i have a problem:
my parents are looking at looking at a house that is a great buy, the only issue is that we currently have a house (renovation) that is going on the market soon with a hopeful sale price of $1.8 million.
The house we want to buy is tipped to go for between $1.4- $1.6 million. The agent selling the house we want is the same agent that will be selling our house, and we are on very good terms.
Now the problem is that the bank has refused to approve bridging finance and deposit bonds because the last house valuation came in at $1.5 million.
I am seeking help urgently, the house goes up on this Saturday (31/7/07) and need either advice or if there is a broker out there in Sydney that wants to help then i am open to any help and advice:
Below i have left some broad details on the situation, im open to anything, either reply, [email protected] or 0403 434 599
Thanks Guys,
Carl
CURRENT HOUSE:
Sale price: $1.8 mill (between $1.6-$2.00m range)
Debt: $800,000
Closing Costs: $120,000Equity: $880,000
FUTURE HOUSE:
Buy Price: $1.4-$1.7 million
Let me know if you need more details.
Will the new house be a PPOR or a reno ?
Can you show evidence of income to support the end loan.
If so then it should be fairly straight forward.
Richard Taylor | Australia's leading private lender
the new property will be both, we can live in the back section while the reno is going on, probally hold onto it for 6 months to avoid capital gains tax and then sell it and use the profit to build on the back section of the property another 2 town houses.
As for income:
my parents $180,000
me $40,000Yes you should be able to do on a nodoc / lodoc bridging basis with the interest capitalised as long as the total LVR does not exceed 76%.
By the way holding the property for 6 months will not illiminate the CGT.
Richard Taylor | Australia's leading private lender
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