Will any of the big 4 consider restructuring an existing investment loan with knowledge of current unemployment for 9 months, with also having over 60% equity in property and 100k in offset account?
Forgot to say, totally own outright PPOR currently valued by local RE's at $750+
Possibly not without any income.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What Terry said. Even though you've got the equity – if you're not generating an income, you won't be able to access it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
They will all ask you one question – why do you need to access these funds and if the new loan will help you generating income.
As the guys said above – banks looks for primary exit being cash flow (your wages in this case) and then consider the secondary exit (your property). Don't forget, they are interested in making money and which is only possible if you stay with them (and pay interest to them) and by selling someone's property its more work for them to just recover their money.
You perhaps can consider reverse mortgage' but again that may be considered on various other factors and certainly won't be offered by the big 4s.
Thanks for feedback folks.
To clarify, will they be approachable if I ask them to extend the loan out to the max as I currently have only 6 years left to payout on a variable loan with still a lifespan of 12 years Interest+principle loan? In other words, I've knocked it down by half already over the past 4 years.
Will they now let me pay lower repayments to the true length of the loan, being 12 years left, whilst I'm unemployed, yet still able to meet repayments due to a cash stash.
Or, will this let off alarm bells at the bank, that I have no other income coming in apart from the rent from the IP?!?
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