Hi there,
I am having some trouble getting extra investing $$$. My bank is not happy to lend me anymore money for a while as I am at my 80% LVR. Does anyone know where i can go to next? I am not happy just to sit by and wait 12 months until the banks agree to lend me more….
Cheers
It it is going to be, it is up to me….
Contact other banks who may be keen for your business or see a broker who can run some figures for you.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
some lenders will lend up to 95%, you can of course exceed the 80% of your current lender with some kind of insurance whether that be mortgage insurance or some kind of investment insurance for the lender…. I am only knowledgable about mortgages really.
Hi there,
I don’t think you will need to wait 12 months…some options to try are as follows:
1. As you earn income from your employment, pay off some of the loan of your 1st property. Then use the equity in this to pay for the deposits in other properties.
2. Re-finance your 1st property and get the banks to re-value the property. If it has gone up, all good and well because banks will then lend you money on the basis of the new evaluation.
3. Borrow money from relatives, friends or get a money partner.
4. If you have a few thousand dollars but not enough for a deposit on the 2nd property you wish to invest in, then on the 1st property, do some renovatiosn with the few thousand that you have(maybe some landscaping) and increase the value of the property. Get the property re-valued after the renovations have been done and you could borrow on the new valuation.
5. Any good investment property you find, make an offer on it with long settlement dates with ‘SUBJECT TO FINANCE.’ This way you can have an offer on a property with a four to six month settlement and you have this 4 – 6 months to come up with 20% deposit. If you come up with 20% deposit, most banks will be happy to loan you 80% of the value of the 2nd or 3rd property you wish to invest in.
Hope this helps.
Kind Regards,
George.If You never never ask, you’ll never never know”
I agree with Simon. There are plenty of banks out there, just try another.
Another option is to threaten to leave your current bank and to refinance everything. This works sometimes.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hehehe – i like that option terry – threaten them…but then again – ur just a number to them
“If You never never ask, you’ll never never know”
Hi A in A,
Strongly recommend you see a good broker. You may well be amazed at their magical powers.
Someone I know got told ‘no’ by two separate banks and yet when workign through a broker was able to borrow sufficient funds for two more properties.
PS the possibility of losing a customer made no difference to the two banks involved.
Derek
[email protected]Read my comments? Think I can help you? PM or email welcome.
Banks tend to very close minded and still set in their ways. Brokers will go the extra mile to help as they will usually be getting some sort of direct commission spin off. I know if it were me I’d go hrder with good financial incentive.
One a year is my plan!!
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