澳洲Australia property My Loss, Someone Else's Gain - I

在澳大利亚


Last year I made a colossal mistake. I bought a house on an unconditional offer (I needed to find a place in a rush after having sold my home).

The trouble started when I wasn't able to use my existing credit for the purchase because the house is zoned as commercial (consisting of a comfortable, older 3 BRM house and a 60 m2 shopfront in a block of shops in SE Melbourne).

Finally I found a subprime lender who helped me complete the deal with a 12 month loan. Obviously at a much higher interest rate and with the added burden of having to re-apply annually (and pay another hefty application fee). I tried to refinance before the period expires but it looks like the credit crunch has gotten even worse, I didn't even get a reply from the broker (he may have gone out of business in the wake of the subprime scandals?)

So I asked for an extension of my existing arrangement which they granted, probably because of my perfect payment record.

But at the same time I put the property on the market and by now I was hoping to sell it. Unfortunately of all the people who have inspected and liked it, none was able to come up with a sound offer due to their own difficulties with banks.

So once again I might ask for an extension of my loan but I thought I might mention the property here, in case it would suit someone. I might also give refinancing another go if my son gets the good job he's being interviewed for in a couple of days as that would put us in a better position.

I hope I didn't break any forum rules with this post, but if I did, the moderators would surely step in.

I hate having to sell as I really like this house. Especially on a hot day like this, when the double brick walls are going to keep us nice and cool :) I would be happy to stay on as a tenant or offer it in vacant possession, depending on the price.

If anyone is interested in my property, I can send you a link, and all other information. And if anyone wishes me good luck or can offer advice in sorting out my problem, that will be also appreciated. :):eek:  

评论
Should be a few brokers on here that may be able to have a look.  

评论
Subprime scandals?  

评论
Which lender are you with? Why won't you qualify for a loan?  

评论
locko24 said: ↑
Subprime scandals?Click to expand...
I think a few heads rolled a couple of months ago for amending application forms without the applicant's knowledge. You can probably find the info on the Daily Reckoning website.  

评论
Aaron_C said: ↑
Which lender are you with? Why won't you qualify for a loan?Click to expand...
AF&L. I didn't apply with them because they want more than 3K for re-establishing it for another year, but they gave me an extension on their current terms.

The other broker didn't say we won't qualify, just simply disappeared. Never returned my messages so I went and listed the property for sale instead. An old girl can only take so much stress. :)  

评论
Vicgirl

You've just had a really top broker reply to your thread (Aaron). Personally I'd be sending him a PM to see if he can help.

Another two fabulous brokers (one of which is mine) on this forum are PT Bear and Rolf Latham.

The end is not nigh - talk to one of these miracle working guys first as you may have been given a bum steer to start with by your old broker.  

评论
vicgirl said: ↑
AF&L. I didn't apply with them because they want more than 3K for re-establishing it for another year, but they gave me an extension on their current terms.

The other broker didn't say we won't qualify, just simply disappeared. Never returned my messages so I went and listed the property for sale instead. An old girl can only take so much stress. :)Click to expand...
You were keen on it initially for a reason. Just becuase you had poor service from one MB, doesn't mean you should give up:

http://www.youtube.com/watch?v=BLtMemBHbXo

Going that little bit extra may give you a better outcome, however you need to pick yourself up and call someone else. Yes, it obviously does take some effort.

If you really must (or want to) sell, then put up a link for all to see otherwise your thread might be removed as you've only had three posts to date and all about selling your investment.

If not, keep asking questions about how you can solve your situation. Not that it should matter where your broker is however, if you wish one Vic/Melb based contact PT Bear or Aaron_C would be good to speak to. They are also likely to understand the location of your property and offer opinion.

Good luck.  

评论
Player said: ↑
You were keen on it initially for a reason. Just becuase you had poor service from one MB, doesn't mean you should give up:

http://www.youtube.com/watch?v=BLtMemBHbXo

Going that little bit extra may give you a better outcome, however you need to pick yourself up and call someone else. Yes, it obviously does take some effort.

If you really must (or want to) sell, then put up a link for all to see otherwise your thread might be removed as you've only had three posts to date and all about selling your investment.

If not, keep asking questions about how you can solve your situation. Not that it should matter where your broker is however, if you wish one Vic/Melb based contact PT Bear or Aaron_C would be good to speak to. They are also likely to understand the location of your property and offer opinion.

Good luck.Click to expand...
Thank you for all your kind replies, I already feel much better. I am open to any solutions so I am keeping the property on the market, but have also been in contact with Aaron. I want to wait and see now if my son gets this new job, as tomorrow is his day for the interview (I hope they didn't make a mistake with the date as it's going to be Cup Day) to see if we'll be in a better position to keep it.

And here is the link if anyone wants to see it, I just wasn't sure if I am allowed to post it:

http://www.realestate.com.au/property-house-vic-ferntree+gully-111786739

I can also contribute with other posts, despite of doing this really dumb thing I actually do have quite a bit of experience in property investment/development here and in NZ, and most recently, technical analysis of the markets (stocks and currencies). so I'm happy to field any questions related to that.  

