Hi IM's
I am needing to buy a larger house as the family has grown.
We do not have enough equity to refinance for extentions or deposit for a new home, so our only option is to sell our current house, pay out the remaining amount oweing, our credit cards and any other debt, and then get another home loan for approx $550,000.
I am petrified that once we sell, for whatever reason, we won't be able to get another loan and we would be left with nothing.
I've used all the online calculators and based on our incomes and what little debt we would have remaining, they all say we would be about to borrow that amount. I've also called the bank and they've said they can foresee no issues as long as our account conduct is good ( no over draws, no late payments etc), but I'm still scared of taking the leap. There have been a few times we've tried to refinance and been conditionally approved but they've come back and said it can't be done.
Has anyone been through this before and can offer some advice?
Thanks in advance
New home loan
New home loan
Posted in:
Money
2 Replies
I think your right to be wary. If you would need home loan insurance a friend if mine got knocked back for that because she doesn't have a permanent contract where she works so therefor despite the bank and mortgage broker saying they would be approved they were knocked back because the insurance was knocked back!
Find a mortgage broker, ours was great and did all the running around and paperwork.