can get caught out using fixed rates. “When [rates are] at the bottom…”, ah, if only we had a crystal ball!
There are other disadvantages to fixed rates… after all you’ve promised to pay xyz to a lender for a set time – what happens if your plans change, for example, you’d like to sell? Gotcha!
Personally, I don’t favour fixing rates for more than 6-12 months, but others may disagree.
Cheers, Max Hugen
Alpha Financial
Residential & Commercial Loans
02 9560 3061
Kreman
Member
@kreman
Join Date: 2004
Post Count: 4
February 9, 2004 - 4:13 pm
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
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 10, 2004 - 7:52 am
Kreman
It will be very hard for you to qualify for a loan at this stage. You would need about 20% deposit and costs.
Maybe someone could wrap it to you? (the rate would probably be cheaper than 11%!)
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
February 17, 2004 - 1:38 am
Kreman, why don’t you chat to the owners, and tell them your situation. Perhaps they would be interested in wrapping to you as Terry suggested. I guess it all depends on why they wish to sell.
But that’s certainly where I’d start – especially as you know them.
Cheers
Mel
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
February 17, 2004 - 3:59 am
Hi Kreman,
11% is a very high rate,
Give me a call or Send me your contact details and I will see what I can do,
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
Victoria
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
February 17, 2004 - 2:46 pm
Originally posted by MortgageHunter:
I even fixed myself!
Oil change only? Full service? Total reconstruction?
Derek
[email protected]