I have recently decided to ‘jump in the deep end’ and look at purchasing a PPOR. The one complication i have is- I have a $15,000 car loan at the moment and can’t seem to find enough funds, loan-wise. And before anyone jumps down my throat about such a large sum, I have a deal with my employer where i can change over cars every couple of years for nothing. The outlay was for the first vehicle and that is all.
Now, I was wondering if there were any finance companies out there that can extend my loan to cover 90% of the property value PLUS my car loan, over say, 30 years? Roughly $105,000 plus the $15,000 on my loan. I have been told that i can get a bit over $120,000 if i had no loans.
Any help would be appreciated…[thumbsup2]
Don’t forget to factor in the $7-12 k FHOG.
You will have to pay Mortgage Insurance over 80%.
I doubt that you will be able to include the car loan in the mortgage amount …this would normally only happen if you had equity available.
I think maybe St George still lend 95% – 105% of the value of the property.
Get in touch with one of the Mortgage Brokers On The Forum with your exact details.
Live, Learn and GrowLifexperience
Yes you could increase your loan or refinance and include the car up to 90% LVR. but, LMI would be payable. – maybe around $2000.
I agree, car loans kill serviceability, so getting rid of it would be a wise move. can you pay it out in cash?
Terryw
Discover Home Loans
Mortgage Broker
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Destined,
Pay the $2K mortgage insurance so you can get the loan.
Tell em you need another $15K on top of the mortgage for renovations. Finance it in to your offset account then draw it down to pay the car.
Terry will probably tell me that doesn’t work, but hey I’m not above being a little cheeky.
Cheers,
Michael.Will a mortgage broker be able to do it that way for me? If this works, this will get me into ‘the game’ a lot earlier…
At the moment 75% of auctions in my home town (pop. approx. 5500) are being passed in and i’m confident i can get something that i want for a fair bit less than asking price.Unfortunately lending institutions will not extend the loan on an initial property purchase to cover the car loan, until such time as you have enough equity in the property to cover both the lenders maximum LVR exposure and the car loan.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
About all I’m left with then is buy low, revalue, refinance, pay off the car… But its a risk as the valuation has to come in stronger than your buy price.
Sounds like you’ve got to get that car paid off…
Michael.
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