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Finance , Debt Agreement , home equity

Discussion in 'Finance & Banking' started by sahap, 10th Feb, 2016.

  1. sahap

    sahap Member

    Joined:
    23rd Apr, 2014
    Posts:
    6
    Location:
    Geelong
    Hi Guys
    I need some answers please .
    I had a debt Agreement for around $50.000 and now its all paid for ( 6 months ago ) Agreement wasnt with my Home loan provider but others over credit cards and it wasnt due to miss management was more to save my sisters life with medical bills etc ( I know it makes no difference to Banks ) .

    My goals now are as follows

    fix my house so I can sell and use the money to build properties as I rent and sell them or rent the property ( as I have done succesfully once before )or once the house is fixed up use the Equity in the house to start building .

    Need around $ 15.000 to fix the house before getting the Agent in or getting the Valuer to look at it ,but my bank says no way for next 7 yrs without even asking my income , situation etc .

    I forgot to ask my bank ( I was kind a shock to hear that I cant fast forward my life and no finance for the next 7 yrs so I forgot to ask )
    if I was able to obtain finance to use with the to Equity to Build another house .

    My question is will I ever obtain finance again under 7 yrs ( $ 15.000 ) and if I was to use the equity will they finance me or if I sell the house will I get finance to build .

    I have around $ 80.000 to $ 100.000 Equity
    Can build for around all up $ 300.000
    If I sell I will get around $ 120.000
    I live in Geelong so these numbers are easily achivable

    Please help

    Thanks
     
  2. sahap

    sahap Member

    Joined:
    23rd Apr, 2014
    Posts:
    6
    Location:
    Geelong
    Any one ??
     
  3. Corey Batt

    Corey Batt Member

    Joined:
    12th Apr, 2016
    Posts:
    12
    Location:
    Adelaide, SA
    There are second tier lenders who would likely be willing to look at an unsecured personal loan to get you over your short term funding hurdle (to fix your house).

    I know our inhouse asset and personal finance guy has dealt with very similar before. You definitely won't be getting this direct through mainstream branch based lending with an old debt agreement for the next ~ 5 years.