Home loan refinance under current Part 9 Debt Agreement

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Fizman
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Joined: Wed May 05, 2010 5:28 pm

Home loan refinance under current Part 9 Debt Agreement

Post by Fizman »

Hi.

I was wondering if it is possible to re-finance my current home loan even though I am 1 year into a 5 year Part 9 debt agreement??

I am currently in an interest only loan at an interest rate 9.8% and climbing!!!!

The amount is $307,000. I would suggest the property would be valued at around $390-400k.

I am under the current perception that there is nothing we can do, but I thought I would ask the question.

Many Thanks

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Home loan refinance under current Part 9 Debt Agreement

Post by Otto Dargan »

Hi Fizman,

I am not our office specialist in Part 9 agreements however my understanding is that you need to pay out the agreement before applying for a home loan. You may want to call 1300 889 743 and speak to Amine for more specific advice.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Fizman
Posts: 2
Joined: Wed May 05, 2010 5:28 pm

Re: Home loan refinance under current Part 9 Debt Agreement

Post by Fizman »

Thanks so much for your advice.

Memmie
Posts: 1
Joined: Thu May 06, 2010 3:53 pm

Re: Home loan refinance under current Part 9 Debt Agreement

Post by Memmie »

I've been looking for info on the same thing!

Due to unforseen circumstances late in 2008, my husband and I found ourselves having to enter into a 'Part 9' debt agreement. A shocking and embarrassing time, but financially, we are back on our feet and moving forward. (Now halfway through the agreement).

We are wanting to refinance our current home loan, which is with a mainstream lender (ANZ). We are looking to borrow up to around 75% of the property value but ofcourse because of the Part 9 agreement, our current lender will not allow us to reborrow.

Is anyone able to help us? Fizman, did you find out anything on this?

Regards.

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Home loan refinance under current Part 9 Debt Agreement

Post by Otto Dargan »

Borrowing up to 75% of the property value should be ok. Generally we would need to go with a non-conforming lender unless there is a very good reason for the Part IX and evidence of either savings or extra repayments on your loan since then. If you like then give Amine in our office a call. He used to work for a specialist lender so understands these agreements very well and how to obtain a loan while in a similar situation.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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