Need experienced brain!!!! (I’m Desperate!)

Discussion in 'Loans & Mortgage Brokers' started by Littlegermangirl, 23rd Dec, 2018.

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  1. Littlegermangirl

    Littlegermangirl Member

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    HELP, I need to see if anyeon thinkgs its evden possible to get a bridign loan based on these figures: The mortgage broker I am currently dealing with seems a bit unsure and in unchartered territory on bridging loans and is not being very helpful.

    Purchase price $920k

    Existings home value: $750k
    Mortgage on it: $365k

    Income 1: 84000 (same place for 20 years)
    Income 2: 75000 (plus company car)

    We have $80k available to us from my mum (not sure how to make the best use of it in this situation).

    Will give a virtual box of chocolates for some help ro insights please as I’m desparate for some knowhow!!!!!!!
     
    Littlegermangirl, 23rd Dec, 2018
    #1
  2. Trainee

    Trainee Well-Known Member

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    What are you trying to do? Sell and buy? And cant sell in time? Savings? Have you already signed the purchase or are you still looking? Is the purchase unconditional?

    You havent said what the issue is.
     
    Trainee, 23rd Dec, 2018
    #2
  3. Littlegermangirl

    Littlegermangirl Member

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    Sorry, so the issue is we want to buy the new place ($920k) using a bridging loan and then sell ours asap. OUr mortgage broker seems to be really clueless...
     
    Littlegermangirl, 23rd Dec, 2018
    #3
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Change broker to one on the forum
     
    Scott No Mates, 23rd Dec, 2018
    #4
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    If the existing house is on the market and you require bridging finance, the numbers do add up, it can be done. There's lots of equity in your existing house, if your current broker doesn't know how to do this, it's time for a new broker...

    How easily it's done depends on who your existing lender is. Ideally you need to use the existing lender for the bridging finance (which means you end up with the existing lender financing the new house).

    The problem can be that not all lenders offer bridging finance. If that's the case then you need a bridging finance specialist lender to help, which can cost serious $$$.
     
    Peter_Tersteeg, 23rd Dec, 2018
    #5
  6. Littlegermangirl

    Littlegermangirl Member

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    We are with ING!
     
    Littlegermangirl, 23rd Dec, 2018
    #6
  7. Littlegermangirl

    Littlegermangirl Member

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    Do you have a personal recomendation. Im in Melbourne but can do everything online or using skype
     
    Littlegermangirl, 23rd Dec, 2018
    #7
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    Scott No Mates, 23rd Dec, 2018
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  9. Littlegermangirl

    Littlegermangirl Member

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    Are you a broker that can help in this situation? Have copes of all income and statement etc ready to go.
     
    Littlegermangirl, 23rd Dec, 2018
    #9
  10. Littlegermangirl

    Littlegermangirl Member

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    Or can you help? We have all documents ready to go already.
     
    Littlegermangirl, 23rd Dec, 2018
    #10
  11. Scott No Mates

    Scott No Mates Well-Known Member

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    Scott No Mates, 23rd Dec, 2018
    #11
  12. Trainee

    Trainee Well-Known Member

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    Where are you at with the new buy contract? Already signed? Exchanged? Gone unconditional? When is settlement date?
     
    Trainee, 23rd Dec, 2018
    #12