Hi all,
Long time reader, first time poster, I would like to say thank you to everyone contributed for the daily food of thought on the forum.
I hope someone shed me a light to avoid the coming mess.
I bought my PPOR midst last year in Sunshine VIC with 265k mortgage/ 400k value, and have 50k spare cash in offset account. With limited serviceability due to one income with a little kid, I have no plan for IP in near future.
Then my wife make life complicated by accepting an job offer end of last year. Suddenly we have double income and a bit cash in hand, then I went to the auction a rundown 70-80 year old house in Moonee Ponds with a limited number in mind. Dunno why I won the auction at 470k, just remember my wife nearly cried:" omg? do we have to buy this sh...?"
This is the first time we bid and just quick inspection prior to auction, so it would be a costly mistake. The house is full of cracking on wall, asbestos cladding and unlevel carpet floor. The lack of basic kitchen & bath let me understand why other investors stay away.
The nightmare happens when the ANZ scare of the house condition and may reject the loan at 89% + LMI. My FB argue that being an architect, I know what to do to save the house, so they pass the ball to their manager. But I smell a rat and it seems not work.
So if they come back next week with the sorry, I need to hope different lenders have different thinking in 2 weeks time left. If it's the case, which bank does not concern about the house condition? My FB suggest I may need to put more cash in to get 80% or do X-coll which I read a lot of bad things about it.
Please helps.
Cheers
Long time reader, first time poster, I would like to say thank you to everyone contributed for the daily food of thought on the forum.
I hope someone shed me a light to avoid the coming mess.
I bought my PPOR midst last year in Sunshine VIC with 265k mortgage/ 400k value, and have 50k spare cash in offset account. With limited serviceability due to one income with a little kid, I have no plan for IP in near future.
Then my wife make life complicated by accepting an job offer end of last year. Suddenly we have double income and a bit cash in hand, then I went to the auction a rundown 70-80 year old house in Moonee Ponds with a limited number in mind. Dunno why I won the auction at 470k, just remember my wife nearly cried:" omg? do we have to buy this sh...?"
This is the first time we bid and just quick inspection prior to auction, so it would be a costly mistake. The house is full of cracking on wall, asbestos cladding and unlevel carpet floor. The lack of basic kitchen & bath let me understand why other investors stay away.
The nightmare happens when the ANZ scare of the house condition and may reject the loan at 89% + LMI. My FB argue that being an architect, I know what to do to save the house, so they pass the ball to their manager. But I smell a rat and it seems not work.
So if they come back next week with the sorry, I need to hope different lenders have different thinking in 2 weeks time left. If it's the case, which bank does not concern about the house condition? My FB suggest I may need to put more cash in to get 80% or do X-coll which I read a lot of bad things about it.
Please helps.
Cheers