Hi All,
I recently applied for a re-finance through westpac to access equity to finance a new investment property purchase.
Property: 1 bedroom apartment in Elwood, Melbourne
Value: 330000
Loan: 257600
We were trying to apply for a 90% lend to access 39400 equity for the purchase of a new investment.
Westpac declined as the mortgage insurer would not increase my LVR which is sitting at roughly 80%. They would also not disclose the valuation figure which when I was talking to the valuer would be around my conservative valuation.
The reason was because the property was 46m^2 and was not over 50m^2 even though they have used it as security before. My Mortgage Broker said there is nothing that he can do as other lenders will see it the same way. And will only re-finance to a high LVR if you are a current customer.
Any suggestions?
My thoughts at the moment are:
1. I can only sell to access equity
2. Wait until lending restriction ease. (length of time unknown)
Regards,
Peter
I recently applied for a re-finance through westpac to access equity to finance a new investment property purchase.
Property: 1 bedroom apartment in Elwood, Melbourne
Value: 330000
Loan: 257600
We were trying to apply for a 90% lend to access 39400 equity for the purchase of a new investment.
Westpac declined as the mortgage insurer would not increase my LVR which is sitting at roughly 80%. They would also not disclose the valuation figure which when I was talking to the valuer would be around my conservative valuation.
The reason was because the property was 46m^2 and was not over 50m^2 even though they have used it as security before. My Mortgage Broker said there is nothing that he can do as other lenders will see it the same way. And will only re-finance to a high LVR if you are a current customer.
Any suggestions?
My thoughts at the moment are:
1. I can only sell to access equity
2. Wait until lending restriction ease. (length of time unknown)
Regards,
Peter