Generous lenders for IP

Discussion in 'Loans & Mortgage Brokers' started by Journe3, 23rd Nov, 2019.

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  1. Journe3

    Journe3 Member

    Joined:
    23rd Nov, 2019
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    Location:
    QLD
    My partner have been a long time observer on this thread.

    However, decided to post because i have been declined a loan by ANZ. An ANZ broker was helping with the application.The reason being a case where the system says no. No solid reason was given besides maybe overdrawn account on one particular ANZ transaction account as we often move our salaries to other accounts/conduct.

    Our credit records are clean.

    However, there is a centerlink maternity overpayment from 2017 which was referred to creditors by centrelink with a monthly payment arrangement coming from our ANZ account.

    Officially, there is no record of that on our credit files.

    Current situation is as follows:
    PPOR - 635 loan, property value 900K. PPOR was refinanced to purchase IP1 and loan was not split to indicate deductible debt.

    IP 1 - 400K loan, property value 550K
    Car loan - 25K
    Loans/credit card- 20K

    Combined PAYG income - 280K

    Aim:
    Get one IP that will enable us to renovate/subdivide etc so we can grow portfolio in the QLD, Ballarat, Geelong sort of areas.

    Questions-
    1.Is it much better to maybe clear off the 20K debt and try getting another property in 6months?
    2.Is there any bank that can lend us so we can get no3?
     
    Journe3, 23rd Nov, 2019
    #1
  2. Trainee

    Trainee Well-Known Member

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    Why do you have those car and credit card debts on your income?
     
    Trainee, 23rd Nov, 2019
    #2
  3. Journe3

    Journe3 Member

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    What other can we structure the debts?
     
    Journe3, 23rd Nov, 2019
    #3
  4. Trainee

    Trainee Well-Known Member

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    Your combined income is like 16k a month. Do you have other savings?
     
    Trainee, 23rd Nov, 2019
    #4
  5. Sackie

    Sackie Well-Known Member

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    Your problem is you went with a bank specific broker and not one that will work in YOUR best interests.
     
    Sackie, 23rd Nov, 2019
    #5
    Jess Peletier likes this.
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Best to get some proper advice from a credit licence holder. Not enough info
     
    Terry_w, 23rd Nov, 2019
    #6
  7. The Gambler

    The Gambler Well-Known Member

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    Posts:
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    Location:
    The Sunshine State
    I’m no expert but a combined income of over 20k a month surely means you can pay off your credit card debt in 1 or 2 months. What is the interest on that? 12-17%? I personally believe CC debt is a mindset. By eliminating it and not falling into its sweet yet nasty embrace again is a holistic move towards financial success.

    It’s possible that your bank has rejected you but another lender won’t and no probs. But how is your monthly saving plan? Between the IP and ur PPOR do you have much money left in the tank for savings? If not, slice all the fat off!

    Good luck.
     
    The Gambler, 23rd Nov, 2019
    #7
  8. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Location:
    Perth WA + Buderim Qld
    Hey there, I reckon you'll be fine with another lender unless there's stuff we don't know about right now.

    Chat to one of the brokers in this forum, they'll be able to sort you out - if you've gone straight to the bank previously you'll probably need your existing loans restructured also.
     
    Jess Peletier, 23rd Nov, 2019
    #8
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
    Canberra, Brisbane and Sunshine Coast
    You’re on solid incomes - borrowing again should be fine.

    I haven’t crunched the numbers but getting rid of that car loan and reducing CC limits will help a lot.

    Cheers

    Jamie
     
    Jamie Moore, 24th Nov, 2019
    #9
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