All Topics / Finance / good deal no finance

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  • Profile photo of k2005k2005
    Member
    @k2005
    Join Date: 2004
    Post Count: 1
    June 1, 2004 - 8:01 am

    I have a contract to buy this lil unit undermarket value and should gain good capital growth. though iam having trouble getting finace as I have been only in my current job for 3 months.. I was orignally told that this should not be a problem as I am on a good salary and have been previously studying toward getting this job though I must be off probation to be considered for a loan. with this knowlegde I made a cash offer to extned the loan until I was off probation. However, even off probation I am still unable to get a 95% loan. (they will only give me a 85% loan until i have been working for 12months)

    Any suggestionson how I might beable to finance this, would be greatly appreciated. OR any suggestions on how I may beable to get out of my cash offer so i won’t be loosing money… I am think about flipping the property however the contact date is nearing and may not be viable in the short time at hand… any other ideas?

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    June 1, 2004 - 9:13 am

    Listen mate,

    Don’t try to do the legwork yourself – find someone with a good grasp of the lending market.

    You need to get a broker onto this who can find you a loan.

    Ask friends and family for a referral or ask people here for someone you can talk to.

    There are so many products out there that you just need to find someone who has a broad range and chances are they will find you something – time is of the essence here!

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627
    June 1, 2004 - 12:27 pm

    See above – and I’m not a mortgage broker.

    Rgds.
    Lucifer_au

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    June 1, 2004 - 12:47 pm

    Alternatively perhaps the vendor may be happy to
    lend you the shortfall.

    However even then I would still nevertheless heed Simon’s suggestion of seeing a broker as, even with a vendor’s loan, you may still run into problems if you approach a lender direct.

    Pisces

    Profile photo of agent smithagent smith
    Participant
    @agent-smith
    Join Date: 2003
    Post Count: 22
    June 2, 2004 - 2:40 pm

    Hi k2005,
    Need more info………..
    What is the purchase price?
    When did you purchase it (contract date)?
    What is the current valuation?
    When is settlement?
    How much deposit did you pay? What state is it in ? Is is off the plan?
    Do you have any other property/equity?
    How much cash do you have?
    It all may be relevant…..
    Think outside the square!!!!!!!!![hmm]

Viewing 5 posts - 1 through 5 (of 5 total)

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