All Topics / Help Needed! / Assets but no servicability, how to get a loan?

Viewing 15 posts - 21 through 35 (of 35 total)
  • Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    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
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

    Profile photo of NowCautiousNowCautious
    Participant
    @nowcautious
    Join Date: 2012
    Post Count: 3

    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!

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Who has told you that you cannot borrow based on your low income?

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    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 Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of NowCautiousNowCautious
    Participant
    @nowcautious
    Join Date: 2012
    Post Count: 3

    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.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    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
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    Residential and Commercial Brokerage

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mad.MaxMad.Max
    Member
    @mad.max
    Join Date: 2013
    Post Count: 9

    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

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mad.MaxMad.Max
    Member
    @mad.max
    Join Date: 2013
    Post Count: 9

    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.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    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 Me

    Same Banks. Better Rates. Served With a Passion.

Viewing 15 posts - 21 through 35 (of 35 total)

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