Gday,
I would like some opinions on my current situation. I am currently unemployed and with debts mounting, wanted to know if there is any way to gain 10K finance to keep my head above water. It shouldn't be too long before I'm back in work. I have two townhouses valued at 300k ea I live in one and rent the other my LVR is currently at 80%.
Thanks.
Wayne,
Its generally too difficult to find finance whilst you are out of work.
Use your credit card (if available), then transfer the balance to a nil / low interest credit card until you get a job and back on your feet. Once you find employment you can refinance this debt under your investment property (with LMI – tax deductible if your CC debt is used for the investment property expenses and interest). This will take a little organising but the debt can ultimately become tax deductible with a little planning……. Once you find your feet, take out extra cash from your investments as a buffer for when / if this happens again…… LMI is once again tax deductible as this cash out may be used to capitalise interest etc…..
Leigh Birch
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