Any Finance Broker

i have an investment property on the NSW Central Coast thst i have just purchased.
Value if i sold it tomorrow about 330k .
I foolishly paid 100% for it , didnt listen to our loan broker Terry !!!

Now i need money for another project.I would like to borrow against it about 80%.

I have rang the Commbank who i am a customer with ( have a slight morggage ($900) on a City apartment BUT i dont want to redraw from that i want it on my invetment property.
Isnt this called refinance ??

They put me from one Dept to the next, home loans, personal loans, investment loans,now Business Loans.
What do you want the money for ? Etc etc
I actually want it go buy a Taxi Plate going cheap that i will rent out but does thst really matter ?? Plus use some of it for carpeting the IP
All they have to do is send a valuer too look at it and its worth about 330k and i want 70 or 80% on 300k,

Will a finance broker be better to give me a loan on my investment property ???
I just want to get a mortgage on it , is it really a business loan ??
Now i have to wait until next Tuesday until the business loan section call me, crazy service from Commbank.
All i want is to get a finance of 80% against it and use the money for carpeting painting renovation etc and the rest on a taxi plate.
Then they said its a business loan and need the financials for the taxi plate lease rental income !!
I just want to mortgage 70% or whatever not only for taxi plate but renovation too !!
I tried explaining that to the commbank operator who then suggested i borrow 50% from business loans dept and 50% from investment loans Dept !!!
Actually i dont want to borrow i just want a REDRAW like my PPOR !!!
I just want a redraw account , i cant explain this to them .
I dont want business loan i dont want investment loan, i just want to have a Redraw facility of 70% or whatever in case i need it, im not sure why they dont understand ?

 

Well i have income from my normal job plus i will rent out the IP soon .
Just i bought it for 300k cash using all / most of my money .

 

Why?

And why on earth would you want a taxi plate with them declining in value so rapidly?

 

Easy ?? No way they have now put me to the personal loan Dept !!

 

1.Several reasons, they will eventually go back up .
2.I can rent the plate out for average $450-480 weekly .
3./I have a job to fall back on once the reduntdancies start in my Govt job which will soon be taking place.

 

Well after a lot of running around the home loan dept rang back " sorry we dont give a redraw againt investment properties ????

We will give you a loan to fix the carpets etc but we need receipts ??
Crazy Bank !!! Stupid me for paying 100%

I would like to get a redraw of 200k is that possible?

So i guess i was stupid wasnt I using ALL my cash to buy a IP when I should of borrowed to buy it instead !! Omg im so stupid .

So i have an IP 100% owned and i cant get any Security from it .
I may try to find Barry Short Finance someone told me about them.

 

You need to get in touch with a broker. Trying to do it yourself doesn't seem to be getting you a good result, but from what you've said, this doesn't sound so difficult.

The CBA will do an equity release post settlement, we settled one last week with them for $700,000. The problem by now might be that you've given them a lot of information on a purpose that's not suitable to them, you may need to go to a different lender.

 

This one sounds do-able unless i've misunderstood. Give TW a call and he'll sort you out!

 

If you have redraw.on the existing why not just use that?

 

@Darlinghurst Boy Any update?