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Discussion in 'Property Finance' started by Darlinghurst Boy, 17th Sep, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Location:
    Darlinghurst Sydney
    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 ?
     
    Last edited: 17th Sep, 2015
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Uber finance : )

    seriously, call Terry who is $ 18 cab fare down the road from you and can sort it so that you can have the cash out without all the roadblocks ( assuming that the cash out is the primary issue and not some other thing like no income or bad credit file, for while TW is a magician, for a miracle you will need to call into the local cathedral.

    ta
    rolf
     
    Gingin likes this.
  3. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    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 .
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    should be "easy"
    then

    ta
    rolf
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    Why? o_O

    And why on earth would you want a taxi plate with them declining in value so rapidly? o_O
     
  6. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Easy ?? No way they have now put me to the personal loan Dept !!
     
  7. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    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.
     
  8. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    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.
     
    Last edited: 17th Sep, 2015
  9. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    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.
     
  10. Redom

    Redom Mortgage Broker Business Member

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    Sydney (West) and Canberra
    This one sounds do-able unless i've misunderstood. Give TW a call and he'll sort you out! :)
     
  11. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Easy yes

    But you won't solve the issue with the same people and ongoing thinking that created the problem in the first place......

    Repeat previous suggestion, call tw

    Ta

    Rolf
     
  13. larrylarry

    larrylarry Well-Known Member

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