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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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LEZLI

2 weeks ago

Hi Monica, Yes there are several lenders who would look at this. Doing similar at present. Please feel free to contact me via my Profile page. Look forward to hearing from you. Lezli

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David

1 month ago

Hi again. I jumped the gun and didn’t realise it was for investment until after I posted ! The system doesn’t let me edit. However, there is a way I think it can be done with the same outcome. Borrow the 25% against your existing home as a stand alone loan (the exposure is already limited to only the 25% in this case) and then a second 75% loan (using only the new purchase as security) to buy the investment property.

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Monica

1 month ago

Hi David. Thank you for your response. Yes the home is owned by my direct family members. Is the family pledge guarantee available for investment property under a trust whereby I’m the only default beneficiary?

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David

1 month ago

Hi Monica. Are the other owners of the property you refer to ‘direct family’ members? If so, there may be opportunity to look at this along the lines of a ‘family pledge’ loan. The benefits of that structure are the guarantors only need to sign a limited guarantee as opposed to an open ended one. It is worth looking at prior to making any decisions. Also, if purchasing in your Family Trust, make sure the Trust Deed allows for borrowing. All the best !

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Alex

1 month ago

Typically there is a demand to pay and failing that, the bank sells the house.

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Monica

1 month ago

Would the guarantors have to pay up if say I couldn’t repay the loan or would they just take over and sell the property?

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Alex

1 month ago

Hi Monica, thanks for your question. There are certainly lenders available that can do this. However the other property owners would need to guarantee your loan against the home you already own. If this is an option, then click through to my profile so we can discuss further. Thanks, Alex

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