Refinancing without employment, is it possible, even if I get parents to go guarantor

Hi everyone!

Just a question I have been researching

Basically I'm paying a huge rate (4.31% yuck, had to go to the bottom tier lenders 5 years ago) and my IO period is ending.

I want to refinance to a better rate when my IO period ends (in dream world I could extend IO period), I understand its almost impossible without employment. Is there any way to refinance without employment, my situation is along the lines of

-500k loan (happy with rate with CBA)
-400k loan (paying 4.31%)
-500k shares
-2 rentvestment properties worth around 1500k
-Bunch of cryptocurrency (which I could liquidate to show the bank)
-Paying rent

I just wanted to know if I could
-refinance (save a few thousand a year)
-extract equity from properties (im 99% sure I cant, under what if any situation I could)

Basically,
I know I could extend myself further comfortably debt wise, BUT is there any way to convince the banks the same

Thanks so much

 

Unfortunately no, responsible lending and all that, banks want to see you can service the debt with ongoing income.
Have you tried asking for a rate review with the current lender?
Alternatively what fixed rates are they offering?

What amount of rent are you receiving from the IP's? Is that how you're paying for your living expenses?

 

Thanks Lindsay for being swift and concise

Ill defs go ask for a rate review
Rental income is a bit over $1000 pw gross, which makes the properties very marginally positively geared

Currently I'm living off dividends / a small cash fund

Thanks again for replying!

 

The main reason why banks don't allow for "servicing guarantors" anymore is due to the guarantor not having any substantial benefit on taking on the debt.

If youre paying 4.31% IO, with current 2 and 3 year fixed rates P&I, you might find the repayments a couple of hundred a month off only. Better the nothing if youre not able to refinance.

 

Thanks Tony,

Yep makes sense!