Advice on getting loan in two weeks for auction

Viewing 7 posts - 1 through 7 (of 7 total)

as41
Participant
@as41
Join Date: 2005
Post Count: 108
June 22, 2006 - 10:57 am
Hi guys……..PLEASE HELP ME…….[glum][glum][glum]
I am interested in a house up for auction in two weeks..only just found out about it…..I need some advice…
I am just about finished renovating one IP…..Ready for tenanting by July……This new property is up for auction in two weeks.
Have identified that it will need approximately $20000 worth of work to get a nice rental yield and increase value to a nice level….
Issue is:
1. its only two weeks away…and I have to find a broker and a loan bfore the auction. Can someone help me….. can I find a loan by the date of the auction???????
2. I have only about 5% deposit to buy…..
3. Will the bank leand me the loan plus $20,000 extra for reno…..
4. I am curently paying 100% of mortgage on current IP during reno stage (in between tenants).. but this will change asap as we have it listed as vacant and have already two firm people wishing to rent in July…..
[inlove][inlove][inlove]
Snowflake
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 23, 2006 - 5:36 am
Snowflake which part of the Country are you and the prooerty in ?
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888
Richard Taylor | Australia's leading private lender
as41
Participant
@as41
Join Date: 2005
Post Count: 108
June 23, 2006 - 6:21 am
Hi
We are in Melbourne Suburbs…..
Snowflake
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 23, 2006 - 8:38 am
Why not try Steve AKA Mobile Mortgage he is a regular contributor to the forum and a Vic lad.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 23, 2006 - 9:09 am
two weeks is a lot of time, many people only see their broker a few days before the auction!
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with â€œsubscribeâ€ in subject line.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
as41
Participant
@as41
Join Date: 2005
Post Count: 108
June 29, 2006 - 1:23 am
TerryW…and others….
Do I need full approval or only pre-approval to go to Auction???
Also, it looks like we may need to go over 80% LVR maybee 95%… but if we are successful at purchase and we can improve the property we could then refinance at 80%….My questions is-at over 80% I will incur LMi…. that gets charged at the begginning of the loan and you pay it out over the life of the lan right? If we then refinance after th reno, will we get some of it back… I guess the question I am asking is … Is it worth us going over 80% and paying LMI just to have more $ for the reno or do we go 80%, finance reno out of own pocket and then get the money back via a refinancing to 80% …..I would hate to pay $5000 approx LMi for a 3 month reno and then revert to 80% with a revaluation…. a costly reno then???
ANy tips?[inlove]
Snowflake
Mortgageman
Participant
@mortgageman
Join Date: 2004
Post Count: 164
June 30, 2006 - 1:17 am
Hi Snowflake,
By definition if there is no purchase contract signed, your approval will only be a pre-approval. The idea is that if you have been pre-approved, you have already passed credit assessment and the loan process after you purchase will be quicker and easier. I hope this helps.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044