Firstly well done on having a successful business. It's certainly not easy!
Given your income it looks like you could qualify. It's very likely that a guarantor loan is the best option for you because:
- You won't pay LMI
- You can borrow a little extra in case construction costs more
- You'll get a great rate
- We can use your most recent year's income on your tax return rather than averaging the two years
Consolidating the business loan may or may not be possible depending on a few things. If not then a small credit card with an interest free period of 6 - 12 months may actually be a good option as the size of your business loan is quite small. Again we'd need to see your full details to be sure.
The default on your credit file would need to be considered based on it's merits. I think with a guarantor and a good rental payment history we should be ok. However to be safe when you send the application to one of our brokers please ask them to pass it to me for review before we submit it to the bank.
I recently built a home in the Hunter area actually. The builder I used was Freedom Homes and I thought they did a great job. They're not the cheapest builder but their standard of work is excellent and I was really happy with the result. I've pasted the contact details of the person I dealt with below.
Tracey Bailey
Email: tracey.bailey@freedomhomes.com.au
1 Martin Drive Tomago NSW 2322
T 4964 8400 | F 4964 8831 | M 0425 329 122
Best of luck! If you;d like our help with a loan then fill in our free enquiry form (link from the home page).