I have just recieved some bad news. I can no longer purchase properties and live off the equity as the values go up. Genworth has announced they will no longer do Low Doc refinancing on investment properties. Not only that but they will only do Low Doc purchases with 12 months BAS statements from the ATO. Where to now for me? I cant refinance my properties and I cant purchase anymore as I dont have a 'real' job. How is this going to effect the already unsteady property market? If I need cash I will have to sell my properties to realise the profit. If there are other investors in the same situation as me, as I'm sure there are, what will that do to the prices? Is this the end for my investing? Do I have to get a j … j …. I can't even bring myself to say it.
You might just have to swallow your pride and get a job, It would be better then loosing all your properties
You need to understand that the Gemworth policy varies from lender to lender so you may still be able to refinance and move forward.
Also bear in mind that not all lodoc loans are mortgage insured so that will also help you carry on.
Richard Taylor | Australia's leading private lender
hbbehrendorff wrote:You might just have to swallow your pride and get a job, It would be better then loosing all your propertiesYuck
Qlds007 wrote:You need to understand that the Gemworth policy varies from lender to lender so you may still be able to refinance and move forward.Also bear in mind that not all lodoc loans are mortgage insured so that will also help you carry on.
Richard, thanks for the input. It's good to know I may still have some options.
Qlds007 wrote:You need to understand that the Gemworth policy varies from lender to lender so you may still be able to refinance and move forward.Also bear in mind that not all lodoc loans are mortgage insured so that will also help you carry on.
Richard, I think you'll find the recently announced Genworth changes (i.e. Lo Doc) are across the board.
Want to take a bet on QBE's response ?
Yos
Yes Gemworth have changed and PMI/QBE will change later this week.
What about the lenders who dont mortgage insure ? There are always options.
Richard Taylor | Australia's leading private lender
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