Suncorp, who are the worst bank Ive ever dealt with, says although I have 184k equity they wont lend me more than 55k.
Of course they would say this, as I told them I want to buy a house which needs 60k deposit.
How can I fund the shorfall of around 10k including costs?
Bear in mind Ive maxed out the credit card already and Im self employed with a Lo-Doc loan.
Might visit the bank manager tomorrow…..but I dont fit in their box even though Ive probably made double their salary in the last 6 months. Expecting to be rejected for personal loan and credit card increase due to employment status.
why short term?
Ive bought a house for 30k less than market value and will do a quick reno before reselling.
Short term solicitor's loan?
Interest rates will be awful, but if the deal is worth it and it gets you over the line, then refinance at some point in the near future (or qick sale and pay out the loan) – not with Suncorp I'm guessing.By the way; "BANK" is a latin word meaning "pack of a*se-holes".
maybe have a chat to a good mortgage broker and see what they can do for you. but remember if one says no ask another
Suncorp will do 80% LVR on lodoc or 70% Nodoc so i am confused why the max is 55K.
I would never use the Bank as their service levels and customer relations are a disgrace so I agree with you there.
As Marc mentioned private funds maybe an option slightly more expensive but if the deal stacks up that much then could be well worth it. Last deal we did was around 17-18% but nodoc secured personal loans are not thick on the ground in lender choice.
Richard Taylor | Australia's leading private lender
Hey crashy. I am familiar with an 80% nodoc at better than the banks rates , and there is also a competitive 85% lo doc that may get you out of strife, and both loans with no LMI. If they will make a difference I could put you in contact with someone nearby that will be able to help with them. Beats the loan sharks, sorry I mean 'private funds'.
All the best with your reno and sell. Let us know how it goes.
Are you sure after yesteday 85% Lodoc will that competitive given the early repayment fees.
Also last time i checked 80% nodoc at less than Bank rates had rather high DEF's.
Richard Taylor | Australia's leading private lender
Your credit card is maxed, maybe consolidate that into your loan. That credit debt may be the thing thats stopping you.
Why is your credit maxed?? Its bad debt, why have you let it max out.
Chris.credit card used to fund reno.
its usually paid off when the house sells.
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