Looking for a Melbourne based broker

Discussion in 'Loans & Mortgage Brokers' started by mikel mikhael, 19th Feb, 2021.

Join Australia's most dynamic and respected property investment community
Tags:
  1. mikel mikhael

    mikel mikhael New Member

    Joined:
    19th Feb, 2021
    Posts:
    2
    Location:
    Melbourne
    Hi,

    First time posting and very new to all this.

    My parents have a mortgage with Westpac and the balance is currently at 320k with the property valued at $700,000 to $800,000. They would like to refinance the loan and borrow 150-200k increasing the balance to above 500k.

    They have already seen one broker who advised that due to having 3 missed payments on their credit report in late 2019, they would be rejected from the major banks but he would be able to refinance with Liberty at 4% interest.

    Looking for a broker who may be able to offer better options or some advice to confirm that the above would be as good as they can get.

    Thanks
     
    mikel mikhael, 19th Feb, 2021
    #1
    Manish1 likes this.
  2. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    1,576
    Location:
    Bella Vista
    Im not from Melb, but just to help out.
    With those late repayments, how fast were they late by? How many days ?
     
    Tony Xia, 20th Feb, 2021
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,653
    Location:
    Gold Coast (Australia Wide)
    more to the point

    WHY were they late

    Most lenders systems will run a mile at 2 within 12 mths yet alone 3

    What is the purpose of the cash out pls ?

    ta
    rolf
     
    Rolf Latham, 21st Feb, 2021
    #3