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LEZLI

2 years ago

Yes. I have done similar loans. Please feel free to contact me via my Profile page. Look forward to hearing from you. Thank you

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Joe

2 years ago

Hi Ari, This sounds like a pretty straight forward deal. We can certainly help you ascertain your affordability and how much we can draw out in equity for your new home. I am based in Melbourne if you need my help. Cheers Joe

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Thomas

2 years ago

Hi Ari! Thanks for your question, it is easy to help you with your problem, and we are glad and certainly to help you! The whole progress is very easy and we the way we do it is simple. But it is better to have a meeting with you, feel free to view my profile and call me when you are free, hope we can speak soon Thomas

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Jennifer

2 years ago

Hi Ari You can speak to me about your borrowing capacity and how much equity you can draw on. I can also help you find your next property at no extra cost. Contact me through my hashching profile to further discuss. Thank you Jennifer Bachir

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Morris

2 years ago

Hi Ari, your borrowing power is determined by your financial position, such as income and liabilities. if you can find a deposit of 20% from the value of the new property, this will make things a lot easier, the source of the deposit is not an issue. i am in WA and can assist you further if you contact me directly. best rates currently available for investment or owner occupied rates from our own white label lenders from 3.79%.

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Michael

2 years ago

Good Afternoon Ari, Welcome to HashChing and thank you very much for your question. What I would do is first and foremost work out exactly how much equity is available by doing an upfront valuation and with some lenders this is free. From there we can determine how much cash is available to draw out to fund the deposit on the new place. What I would recommend though, is before considering selling the other property, a broker should assess whether retaining the property and leasing it will be affordable. In doing this, you can retain the property, receive rental income, claim a tax deduction and continue to build wealth. Offcourse this will depend of your circumstances but rental income can be used to increasing borrowing capacity and any associate negative gearing that may apply. I honestly would recommend looking at this option PRIOR to committing to selling the property. Regarding bridging finance this option is valid but comes with risks especially if the property youre selling stays on the market for too long. I guess we would need to know where the property is located and what the market has done in the area. Hence why getting a property valuation is critical from the start which will show the market value, average days on market before being sold and more importantly what similar properties have sold for in the area. I am very experienced in dealing with these cases and would be delighted to assist you further here. All the best Michael Zuppa

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Kenneth

2 years ago

Ari, Good morning. Thank you for your question. As mentioned by others there are many options available. The first question for you will be to decide the timing of the events you wish to undertake Ie, sell first then buy, buy first then sell, buy and sell at exactly the same time. The options available will differ for each of these scenarios. Your borrowing capacity may also be different in each scenario as well. The suggestion from one Broker to use a Deposit Bond instead of Cash for the deposit is a good one for that situation. I am based I Sydney, and if you would like me to complete a full review of your borrowing capacity, then please select my profile (front page) and your detail will be allocated through to myself for assistance. Best Regards. Ken Olds

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Guido

2 years ago

Hi, Ari thank you for your question. A bridging loan is one possibility for you this would give you to purchase your new dream property and the sell your existing property The other option would be selling your current sting property, and the purchase your new dream property this could involve moving into a rental property until you could move into your new property. I would recommend you filling in the enquiry form on this web page and a broker close to you will contact you. This broker should be in a position to explain all your possibilities based on your personal circumstances and answer all your question. All the best

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Albert

2 years ago

Hi Ari, You should speak to broker who can provide a free property valuation on your current property, so they can establish how much equity you actually have. And then go through the various options available. For example, you may be able to keep the excising property and turn it into an investment property or you may be able to qualify for a bridging loan to allow you 6~12 months to sell you existing property without affecting you repayments. All of this should be tailored to your individual circumstances. Hope this Helps regards Awesome Albert

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kelvin

2 years ago

Great Question. Building equity in the first instance is always the hardest and then you have generally the option to take out equity for a new property or renovations. There are 2 parts to lending : 1. Equity - to have no expensive bank risk fees - known as LMI - you need to have total lending < 80% 2. Income - a broker would need to run your income and expense through different lenders servicing calculators to confirm your ability to repay - in the eyes of a lender. How do we confirm your income - and what documents do we need to collect to confirm for a lender ? 1. I can capture your bank / credit card / personal loan statements electronically (95% of all banks are part of the service) 2. ID supplied like drivers license and passport via phone image 3. 2 x Payslips or 4. 2 years tax returns for self employed - and I can liaise with your accountant 5. Other documents that might be required are : Rates notice (refinance), Contract of Sale (purchase), Rental statements or rental appraisal, FHOG paperwork. Hope that helps

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LEE

2 years ago

Hi Ari, if you're Melbourne I can certainly help. What you actually can do is either take the $ out of your home at the moment to use as deposit, or simply get whats called a Deposit Bond. A deposit bond means you don't need actual cash and you hand over a piece of paper to the agent/vendor upon purchasing. There's more to it than that but I will walk you through it. It's pretty easy actually! Then of course we can assist you with obtaining the new property loan at the same time. Speak soon Lee

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