G?day. We are facing some dilemma and hope this knowledgeable group can shed some light.
We have two loans with CBA: one home and one investment. Since they were created about seven years ago, the market values have increased to about $250k combined. Contacted CBA and was sent to see this 24-year old guy, supposedly the star of a super-branch.
In our first meeting, we told them about our wish to utilise our ?equity?. After a week, he send us a new loan application. Told him we don?t want a new loan, asked him to change it to refinance. I am on salary so he got my payslip. But hubby just sold his business 2 years ago, started some construction work late last year, about to wrap up this year, but didn?t have tax return yet. Hubby?s latest tax return is 2011/2012. The accountant is still doing his 2013/2014??. He is also about to embark on new venture after this construction is finished. The last email from the Lender said he can give us finance if we ?provide a new investment property with rental income?.
We are furious: our 2 properties value is well over $1M, original loan $740k, balance now $250k (mainly IP). How do we tap into our ?equity? that everyone talks about? We do have intention to buy a second IP but do not wish this property to be encumbered.
On a crossroad now: cancel this case, appeal (to who), move away from CBA (difficult)? Hope to hear from you all. Thanks in advance.
We have two loans with CBA: one home and one investment. Since they were created about seven years ago, the market values have increased to about $250k combined. Contacted CBA and was sent to see this 24-year old guy, supposedly the star of a super-branch.
In our first meeting, we told them about our wish to utilise our ?equity?. After a week, he send us a new loan application. Told him we don?t want a new loan, asked him to change it to refinance. I am on salary so he got my payslip. But hubby just sold his business 2 years ago, started some construction work late last year, about to wrap up this year, but didn?t have tax return yet. Hubby?s latest tax return is 2011/2012. The accountant is still doing his 2013/2014??. He is also about to embark on new venture after this construction is finished. The last email from the Lender said he can give us finance if we ?provide a new investment property with rental income?.
We are furious: our 2 properties value is well over $1M, original loan $740k, balance now $250k (mainly IP). How do we tap into our ?equity? that everyone talks about? We do have intention to buy a second IP but do not wish this property to be encumbered.
On a crossroad now: cancel this case, appeal (to who), move away from CBA (difficult)? Hope to hear from you all. Thanks in advance.