Hi,
Have an issue with Westpac through a local broker at the moment that I just need some advice on my options on whether to hang in there or look else where for funding options.
The situation:
PPOR $290K (bank valued 27/4) with 100% equity = no mortgage
Income 1: $62K gross (me - government job >10yrs so stable)
Income 2: $20K gross (wife - Allianz Workers comp since 2004)
Cash: $110K
Shares: $60K
Prospective IP: $370K (bank valued at purchase price 22/4)
Broker advised loan of 100% + costs then to cross collateralise PPOR with IP for various reasons including LVR with be <60% and my modest income then use 100% offset for cash to reduce cash flow issues.
I got pre approval in late 2009 based on the above figures and full declaration of income sources for an IO loan of <$400K. Double checked everything with broker prior to offer being made and all was OK so had offer made & accepted on $370K + Stamp Duty/Cost.
The issue is now Westpac seems to be very hesitant due to my wifes income being from Workers Compensation.
Can any experts (Brokers etc) advise if it would be possible to finance an IP on the information given above using the 100% finance option with linked properties.
My only other option I know, yet to be tested, would be to use all cash/shares and borrow a smaller amount that is acceptable given my income.
Also once applied for via an alternate Broker how long would it take to get unconditional written approval for loan as its now urgent if I want to secure this IP.
Any advice would be appreciated.
Cheers.
Have an issue with Westpac through a local broker at the moment that I just need some advice on my options on whether to hang in there or look else where for funding options.
The situation:
PPOR $290K (bank valued 27/4) with 100% equity = no mortgage
Income 1: $62K gross (me - government job >10yrs so stable)
Income 2: $20K gross (wife - Allianz Workers comp since 2004)
Cash: $110K
Shares: $60K
Prospective IP: $370K (bank valued at purchase price 22/4)
Broker advised loan of 100% + costs then to cross collateralise PPOR with IP for various reasons including LVR with be <60% and my modest income then use 100% offset for cash to reduce cash flow issues.
I got pre approval in late 2009 based on the above figures and full declaration of income sources for an IO loan of <$400K. Double checked everything with broker prior to offer being made and all was OK so had offer made & accepted on $370K + Stamp Duty/Cost.
The issue is now Westpac seems to be very hesitant due to my wifes income being from Workers Compensation.
Can any experts (Brokers etc) advise if it would be possible to finance an IP on the information given above using the 100% finance option with linked properties.
My only other option I know, yet to be tested, would be to use all cash/shares and borrow a smaller amount that is acceptable given my income.
Also once applied for via an alternate Broker how long would it take to get unconditional written approval for loan as its now urgent if I want to secure this IP.
Any advice would be appreciated.
Cheers.