Finance

[WebBoard]

From: Mike .


Refinancing
From: SJB
Date: 3/8/00
Time: 4:31:51 PM

I have 2 properties, one investment and my own home. I have recently renovated my own home and have run my I/O line of credit to it's limit. I still hold approx. $380,000 equity in my 2 properties however my outgoings are exceeding my incomings. I wouldn't mind increasing my credit limit as a buffer for the present time as my properties are in a strong growth area of inner Melb. and my plan is to clear 150,000 of personal debt in 2-3 years.

My difficulty is that my income levels only just meet the requirements of the bank for my current level of credit. The banks formula is monthly income (80% of rent, 35% of salaries) divided by 8.85% multiplied by 12.

I want to refinance but I'm not sure who can help. Any suggestions?

 

[WebBoard]

Kym Rampal

Reply: 1
From: Mike .


Re: Refinancing
From: [email protected]
Date: 3/8/00
Time: 4:41:18 PM

Hi,

I am a mortgage broker on the Internet. Not all organisation use the calculation you described. There is another test we use and that is an income surplus test. In most cases borrowers who fail the dsr test (the one described by you) can pass the income surplus test.

If I knew all your figures such as : How much rental income you receive, What is your gross salary (and your partners What other committments you have etc, I could work out which of the 20 lenders I deal with can help you refinance your loan and what the costs will be.

Please feel free to get in touch with me either via email: [email protected] or via phone on (02) 9552 1514

Regards Kym Rampal Web: http://RightLoan.com.au/