Hi all,
My wife and I have an IP in QLD and are looking to purchase another. We believe that the value of our IP has increased by between $20-$30K and wish to refinance the loan to use as a deposit for the second property (of course once the bank has done a revaluation).
The possible hitch is that we are now living and working in the UK. We both have jobs and will easily be able to service the loan, but wouldn’t mind peoples thoughts on how the bank would react to the refinancing application.
We would also be looking for positively geared property, so our income shouldn’t be as much as an issue as for a negatively geared property.
Does anyone think the bank would have a problem giving us a loan from 20,000 miles away?
In case anyone was wondering we plan to research the property online and then get trusted friends to inspect any prospects before proceeding.
Cheers,
ambskunkThanks Rob,
The bank is Members Equity, which from our dealings so far seems to a little more open than some of the big banks.
We’ll give it a shot.
Cheers.Hey there,
In term of Members Equity, i used them for a purchase and 2 re-finances (2 days b4 the first rate increase YAY [thumbsupanim] and they were great to deal with…
however, when it comes to working OS, i dont know, is it long term or short term, perhaps they will ask for proof of employment when u return in advance ie when doing your application…
However, what they did with me, NO other bank or lender would, so im hopeing they help u out as well
Good Luck
Jason
Hey,
We’re not sure how how long we will be here most likey 18 months+. I am in a permanent position, but we could hit a snag with my wife who is a locum. This is good because she earns about 30% more than normal, but also bad because the contract lengths are usually 3 – 6 months.
Luckily, there are heaps of locum positions for her, so from our point of view there won’t be a problem. Hopefully, with a reduced LVR the banks won’t see a problem either. We may have to wait a couple of months to save some extra cash to throw at it.
BTW nice work with the application timing. We managed to get a 5.99% 5 year fixed rate about a year ago! [specool]
Thanks.
I dont see a problem refinancing to buy another property as long as the investment property can show it can pay for it self, and you could nominate a spokes person in the country if need be.[why not get your friend to ring and ask the questions to the bank in question, that way you can have an answer straight from the horses mouth so to speak.buz2]EZY
Well, thanks to cheap international calling cards I gave ME a call this morning (or afternoon depending where you are).
The banks only concern was that I hadn’t been in my current employment for more than six months.
I guess that will give us a few months to save some more pennys.
Thanks for you advice.
Hi there, ambskunk ( love the name ). I am also overseas ( Maylaysia ) until September, and I also deal with ME. After lookng at, but missing out, on buying another IP, I asked ME what the procedures etc were for taking taking out equity etc.
The only snag I found, was that ME required all paperwork to be original signed copies. If I was in a rush to get financing etc, this may cause a problem.
In saying that though,so far I have been very impressed with ME, especially when my current IP re-financing was completed, the day before I left for Malaysia. I think things were rushed through ( without my knowledge ) so that I could head OS with the headache of organising all this. Thanks again ME.
Hope this helps
Cheers
“Looking forward to the day when I can tell the boss where to go”
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