评论
Depending on the amount of leverage have you considered funding with 180 day bank bills? Yes, they are a PIA having to roll over every 6 months but I've not found refinancing an issue in the past.  

评论
Scott No Mates said: ↑
Depending on the amount of leverage have you considered funding with 180 day bank bills? Yes, they are a PIA having to roll over every 6 months but I've not found refinancing an issue in the past.Click to expand...
Scott -can you pls elaborate on this.

- Cost (i.e. margin over 180 day bb)
- max LVR
- process and cost for rolling (any application fees / re-valuation fees etc..)?

Have 12 months until my Adelaide Smartsuite Commercial fixed rate expires, and am wondering what cheaper money options there are on low LVRs (happy to go below 60% or even 50% LVR if this will reduce cost) if its too much hassle for no gain....? :confused:  

评论
Trogdor - what do you consider 'cheaper money'? Can get fixed commercial rates for 1-3 years for low-6s these days even at 70-75% LVR. Variable mid-high 6s. That's pretty cheap in my book with no annual reviews etc.  

评论
Funnily enough i came across that listing awhile ago while i was perusing that area...I also vaguely remember another thread where someone bought in the same location,near the station,as they wanted something for there son/sons and or plus friend to have an ebay biz or something as well as accommodation.I'm fogged atm but it will come to me.Good luck vicgirl.  

评论
WOW. I never knew I had that option. Have you ever done it? I'd like to find out more. When I bought it a year ago, my leverage was 65%. Do I need to get a new valuation for that? Which banks do that and how to approach them?

Thanks for bringing this to my attention. :)  

评论
Hi Spades, yes, that was me, asking the questions all before the troubles started. I created a new membership because the "vicgirl" name is closer to my main social media moniker, which is "melbgirl" that I am using on Twitter, my public blog and in the trading forums I frequent. But "melbgirl" was taken on Somersoft.

Yes, the place is perfect for us as my sons don't drive (they both have an anxiety disorder) and I can't be their taxi driver forever. Public transport is not that great but they need to get around somehow.  

评论
Vicgurl

I've moved the thread to Caveat Emptor which is for selling. It's not clear quite yet which way you're going, but that will do for now.

Normally we don't allow new posters to post in Caveat Emptor- we don't wan people just coming in to sell properties.

It wasn't clear at that stage that you had already been in the forum.

We encourage you to stay (with your old or new name) and contribute.  

评论
vicgirl said: ↑
WOW. I never knew I had that option. Have you ever done it? I'd like to find out more. When I bought it a year ago, my leverage was 65%. Do I need to get a new valuation for that? Which banks do that and how to approach them?

Thanks for bringing this to my attention. :)Click to expand...
New lender, new val. Always.  

评论
Trogdor said: ↑
Scott -can you pls elaborate on this.

- Cost (i.e. margin over 180 day bb)
- max LVR
- process and cost for rolling (any application fees / re-valuation fees etc..)?

Have 12 months until my Adelaide Smartsuite Commercial fixed rate expires, and am wondering what cheaper money options there are on low LVRs (happy to go below 60% or even 50% LVR if this will reduce cost) if its too much hassle for no gain....? :confused:Click to expand...
Margin% and LVR depends on your loan amount, security type and borrower's history- in another words...rate for risk.


vicgirl said: ↑
WOW. I never knew I had that option. Have you ever done it? I'd like to find out more. When I bought it a year ago, my leverage was 65%. Do I need to get a new valuation for that? Which banks do that and how to approach them?

Thanks for bringing this to my attention. :)Click to expand...
Don't waste your time and credit hit approaching a bank...you first need to find out IF you are "credit worthy and eligible for a refinance ".
Shoot Aaron an email, he will be able to advise you on the right bank and product.  

评论
Aaron_C said: ↑
Trogdor - what do you consider 'cheaper money'? Can get fixed commercial rates for 1-3 years for low-6s these days even at 70-75% LVR. Variable mid-high 6s. That's pretty cheap in my book with no annual reviews etc.Click to expand...

I consider that to be cheap money!!

Def need to refi in 12 months time when I can.

Would rates be much lower as LVR's drop further, or is 65% the lower band, like for Adelaide Bank?  

评论
Trogdor said: ↑
I consider that to be cheap money!!

Def need to refi in 12 months time when I can.

Would rates be much lower as LVR's drop further, or is 65% the lower band, like for Adelaide Bank?Click to expand...
Lower rates with lower LVR but what I've quoted is about right. However, rate is one thing, qualifying for it is another!  

Property Investment

Australia property Selling Hints | Sydney

澳大利亚Hi folks I recall ready somewhere about what are some simple tricks for making your place more attractive during a home open. Im seriously thinking of selling my little pad and want to maximise my efforts. Any hints greatly appreciated. 评论 ...

Property Investment

Australia property Re-zoning | Sydney

澳大利亚What would the chances of a NSW Local Council allowing a community titled development (homes, community buildings, etc) on an area zoned Protected Agricultural land? Does anyone have experience in this area? Looking at the local council LEP, ...