Hi there,
After a good half year or so absence from the forum I am seeking some help with a finance question. I am hoping someone might be able to point me in the right direction...
We have been knocked back by our bank (SGB) on the basis that our income is too low and they won't lend us any more money. The 'low' income is mainly due to my maternity leave (two lots and twins to boot!) as shown on my last tax return in particular. I am self-employed but the actual month to month money coming into my company is pretty healthy now (for more than 6 months now that my working schedule is back). I can prove this in a general way as the practice where I rent an office does the billing for me. In addition to my income there is my husband's income but this is average and much less than mine (we both work part time to care for our children). There is also income from 3 cash flow positive IPs (not massive but enough).
Our PPOR and 3 IPs are all financed through SGB (yeah, I know...x-coll and not everyone's choice...a beginner's error that we would like to extract ourselves from). I think we are at 80% LVR.
We do want to buy another CF+ property and have a nice little system worked out with renos and renting out but we can't seem to get past the finance issue. SGB will NOT revalue our properties if the income issue is not satisfied.
How can we get around this?
Is there a way to access our equity (which would be enough for a healthy deposit on another house in the 250-300K range) and then use that as the deposit amount with another bank? And how do we go about this?
Or do we need to just suck it up and use cash as a deposit and go with another bank or non-bank institution? But won't they too doubt our income capacity?
What about low doc?
I have chatted to a few mortgage brokers and as soon as we give them our financials they run a mile and we never hear from them again (seriously guys, it is not that bad...it's just that being a mum with 3 under 3 messes with the financials)...I am sounding desperate now but I am ready to pull my hair out with frustration.
Do we sell one of our IPs (one that is not quite CF+ and a bit of a pain with the owners' corporation)? But this one will be looking after itself in a year.
Anyone who can help, or even point me in the direction of a good mentor (happy to pay for good quality advice!) please I would gladly receive your comments.
Many thanks if you've just had the patience of a Saint and read through all of that!!!
After a good half year or so absence from the forum I am seeking some help with a finance question. I am hoping someone might be able to point me in the right direction...
We have been knocked back by our bank (SGB) on the basis that our income is too low and they won't lend us any more money. The 'low' income is mainly due to my maternity leave (two lots and twins to boot!) as shown on my last tax return in particular. I am self-employed but the actual month to month money coming into my company is pretty healthy now (for more than 6 months now that my working schedule is back). I can prove this in a general way as the practice where I rent an office does the billing for me. In addition to my income there is my husband's income but this is average and much less than mine (we both work part time to care for our children). There is also income from 3 cash flow positive IPs (not massive but enough).
Our PPOR and 3 IPs are all financed through SGB (yeah, I know...x-coll and not everyone's choice...a beginner's error that we would like to extract ourselves from). I think we are at 80% LVR.
We do want to buy another CF+ property and have a nice little system worked out with renos and renting out but we can't seem to get past the finance issue. SGB will NOT revalue our properties if the income issue is not satisfied.
How can we get around this?
Is there a way to access our equity (which would be enough for a healthy deposit on another house in the 250-300K range) and then use that as the deposit amount with another bank? And how do we go about this?
Or do we need to just suck it up and use cash as a deposit and go with another bank or non-bank institution? But won't they too doubt our income capacity?
What about low doc?
I have chatted to a few mortgage brokers and as soon as we give them our financials they run a mile and we never hear from them again (seriously guys, it is not that bad...it's just that being a mum with 3 under 3 messes with the financials)...I am sounding desperate now but I am ready to pull my hair out with frustration.
Do we sell one of our IPs (one that is not quite CF+ and a bit of a pain with the owners' corporation)? But this one will be looking after itself in a year.
Anyone who can help, or even point me in the direction of a good mentor (happy to pay for good quality advice!) please I would gladly receive your comments.
Many thanks if you've just had the patience of a Saint and read through all of that!!!