Where can I get a short to medium term loan ? Many thanks

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ray_hsu
Member
@ray_hsu
Join Date: 2009
Post Count: 2
November 18, 2009 - 7:02 am
Hi everyone,

I have been hanging here for a while, thanks for all your good advices and opinions; they really helped me a lot.
I just bought my first home, and it is settling in mid-December which means I will have to pay off my 20% percent deposit. But the rising Aussie Dollar really kills me, as most of the deposit money come from overseas, (thanks to my mum and dad:p) I am thinking about to obtain a short to medium term loan in Australian Dollar somewhere to pay the deposit; and pay it back when the Aussie Dollar drop back to normal next year some time. Is there a good mortgage or loan lender out there can do this deal with a reasonalbe interest? Do I need any security such as house or car to obtain the loan? Would it be any trap if I mistakely select a cheeky lender?
Much appriciated for all your advices and help
Ray
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 18, 2009 - 8:48 am
It will be pretty difficult to get a loan to be used as a deposit on a purchase. memberfirst.com.au can do personal loans up to $30,000 at 9.25% but they won't lend for deposits unless you are contributing your own funds too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
duckster
Participant
@duckster
Join Date: 2004
Post Count: 1,674
November 19, 2009 - 12:06 am
Heard of a deposit bond !
Dangerous part – you have to pay off the deposit bond on the expiry date
http://www.anz.com/personal/insurance/deposit-bond/
http://www.lawyersconveyancing.com.au/deposit_bond.asp
http://www.depositpower.com.au/dpg/
http://www.xinc.net.au/home_loans/deposit_bonds.html
ray_hsu
Member
@ray_hsu
Join Date: 2009
Post Count: 2
November 19, 2009 - 8:30 am
thanks so much for the inputs, I will have a good read of these articles:)
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 19, 2009 - 11:57 pm
A deposit bond won't help at all. These are only meant to replace the deposit (10%) until settlement. You will still have to come up with the money at settlement. If Ray has bought it already that means he has the initial deposit sorted anyway.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au