Finance Help

Viewing 4 posts - 1 through 4 (of 4 total)

derekpuah
Participant
@derekpuah
Join Date: 2004
Post Count: 7
November 5, 2004 - 2:35 am
I found a property that the vendor willing to do a WRAP. The bank value it around 620K but the vendor willing to sell it at 520K.
My question is can I borrow 620K in 6 months time consider I am able to make the repayment?
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
November 5, 2004 - 3:24 am
You want to borrow 100% of the valuation?
Is possible but expensive.
What if the 6 months time valuation comes in lower still?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 5, 2004 - 4:02 am
You’d better hope the value goes up! Renovations, market growth??
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
derekpuah
Participant
@derekpuah
Join Date: 2004
Post Count: 7
November 5, 2004 - 4:46 am
I was thinking of doing a bit of touch up. However the house is in a pretty good order although it is not fantastic. I am not sure if huge renovation will make any different in the term of value.