How to Refinance Loan for Pensioners (60+) with PPOR in Country Town??

[Watermelon Man]

Hello,

I wondering if any of the Mortgage Brokers can help out here. My Folks have a house in Greenvale, QLD (4816) with a $13k home loan, outstanding rates of about $6k, as well as a $30k business vehicle loan, & are finding it difficult to refinance their loan & consolidate bringing their loans down to a more manageable level - they want to get a loan for around $55k to pay out their existing loans/debts with a bit of money left for a rainy day. Their house in Greenvale is worth around $120,000. They're both on the pension, & earnt around $15k last year from a small business they have, & get about $25k between them from the pension.

They would consider paying around $2,000 in exit fees & a 9% interest rate to get the loan as they are intending to sell the home in 2-3 years time.

Anyone know any lenders that will lend to them. I'd be very much appreciated! Unfortunately I cannot help them as I am mortgaged to the max after just buying another IP 2 months ago - I really wish I could help them And I feel really bad that I cannot.

 

[Simon]

A NODOC loan should work. Make sure you check break fees before signing up if they wish to sell in the short term.

Cheers,

 

[Qlds007]

With that sort of income they would be better off with a full doc loan in my opinion at a sensible rate of interest.

If they keep the property for a couple of years the early repayment costs should be negligble.