All Topics / Help Needed! / Assets but no servicability, how to get a loan?
I ran into max at Madam Tussauds yesterday in Sydney.
If Mel won't help – then easy solution is to get Richard to sort it out for you Max – he clearly knows his stuff.
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]
Hi Meles
Do you friends all hold ACL's?
Must admit i would have been surprised if they do as i don't know many of mine that do.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I have a similar problem. Instead of working in a job, I want to buy houses and add value and sell, to make income. Got lots of assets from saving/investing while running my own business but now that I've sold the business, I cant borrow with low income. It's silly really! I'm thinking of renting out my house for $800p/w and moving into one for $400 just to get $400 more income to convince the bank to lend me more money! All I need is $250,000 more, which would be repaid in a year or so.
It wasn't that long ago, they were throwing money at me – I should have taken it!
Who has told you that you cannot borrow based on your low income?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
NowCautious wrote:I have a similar problem. Instead of working in a job, I want to buy houses and add value and sell, to make income. Got lots of assets from saving/investing while running my own business but now that I've sold the business, I cant borrow with low income. It's silly really! I'm thinking of renting out my house for $800p/w and moving into one for $400 just to get $400 more income to convince the bank to lend me more money! All I need is $250,000 more, which would be repaid in a year or so.It wasn't that long ago, they were throwing money at me – I should have taken it!
Perhaps you should get a second opinion on your borrowing capacity. At the very least, you will receive some advice on how to improve your situation if you can't borrow now.
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]
One of the 'big four' said 'no' to us, and we've been with them for 40years!
Thanks for advice, we will be looking around.
If that lender was CBA or ANZ I wouldn't worry as they have quite conservative servicing. Westpac and NAB have very generous servicing. You have plenty of ways to increase servicing – I doubt if you don't find a solution.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Only one of the Big 4 said no i am surprised.
I can't think of any of the majors (with maybe 1 exception) who would even understand how to such a deal let alone approve it.
With that amount of equity there is many ways to get a deal over the line on servicing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I was knocked back for my first loan by the NAB. I didn't go and see anyone else, I just thought I couldn't get a loan and this delayed me investing for about 2 years. Later after I became a broker I realised I could have easily gotten a loan, even with the bank that knocked me back.
That property has gone up in value about 5 times since then.
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
Hello Good People,
As promised, I am posting the solution to my lending problem… I am digging into my Super
This provides me with the funds to build the livable shed; move into it, sell the house, then build the new house.
I can remain an owner builder; do not have to part with cash for no other reason than making the venture palatable for any lender.
It works on my terms and schedule.
I am not paying interest to anyone.
What took ne so long to figure this out? I simply did not know that I can have any payout I like post age 55. Fantastic.
Thanks again to all for your support and suggestions.
Cheers,
Max
Hi Max
I hope your statement 'Digging into your Super" to buy land, build and then live in it was not literal.
If so my friend you have broken so many sections of the SISA Legislation it is not funny and the Fund would more than likely be considered Non Complying.
If you would like to tell us more maybe we can throw further comment on your suggestion.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Max,
I took it that you meant you met a condition of release for a lump sum payment from your super which you then used to construct.
How did you do it?
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
Yes Terry, I am eligible (post 55) to withdraw all or parts of my super, if I do not intent to work. (Have spoken with super, have the form in front of me.)
The land is paid for. The money I withdraw from super will provide the required cashflow to build; then sell the existing house and move into the new one.
Mad.Max wrote:Yes Terry, I am eligible (post 55) to withdraw all or parts of my super, if I do not intent to work. (Have spoken with super, have the form in front of me.)The land is paid for. The money I withdraw from super will provide the required cashflow to build; then sell the existing house and move into the new one.
Sounds good Max. Maybe you are not mad after all?
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
Mad.Max wrote:Yes Terry, I am eligible (post 55) to withdraw all or parts of my super, if I do not intent to work. (Have spoken with super, have the form in front of me.)The land is paid for. The money I withdraw from super will provide the required cashflow to build; then sell the existing house and move into the new one.
Converted your super to an account based pension- smart move
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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