Hi all,
We've recently found an IP and made an offer, offer was accepted, we paid the 10% deposit (first IP), we haven't exchanged contracts yet. Our situation is:
So the NAB agreed to fund the IP loan, but now they have found out about the default, they advised they can't fund it unless we come up with 50% deposit, which we can't. We can certainly service the loan, that isn't the bank's issue. The unit is 36m2, cash positive and in a capital city.
Our current mortgage is with the CBA, but my broker advised that their policy is also very tight.
What other options do we have here? I feel that we have done everything right, and just because of a default we are going to miss this opportunity.
We've recently found an IP and made an offer, offer was accepted, we paid the 10% deposit (first IP), we haven't exchanged contracts yet. Our situation is:
- We currently have a mortgage that is paid at the rate of 4 times the principal payments
- We own our vehicles
- We have no credit card debt and pay the balance monthly
- We have a good amount in savings and shares
- I work full time
- My partner works for himself earning a good income (first year so he can't provide documents to the bank for a mortgage)
- I have a default from a Telco from approximately 4 years ago. The default was due to a long running dispute with them and to the value of $300, which was paid in full about 3 years ago.
So the NAB agreed to fund the IP loan, but now they have found out about the default, they advised they can't fund it unless we come up with 50% deposit, which we can't. We can certainly service the loan, that isn't the bank's issue. The unit is 36m2, cash positive and in a capital city.
Our current mortgage is with the CBA, but my broker advised that their policy is also very tight.
What other options do we have here? I feel that we have done everything right, and just because of a default we are going to miss this opportunity.