hi everyone,
my parents are faced with a dilemma at the moment and i was wondering if anyone out there may have some ideas/suggestions.
the scenario...
they are currently going thru the process of selling their IP and want to pay the monies into their PPOR. the monies from the IP sale will not cover the balance of PPOR so they are wanting to refinance which will leave them withan approx 80k loan. they want to pay P&I over 10 yrs which should see the loan paid out. they are happy to stay with the anz as they have banked with them for many years. however with dad being self employed for the last 2 years and mum working part time bringing in about 15k the bank says they can not service the loan. i don't believe mum's income has been taken into account as yet. dad's accountant is not wanting to show he is making to much out of the business yet so where to from here? they have a great relationship with their personal banker and she is working hard for them but beacuse the deal is under 250K it has to be referred to melb and some one who doesn't know them or their situation. and to complicate things they live in a very small rural town about an hour and a half from bris. sorry about the length of the post i hope someone might be able to offer some suggestions. thanks in advance.
rie
my parents are faced with a dilemma at the moment and i was wondering if anyone out there may have some ideas/suggestions.
the scenario...
they are currently going thru the process of selling their IP and want to pay the monies into their PPOR. the monies from the IP sale will not cover the balance of PPOR so they are wanting to refinance which will leave them withan approx 80k loan. they want to pay P&I over 10 yrs which should see the loan paid out. they are happy to stay with the anz as they have banked with them for many years. however with dad being self employed for the last 2 years and mum working part time bringing in about 15k the bank says they can not service the loan. i don't believe mum's income has been taken into account as yet. dad's accountant is not wanting to show he is making to much out of the business yet so where to from here? they have a great relationship with their personal banker and she is working hard for them but beacuse the deal is under 250K it has to be referred to melb and some one who doesn't know them or their situation. and to complicate things they live in a very small rural town about an hour and a half from bris. sorry about the length of the post i hope someone might be able to offer some suggestions. thanks in advance.
rie