Search found 6 matches

by DeeO
Sat Nov 27, 2010 10:19 pm
Forum: Home Loan Forum
Topic: Paying 12% interest rate Help
Replies: 3
Views: 10316

Re: Paying 12% interest rate Help

Thanks for getting back to me so quickly..

I have few questions
I hope we dont have any trouble getting a full doc loan we have been in business for 4 years and have BAS/Accountant does our tax etc and we have no defaults...

I have one late payment on my mortgage it was 2 days late(honestly forget to transfer the money into account ) Do you think that this may affect our chances of refinancing?

When refinancing do I have to tell the bank about business loans or credit cards or is it just personal credit I need to show them ( as my loan has already been taken off as an expense which lowers my income I hope I don't have to add it back as expenditure)
i.e I have a $6000 business c/card and a $6000 normal visa do i have to tell them that limits on credit cards is $12000
How many months statements do most banks etc want is it 6 or 12 months
Thanks
Dee
by DeeO
Fri Nov 26, 2010 8:33 pm
Forum: Home Loan Forum
Topic: Paying 12% interest rate Help
Replies: 3
Views: 10316

Paying 12% interest rate Help

Hi
My husband and I are self employed and so refinanced 2 years ago with PEPPER HOME LOANS at the time the interest rate on our loan was 8.5% ( other loans were about 7.5%)
then the Global economic crisis hit and Pepper wouldnt drop their interest rates, all other loans rates were going down and I think we were lucky to get 0.5 % drop over the whole time.
We tried to refinance (even thought they have a $12000 exit fee) but banks valued the house $90000 under what it was valued at previously.

Well....as soon as the rates started going up...so did Peppers rates....we are now paying 12% we are paying $4100 per month on 400,000 mortgage.

The interesting thing is on their website they boast a modest 9.49% for new customers.
My question to you
Can I ask them to drop the rate have you heard of anyone doing this before.

I will be refinancing as soon as the 3 years are up (10 months to go on a 3 year contract)
Thanks
Dee
by DeeO
Thu Jun 10, 2010 9:56 am
Forum: Home Loan Forum
Topic: If building a new house can you borrow to establish it....?
Replies: 1
Views: 8487

If building a new house can you borrow to establish it....?

Here is my situation...I have a block of land that is valued at $300,000 I owe $170,000 on it. The House I want to build on the land will cost about $300,00 inc sheds, carpet, floor coverings and establishing the garden....so my total loan will be about $470,000 Does any one know if the bank will value the house at what they believe it will be worth when its built or do they automatically say house $300,000 land $300,00 total they will lend is 80% of $600,000. Do they include things like carpet and gardens in their valuation or do they say house value is is $260,000 land $300,000 and then lend on that?...hope I made sense Thanks
by DeeO
Wed Mar 17, 2010 7:21 pm
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 12229

Re: Self employed refinance

Thanks for that
We will hear from our accountant regarding our 08/09 tax soon and ill give you a call
Dee
by DeeO
Tue Mar 16, 2010 10:02 am
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 12229

Re: Self employed refinance

Thankyou for your reply

We do have good credit and have paid our loan well

We had 1 month were we contacted the bank and asked them to take out the loan repayment a few days later, which they did...Will this effect our chances?
also is the interest rate on a loan like this competitive?

Thanks
Dee
by DeeO
Mon Mar 15, 2010 11:17 pm
Forum: Home Loan Forum
Topic: Self employed refinance
Replies: 5
Views: 12229

Self employed refinance

Hi everyone
My question is...
can the self employed get a traditional home loan
My husband and I Own 2 properties and we want to refinance our PPOR we owe $404000 and have exit fees of $12000..Our current homeloan provider didnt drop the interest rates when the rest of the banks were and so we are paying 11%(they didnt have a problem raising the interest rate when the rest of the banks are)
We originally had our property valued at $540000 but we have tried to refinance and due to the global economic crisis our property was valued at $470000. AS we are self employed the max LVR we could get was 80%
We have been selfemployed for about 3 or so years and have 2 good tax returns This year after expenses we earned about $110000 ....this includes depreciation on investment property and some creative accounting.
We have one main client and about 10 others
Can the self employed get 90% LVR
Thanks Heaps
Dee