Can anyone help….
My partner and I thought that we had easy finance, since my partners daughter has a trust fund where my partners parents are trustees. We put in a very low offer on a property, that was accepted. Now the trustees no longer want to release funds to assist with the buying of the property.The property is a 2 bedroom, 1 bathroom, with exquisite gardens and winter brook. The house is small and quite basic outside, however inside it is quite well appointed. The house gave us bargaining power. We were going to renovate the property and turn it into a 4×2, which would substantially increase the value of the property. I have an investment property in Melbourne that has approx $26,000 in equity. I have a base salary of $100,000 pa, but no deposit, and a $30,000 LOC at an aweful 13%. My partner will be contributing to the mortgage, however she has a poor credit rating. It is our intention to occupy the property for at least a couple of years.
Here is where we are at.
Offer of $390,000 for the property in the Perth Hills, WA, made and accepted.
Deposit due in the next week.
Hit potential finance problems.
We still have approx 19 days to sort out finance.We are open to any suggestions, including finance and investment partners who are willing to assist us in purchasing the house.
Please help.
You could look at a 106% home loan which maybe enough to cover your costs as well as the original purchase price.
Alternatively if you can access the equity in your IP then you could reduce the borrowing amount.
With the higher LVR lends lenders are wating to see good stability in reagdrs to employment and residence but as long as you can provide all documentation fairly quickly 19 days should be achievable.
I assume you can still access the FHOG?
Drop me a line if you need further help.
Richard Taylor | Australia's leading private lender
Not sure if I can help you in the short term, but can help if you never want to be in this situation again! I feel the pain we went through a similar thing, luckily we could borrow 105% and it got us out of trouble, this was a number of years ago though.
all the best
Scott
http://www.YourEndlessWealth.comYour LOC seems incredibly expensive, any chance of changing financier and repackaging the LOC to a lower rate?
Is your LOC currently partially/fully drawn? Can you utilise this as your deposit or go thru the motions of a deposit bond (however the settlement period isn't really long enough to justify its use)?
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