HI
My mum, is 65 and is trying to refinance with another bank, as her current bank, (national Australia bank), it taking out extra monthly repayments and also because she would like to have each house separated from each other.
She has an income of $750 per week before tax and she is 65 and has 5 properties, with about $200,000 in her bank which is offsetting her loans.
She has a company as she used to own a business and no longer does, but was told as she isn't paying any GST that no bank will give her a loan, and that the only loan she will get will be a low doc loan at an interest rate of 6%, which is more than what she is paying now. Is this true, do you think she can be refinanced at all going on just her income? Her debt is 1.8 million and l would say she has roughly about $400,000 dollars in equity. I am just guessing here as the properties haven't been properly valued.
Thanks Sue
My mum, is 65 and is trying to refinance with another bank, as her current bank, (national Australia bank), it taking out extra monthly repayments and also because she would like to have each house separated from each other.
She has an income of $750 per week before tax and she is 65 and has 5 properties, with about $200,000 in her bank which is offsetting her loans.
She has a company as she used to own a business and no longer does, but was told as she isn't paying any GST that no bank will give her a loan, and that the only loan she will get will be a low doc loan at an interest rate of 6%, which is more than what she is paying now. Is this true, do you think she can be refinanced at all going on just her income? Her debt is 1.8 million and l would say she has roughly about $400,000 dollars in equity. I am just guessing here as the properties haven't been properly valued.
Thanks Sue