How to get a loan to refinance a rental property (fully paid off) but unemployed

Discussion in 'Loans & Mortgage Brokers' started by 11141, 2nd Jul, 2018.

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  1. 11141

    11141 Member

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    A rental property is rented at $240 per week, estimated value $300k
    No mortgage owing fully paid off.
    I’m sorry I paid this home loan out a few years ago as I had access to redraw.
    I am currently unemployed, and with a toddler receiving family tax benefits, and of course rent from property.

    My husband is employed earns 50k and owns his home outright, no mortgage.
    Estimate value $950k

    Any ideas how I can refinance my rental property, on my own without husband as co-signer?
    A flexible loan with a low interest rate would be great
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    How much funds are you looking to get out of it, and for what purpose? (ie to buy another property?)

    This will help the loan experts on the forum guide you on what is possible
     
  3. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    I wouldn't think family payments and small amount of rent would not be palatable to a lender on its own. They will also assess you as a couple for living costs regardless of whether your husband is on the loan or not.

    In a scenario like this I would say hubbie would usually have to be involved if you want the gold.
     
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  4. 11141

    11141 Member

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    At this stage funds required for renovation works
    $40k
     
  5. 11141

    11141 Member

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    We own both properties outright, so it should work in our favour.?
     
  6. Brady

    Brady Well-Known Member

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    Is there a specific reason you don't want to have your husband on the application?
    He could be on the application for the loan, without impacting the title/tax...
     
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  7. 11141

    11141 Member

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    Our loans have always been separate. We met after we purchased the houses.
    I would like to involve him! But prefer to take the loan alone if possible,
    how does it not impact the title.?
     
  8. Terry_w

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

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    A non owner spouse could jointly go on the loan to the property with you giving the mortgage. HIs income could be used to qualify for servicing.

    may have a family law impact though upon separation - possibly.
     
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  9. Phantom

    Phantom Well-Known Member

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    Not likely to happen without your husband's help. I understand that you have always kept these things separate, but as you're not currently working this will prove to be very difficult. You can add your husband on the loan to help servicing without changing names on title. This is allowed by many lenders for spouses.
     
  10. Richard Taylor

    Richard Taylor Well-Known Member

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    How long do you require the Funds for and will the property then be sold post renovation ?

    Cheers
     

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