Hi All,
After some help from the experienced brokers if possible as we're running out of options.
We have about 3.9M of property including our PPOR.
We have total loans of 2M against them (owing about 1.6M) and we currently have about 300k in cash offsetting various loans.
All current loans are with WBC except 1 tiny one with BW.
We have an offer on a place at 620k and have been trying to get (some) finance.
We can purchase it outright if we need to (and that looks like what we'll have to do) by scraping all the redraws and cash together, but that leaves us a little too close for comfort. We also have one property on the market, but would rather not enter into a bridging scenario.
So far, WBC took pretty all but 1 day of our finance approval time to decide that they 'didnt want any more exposure to us' and that we missed serviceability by some 3k a month (wouldnt explain how they arrived at this figure). They stated that we'd be drawing down on our (large) LOC continually however this isnt the case.
We had taken 200k out of our LOC and put it in an income producing managed fund. Seems like a simple concept to me - Borrow money at 6% earn 10%. However the bank wouldnt recognise the income side of the equation, and didnt seem to like the explanation re the 200k hole at the other side of the equation. I have since reversed this in preparation to pay cash.
We then spent the next 2 weeks through BW going for a 60% lodoc only for them to turn around yesterday and say they would do it, but not in the trust name (which was stated at the start of the process)... Arrrgh
Settlement is due at EOM and i'd like to get SOMETHING in place then, or shortly after (likely after now).
My wife is currently coming out of a partnership thats winding down, and resurrecting business in her own name so her incomes not strong. Our household income is probably around 160k.
Rental income is about 8300 p/m (gross)
Our first attempt was through WBC direct, the 2nd was through broker who tried hard, but don't think he quite got it..
I'm obviously concerned about credit file references.
Any suggestions, offers to help, appreciated
Bruce
After some help from the experienced brokers if possible as we're running out of options.
We have about 3.9M of property including our PPOR.
We have total loans of 2M against them (owing about 1.6M) and we currently have about 300k in cash offsetting various loans.
All current loans are with WBC except 1 tiny one with BW.
We have an offer on a place at 620k and have been trying to get (some) finance.
We can purchase it outright if we need to (and that looks like what we'll have to do) by scraping all the redraws and cash together, but that leaves us a little too close for comfort. We also have one property on the market, but would rather not enter into a bridging scenario.
So far, WBC took pretty all but 1 day of our finance approval time to decide that they 'didnt want any more exposure to us' and that we missed serviceability by some 3k a month (wouldnt explain how they arrived at this figure). They stated that we'd be drawing down on our (large) LOC continually however this isnt the case.
We had taken 200k out of our LOC and put it in an income producing managed fund. Seems like a simple concept to me - Borrow money at 6% earn 10%. However the bank wouldnt recognise the income side of the equation, and didnt seem to like the explanation re the 200k hole at the other side of the equation. I have since reversed this in preparation to pay cash.
We then spent the next 2 weeks through BW going for a 60% lodoc only for them to turn around yesterday and say they would do it, but not in the trust name (which was stated at the start of the process)... Arrrgh
Settlement is due at EOM and i'd like to get SOMETHING in place then, or shortly after (likely after now).
My wife is currently coming out of a partnership thats winding down, and resurrecting business in her own name so her incomes not strong. Our household income is probably around 160k.
Rental income is about 8300 p/m (gross)
Our first attempt was through WBC direct, the 2nd was through broker who tried hard, but don't think he quite got it..
I'm obviously concerned about credit file references.
Any suggestions, offers to help, appreciated
Bruce