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refinance with loans.com.au

Discussion in 'Property Finance' started by Lollie, 19th Oct, 2015.

  1. Lollie

    Lollie Active Member

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    I've been approved with loans.com.au to refinance and pull equity, so the deposit won't be an issue. My concern is the loan I'll need for the next residential purchase. I'm having a mortgage broker check my serviceability however we arn't very confident. Should I go back to loans.com.au for the purchase?. Are there any other on-line lenders I could try? or could I try individual credit unions? Would the purchase of perhaps commercial be a better option? I'll have around $270K for deposit and purchase costs.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Does the purchase service on loans.com calculator?

    If not - do you risk having them decline your equity release application?

    If your broker can't get the next loan to service with another lender - I doubt loans.com will have much of a chance either.

    Cheers

    Jamie
     
  3. Lollie

    Lollie Active Member

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    I havn't mentioned the purchase to them. I'm just refinancing one property with them and they are setting up 2 loans. I was just wondering whether or not I should go back to them after the refinance has settled to try and get the 80% lend for the purchase. thanks Jamie
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I'd ask them to run a borrowing capacity check post settlement to see if it services - make sure you clearly explain to them that you're not wanting an application to be submitted. You simply want to see if you can service a loan size you're considering taking out.

    Cheers

    Jamie
     
  5. Lollie

    Lollie Active Member

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    I will do this, thanks Jamie.
     
  6. Mick C

    Mick C Well-Known Member

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    If you submitted the loan with loans.com.au before 2 weeks ago ( ~10/10) than it would most likely service as loans/com.au or firstmac changed their servicing cal 2 weeks ago which is def more harsh and hardier to service..
     
  7. Lollie

    Lollie Active Member

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    Yes Mick. It was submitted more than 2 weeks ago so I'm counting myself lucky I have the equity sitting there to purchase the next property because when I checked with them, their change in policy means they can't give me anything further.
     
    Last edited: 22nd Oct, 2015
  8. Lollie

    Lollie Active Member

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    I'm thinking of looking at commercial lending. Is there a commercial lender on here that might be able to help me?
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    What kind of property are you looking at buying?
     
  10. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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  11. Lollie

    Lollie Active Member

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    I'm thinking a mixed use property such as a shop or offices with a good long lease in place and a yield of at lease 8% to compensate for lower cap growth.
     
  12. Lollie

    Lollie Active Member

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    t
    Thanks Corey, perhaps I don't really understand this example. The substantial cash deposit in this scenario makes Joe's cash flow position very positive which wouldn't be the case if he used equity. Perhaps he might not get the loan?