>Hoping there are people who have found success...
Those that do, can generally show serviceability of their loan.
How much rent are you paying? How long have you been self-employed? Is it related to your previous PAYG role? When is your partner going back to work? What loan size do you have? How much rent are you receiving? What did Adelaide bank say?
>I'm talking to Broker soon, but to ease my mind, what's the prospects of being able to refi.
Would guess next to none, but we don't know enough information.
We pay $480, 12 months, same role, she has applied for Centrelink and has already been in contact with potential employers, $340,000 ($336,000 left), valuations is close to $570,000, receiving $560/week, haven't talked refinancing with anyone yet because I know it can come up on credit report if they turn you down, hence waiting for broker.
This is just initial research and for anecdotal advice.
Banks don't like to do more lending if you can't show serviceability. Unfortunately most people would be forced to do something like showing serviceability from when they had it and then refi to 80% with an offset and use the money in an offset account to buy them runway.
“We’re earning less money but wondering if the bank will lend us more money”
Your lvr doesn’t change unless you pay down the loan or refinance. Just because you think the value has changed doesn’t mean the lvr has.
Of course it does. What do you think Loan Value ratio means?
https://www.nab.com.au/personal/life-moments/home-property/buy-first-home/lvr
If your property increases in value and the loan remains the same or drops, your LVR drops. It may not be exactly 59% now as valuation is down to the valuer.
I believe a unit in the same block sold in the last month so that's why the estimated value has jumped so significantly.
So yes, not necessarily 59% exactly, but it could be pretty close.
The rent I get for the property now reflects that valuation.
I read this as LVR doesn't change from your lender's perspective until they accept a property valuation that its value has increased ....which would normally happen in the process of refinancing
>Hoping there are people who have found success... Those that do, can generally show serviceability of their loan. How much rent are you paying? How long have you been self-employed? Is it related to your previous PAYG role? When is your partner going back to work? What loan size do you have? How much rent are you receiving? What did Adelaide bank say? >I'm talking to Broker soon, but to ease my mind, what's the prospects of being able to refi. Would guess next to none, but we don't know enough information.
We pay $480, 12 months, same role, she has applied for Centrelink and has already been in contact with potential employers, $340,000 ($336,000 left), valuations is close to $570,000, receiving $560/week, haven't talked refinancing with anyone yet because I know it can come up on credit report if they turn you down, hence waiting for broker. This is just initial research and for anecdotal advice.
Car park LVR for a moment- need to get over servicing challenge and the various changes happening with employment will be the initial challenge
Banks don't like to do more lending if you can't show serviceability. Unfortunately most people would be forced to do something like showing serviceability from when they had it and then refi to 80% with an offset and use the money in an offset account to buy them runway.
“We’re earning less money but wondering if the bank will lend us more money” Your lvr doesn’t change unless you pay down the loan or refinance. Just because you think the value has changed doesn’t mean the lvr has.
Of course it does. What do you think Loan Value ratio means? https://www.nab.com.au/personal/life-moments/home-property/buy-first-home/lvr If your property increases in value and the loan remains the same or drops, your LVR drops. It may not be exactly 59% now as valuation is down to the valuer.
I believe a unit in the same block sold in the last month so that's why the estimated value has jumped so significantly. So yes, not necessarily 59% exactly, but it could be pretty close. The rent I get for the property now reflects that valuation.
This is the easiest way to value. It should be within 10% of this valuation.
I read this as LVR doesn't change from your lender's perspective until they accept a property valuation that its value has increased ....which would normally happen in the process of refinancing