we are looking at a place for about 300k that needs a bit of work. I think it will cost around 15k to do up.
I would prefer to do a 10% deposit but if we do this funds will be very tight for a renno and im afraid the bank will say no.
All our loans are with the one bank and our current LVR is 80%
I have heard that it hurts your credit file to go over a 90% lend? Do banks look at your overall LVR or do they take into account past deposits less than 20%, 10% when assessing FUTURE credit applications (after this house)
Also if we hit a credit wall with a bank after buying a place and doing a renno. Does this mean to access the equity after the renno we would have to refinance with a more leniant bank?
I would prefer to do a 10% deposit but if we do this funds will be very tight for a renno and im afraid the bank will say no.
All our loans are with the one bank and our current LVR is 80%
I have heard that it hurts your credit file to go over a 90% lend? Do banks look at your overall LVR or do they take into account past deposits less than 20%, 10% when assessing FUTURE credit applications (after this house)
Also if we hit a credit wall with a bank after buying a place and doing a renno. Does this mean to access the equity after the renno we would have to refinance with a more leniant bank?