hi guys i need some of your collective help, i need to refinance on 2 blocks, im interested in a line of credit loan….
i have a clear title of 220k
and a loan from latrobe at 500k, with their 500k i bought land and built a house on it and is now 800k, but their loan term of one year expired last friday so i need to act fast…
so i have property worth 1.2mil at 80%
who are the best to go to that might want to help me for a low doc loan?have u guys got any suggestions?
I’m sure there will be plenty of lenders /brokers who will only be too happy to help you with a lo doc of that size. Obviously you will get much better rates and support than with your current arrangement.
You would be surprised how competitive someone like Bluestone Mortgages is on Lo-doc loans with <80% LVR. …better than a few of the ‘big boys’. Try and keep your clear title land just that – clear title. Anyone that wants to roll all your property into one loan (collatorised, or more commonly called cross -secured) run a mile. You should have no trouble getting a competitive loan by the sounds of what you have said, if your ABN is more than 2 years old. If not, you will still do OK, albeit less choice and or lower LVR. All the best. …and congrats on the nice equity you have built up with this project! [strum]You could go to a mortgage broker !
However the broker would need to ask you financial questions like how much you earn and is it from a job or a business to match the right product to your circumstances and needs.
total property value = 1.02 million
loan is = 500k
LVR = 500k / 1.02 million
LVR is 49%
Your capacity to repay loan ????
rental incomes ????
employment income ????
business income ????
on 800 k property with loan of 500k is an LVR = 62%Did you have a Latrobe purchase and Construction Lite Doc Loan with a one year loan term?
Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks v8 for replying
okies ill look into bluestone ,see how they fair
thanks again for your troubles..thanks v8 for replying
okies ill look into bluestone ,see how they fair
thanks again for your troubles..You could try St George, They have good rates on their low docs, but LMI would be payable. Or Macquarie with higher rates . slightly, but no LMI payable.
Terryw
Discover Home Loans
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yes duckster it was with latrobe for one year construction loan
See Dennis even Terry agrees with me that SGB might be the way to go although some LMI will be payable.
Adelaide Bank will go to 80% with no LMI payable and 76% with no LMI at all.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
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You may have to investigate if Latrobe has done an adverse report on your credit rating because you are past your loan term.
Your credit report can be requested at http://www.mycreditfile.com.au
if you encounter problems Blue Stone will be able to assist you in this situation.Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by duckster:You may have to investigate if Latrobe has done an adverse report on your credit rating because you are past your loan term.
Your credit report can be requested at http://www.mycreditfile.com.au
if you encounter problems Blue Stone will be able to assist you in this situation.Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
They will generally give a short period of grace before they do this, but Denis shouldn’t leave it too long, just in case. As soon as you get the pre-approval Denis, notify Latrobe that everything is ok.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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