W
WebBoard
Guest
From: Lesley Watson
Dear Peire, Gee Cee and all other members of this forum,
The time has come where I can relate back some experience that may help someone else, and to Thank both Peire and Gee Cee for your valuable information and encouragement. I would have not only lost interest but given up on this venture if it had not been for your advice and support THANK YOU!!!!
My husband and I are now the owners of a set of 6 units our first IP. Purchase price including cost $300,000 100% financed. Rent P.A. $34,000.
Red brick construction very low maintenance.
I made posts back in January, February regard Commercial, Investment and housing Loans. The issue being the main stream banks were refusing to finance our proposed investment as an Investment Housing loan,Investment housing loans were only available for set of 4 units and under.They wanted us to take a commercial loan over 10 year I&P. Not possible.Peire your contact to Kim in NAB was the key to my problem. I contacted Kim and she relayed the same info you gave via this forum. That the NAB COULD finance such a venture as long as the property was zoned Res. My local branch of the NAB was one of the original banks I contacted who gave me the bum steer.Another application was sent through to the NAB with reference to the conversation I had with Kim.
Presto the loan has been approved, even better still under the Investors Choice package. We are now dealing with our local branch of the NAB and may I say he is being more than helpful under the circumstances as he is feeling just a little embarrassed.
This has been a great learning experience for both myself and my husband. We did solve the problem and have indulge in a bottle or two of french bubbly. I just wish I could have shared some with you .
Now all we need to do is start working on the next IP!!!!!!
Cheers Lesley
Dear Peire, Gee Cee and all other members of this forum,
The time has come where I can relate back some experience that may help someone else, and to Thank both Peire and Gee Cee for your valuable information and encouragement. I would have not only lost interest but given up on this venture if it had not been for your advice and support THANK YOU!!!!
My husband and I are now the owners of a set of 6 units our first IP. Purchase price including cost $300,000 100% financed. Rent P.A. $34,000.
Red brick construction very low maintenance.
I made posts back in January, February regard Commercial, Investment and housing Loans. The issue being the main stream banks were refusing to finance our proposed investment as an Investment Housing loan,Investment housing loans were only available for set of 4 units and under.They wanted us to take a commercial loan over 10 year I&P. Not possible.Peire your contact to Kim in NAB was the key to my problem. I contacted Kim and she relayed the same info you gave via this forum. That the NAB COULD finance such a venture as long as the property was zoned Res. My local branch of the NAB was one of the original banks I contacted who gave me the bum steer.Another application was sent through to the NAB with reference to the conversation I had with Kim.
Presto the loan has been approved, even better still under the Investors Choice package. We are now dealing with our local branch of the NAB and may I say he is being more than helpful under the circumstances as he is feeling just a little embarrassed.
This has been a great learning experience for both myself and my husband. We did solve the problem and have indulge in a bottle or two of french bubbly. I just wish I could have shared some with you .
Now all we need to do is start working on the next IP!!!!!!
Cheers Lesley
Last edited by a moderator: