I would be greatful for any ideas to my following problem. I know a lack of knowledge and believing what people have told me without doing my own due diligence has got me into this spot. I have learnt valuable lesson but I am now looking for a solution.
the short to the point, facts
purchased off the plan unit in Melbourne in Sept 07 for $365000
Paid $36500 deposit which broker funded from the equity in out PPOR ( i now know he did low Doc and fudged our income by 50k. He does'nt work there anymore so i can go and yell at him)
PPOR On gold coast owes bank $307000 (which incs IP deposit)
Current approx value PPOR $400k - 410k (haven't had a formal valuation)
Settlement for IP in 5 weeks balance owing + costs approx $332k
PROBLEM!!! I have been chasing finance for settlement since October 2009. I keep hitting brick walls because I am self employed and my Wife and i split our income and based on that income and expenses we can only finance approx $292k. went down the low doc (Ain't really low doc anymore as have to supply BAS) can only get finance to 80%. thought of asking our olds to lend us the additional 10% but they are retired and have been advised that they would have a hard time lending us the money on their equity.
if i can't settle we will lose deposit($36500) plus pay 16% p.a penalty interest untill settled (approx $4500). This will bust us.
please if anyone has a creative idea I would welcome any comments.
Thanks Heaps. Chris
the short to the point, facts
purchased off the plan unit in Melbourne in Sept 07 for $365000
Paid $36500 deposit which broker funded from the equity in out PPOR ( i now know he did low Doc and fudged our income by 50k. He does'nt work there anymore so i can go and yell at him)
PPOR On gold coast owes bank $307000 (which incs IP deposit)
Current approx value PPOR $400k - 410k (haven't had a formal valuation)
Settlement for IP in 5 weeks balance owing + costs approx $332k
PROBLEM!!! I have been chasing finance for settlement since October 2009. I keep hitting brick walls because I am self employed and my Wife and i split our income and based on that income and expenses we can only finance approx $292k. went down the low doc (Ain't really low doc anymore as have to supply BAS) can only get finance to 80%. thought of asking our olds to lend us the additional 10% but they are retired and have been advised that they would have a hard time lending us the money on their equity.
if i can't settle we will lose deposit($36500) plus pay 16% p.a penalty interest untill settled (approx $4500). This will bust us.
please if anyone has a creative idea I would welcome any comments.
Thanks Heaps. Chris