Hi there,
Need help finding a loan for an amazing deal for my daughter, but we are struggling with serviceability.
Scenario:
Dual loan application for Block of land in large regional area in NSW(Postcode 2460): Value $300k and construction of investment home $160k= total value $460k (@ 95% loan= $437k + LMI). Rental income will be $350/week.
Would like a 95% loan but don't want to go back more than 3 months in financials as she went overlimit briefly on her savings and loan accounts.(I could ring her neck for this as I have heard LMI people hate this - is this true?)
Current asset: 1 IP value $330k, Westpac loan for $310k IO 5yrs then 25 yrs P & I commenced 2010. (70k of these funds has been sitting in an offset a/c for 3 months ready for deposit and sub-division costs).
Monthly payments approx $1850. Rent is $400/week
Current Salary: 3 yrs as teacher $2508/fortnight gross. PLUS blasted HECS debt which knocks her serviceability
Other Outgoings: Shares house and pays rent $100 week.
CBA Mastercard with $3000 limit (has only had this 1 month - would you believe she had a Westpac one but went overlimit a few times briefly on that one too so I killed it so she does not have to show the record to a lender? ##%$#@! - what can I say - she is young, brain the size of a planet but not good with simple money management, though she is learning- slowly).
This is a great deal but banks seem very tough now when calculating serviceability eg. CBA calculate her Westpac loan at P & I over remaining time etc. and NOW they say they won't go over 300k for a 95% lend which is news to me.
Anyway, hoping not to lose this deal as it has taken me ages to find one this good. Lots of potential for sub-division etc. So hoping some of you enterprising s'soft brokers can come up with something. Be sure to include negative gearing permitted in bank calculators for investments. Even then it may be hard to get over the line. A last resort is a 90% loan but then she may run out of cash to do sub-division, so would prefer 95%.
Many thanks
Carol
Email: [email protected]
Need help finding a loan for an amazing deal for my daughter, but we are struggling with serviceability.
Scenario:
Dual loan application for Block of land in large regional area in NSW(Postcode 2460): Value $300k and construction of investment home $160k= total value $460k (@ 95% loan= $437k + LMI). Rental income will be $350/week.
Would like a 95% loan but don't want to go back more than 3 months in financials as she went overlimit briefly on her savings and loan accounts.(I could ring her neck for this as I have heard LMI people hate this - is this true?)
Current asset: 1 IP value $330k, Westpac loan for $310k IO 5yrs then 25 yrs P & I commenced 2010. (70k of these funds has been sitting in an offset a/c for 3 months ready for deposit and sub-division costs).
Monthly payments approx $1850. Rent is $400/week
Current Salary: 3 yrs as teacher $2508/fortnight gross. PLUS blasted HECS debt which knocks her serviceability
Other Outgoings: Shares house and pays rent $100 week.
CBA Mastercard with $3000 limit (has only had this 1 month - would you believe she had a Westpac one but went overlimit a few times briefly on that one too so I killed it so she does not have to show the record to a lender? ##%$#@! - what can I say - she is young, brain the size of a planet but not good with simple money management, though she is learning- slowly).
This is a great deal but banks seem very tough now when calculating serviceability eg. CBA calculate her Westpac loan at P & I over remaining time etc. and NOW they say they won't go over 300k for a 95% lend which is news to me.
Anyway, hoping not to lose this deal as it has taken me ages to find one this good. Lots of potential for sub-division etc. So hoping some of you enterprising s'soft brokers can come up with something. Be sure to include negative gearing permitted in bank calculators for investments. Even then it may be hard to get over the line. A last resort is a 90% loan but then she may run out of cash to do sub-division, so would prefer 95%.
Many thanks
Carol
Email: [email protected]
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