My husband and I have built 2 Waterfront properties on a Marina in regional SA. We live in 1 property and holiday rent the other.
Both properties are worth 650k each (valued 2 weeks ago) and we owe 507k on each also.
The holiday rental is doing really well, better than we expected, and income earnt in 7 months, since it started, to 30/6/09 was $23390.
Our problem is that since we moved here, we haven't been able to find jobs. And living on $750 per fortnight, with 2 mortages of $2000 each per month has been difficult. The income from the holiday rental will cover itself but we have had to use that money on bills etc. So for May June July we couldn't pay the mortgage but we found a very understanding mortgage collector at the anz and she arranged for the payments to be capitalized.
However, as at today, we are now 2 payments ($8000) behind again and the hardship team have deferred those payments and will also defer the October payment.
This has all happened because we relied on a broker to have revaluations done and access equity as a buffer to see us through. He has let us down and no longer even returns calls.
We have given up hope of obtaining jobs in the time necessary. The chance of getting a 'permanent' job that the banks will consider in the time we have is pretty remote.
We decided, when we first started going backwards, that we would also holiday rent the house we live in and move out and rent ourselves. We have calculated that each house would earn approx. $54000 per year based on past and future bookings. So thats $108000 a year. My husband has just obtained a casual job earning $800 a week and I get $10140 a year FA.
We have applied to the ANZ for $100000 - $30000 to furnish the house to holiday rental standards and the remainder to payout existing debts and the approx $20000 left to act as a buffer.
It was not approved. They say the income is 'projected' not proven and also because we have the missed payments.
Does anyone think they can help us get out of this NOW? Could we get a low doc to get us 90% of the value or $100000 or even just $30000 to furnish the holiday rental so we can start earning money over the peak christmas season? We are forecast to make $12000 just for Dec and Jan for the current holiday rental.
Should we use private funds from somewhere?
My husband and I are just totally convinced that we can get out of this and even make money through rental income and capital gains, that we just so do not want to let the houses go, and lose what we have worked so hard for. Because thats what will happen. The ANZ will only wait for so long.
Or should we just try to get any kind of work just to keep the payments up?
I'm sorry this is so long, but this is almost the last thing I can think of - to get advice from people who know what they are talking about
Please feel free to post any comments and opinions about our situation and if any of the brokers on here feel that they can help, please let us know
Both properties are worth 650k each (valued 2 weeks ago) and we owe 507k on each also.
The holiday rental is doing really well, better than we expected, and income earnt in 7 months, since it started, to 30/6/09 was $23390.
Our problem is that since we moved here, we haven't been able to find jobs. And living on $750 per fortnight, with 2 mortages of $2000 each per month has been difficult. The income from the holiday rental will cover itself but we have had to use that money on bills etc. So for May June July we couldn't pay the mortgage but we found a very understanding mortgage collector at the anz and she arranged for the payments to be capitalized.
However, as at today, we are now 2 payments ($8000) behind again and the hardship team have deferred those payments and will also defer the October payment.
This has all happened because we relied on a broker to have revaluations done and access equity as a buffer to see us through. He has let us down and no longer even returns calls.
We have given up hope of obtaining jobs in the time necessary. The chance of getting a 'permanent' job that the banks will consider in the time we have is pretty remote.
We decided, when we first started going backwards, that we would also holiday rent the house we live in and move out and rent ourselves. We have calculated that each house would earn approx. $54000 per year based on past and future bookings. So thats $108000 a year. My husband has just obtained a casual job earning $800 a week and I get $10140 a year FA.
We have applied to the ANZ for $100000 - $30000 to furnish the house to holiday rental standards and the remainder to payout existing debts and the approx $20000 left to act as a buffer.
It was not approved. They say the income is 'projected' not proven and also because we have the missed payments.
Does anyone think they can help us get out of this NOW? Could we get a low doc to get us 90% of the value or $100000 or even just $30000 to furnish the holiday rental so we can start earning money over the peak christmas season? We are forecast to make $12000 just for Dec and Jan for the current holiday rental.
Should we use private funds from somewhere?
My husband and I are just totally convinced that we can get out of this and even make money through rental income and capital gains, that we just so do not want to let the houses go, and lose what we have worked so hard for. Because thats what will happen. The ANZ will only wait for so long.
Or should we just try to get any kind of work just to keep the payments up?
I'm sorry this is so long, but this is almost the last thing I can think of - to get advice from people who know what they are talking about
Please feel free to post any comments and opinions about our situation and if any of the brokers on here feel that they can help, please let us know