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  • Profile photo of AndrewAndrew
    Participant
    @andrew84
    Join Date: 2014
    Post Count: 2
    October 2, 2014 - 5:31 pm

    Hello all

    We recently refinanced our home to take advantage of the lower interest rates and discovered we have around $150k in equity. I have found a positively geared property with a purchase price of $390k. I approached the bank we used to re-finance and they agreed to lend the entire amount plus costs but refuse to lend to a trust.
    The second lender I approached will loan to a trust but won’t lend the full amount.

    Any suggestions for a financier who might do both?

    Thanks for any help.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    October 2, 2014 - 6:11 pm

    Trusts are ok with must banks. Who is the lender that said no and what type of trust is it? i.e. Family, Unit, Hybrid?

    It sounds like it may be a Hybrid Trust.

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of AndrewAndrew
    Participant
    @andrew84
    Join Date: 2014
    Post Count: 2
    October 2, 2014 - 6:47 pm

    Hello again

    Thank you for the reply.
    We are using Adelaide Bank and it is a family trust with myself as the sole trustee.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    October 2, 2014 - 9:55 pm

    Ah ha funny story – Adelaide Bank doesn’t like it but Adelaide bank funded mortgage managers can process it fine.

    Why are you going with Adelaide bank though?

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of RischedRisched
    Participant
    @riched
    Join Date: 2014
    Post Count: 1
    October 4, 2014 - 6:53 pm

    Sometime you have more then one ways to do a task. Be confidante , I suggest bank is a right decision for you. Make sure about the plans and products of it . Don’t double minded , be clear and you will found good results.

    • This reply was modified 10 years, 1 month ago by Profile photo of Risched Risched.
    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    October 4, 2014 - 7:07 pm

    Hi Andrew

    There’s no shortage of banks that will lend to a family trust. Any descent broker should be able to assist.

    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 Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 4, 2014 - 7:18 pm

    Hi Andrew

    As has already been stated there are many lenders out there that lend to Trusts without any loading on the rate of interest or increased fees and charges.

    Would need additional information of your requirements before making a suitable recommendation.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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