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  • Loan servicing levels

    I currently have a RC account setup for deposits, lending is getting tough and servicing levels have been increased from the banks, our equity is good but servicing is now an issue, I need to top up by about 50k to purchase a 600k property in Auckland but need to find alternative lending. Does anyone have any contacts or banks that have less service level so that we can top up the RC.

    Thanks
    "DEBT BECOMES IRRELEVANT WITH INFLATION".

  • #2
    Non-bank? You'll need to go through a broker to get to most of them. Andrew (Wellington Broker) on here should be able to see you right.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

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    • #3
      Yes thanks, I was beginning to think the same, won't the rates be higher?

      FH
      "DEBT BECOMES IRRELEVANT WITH INFLATION".

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      • #4
        Yes, probably. As you'd expect when you can't meet the servicing requirements of the major banks.

        Probably not a lot though, the non-banks are quite competitive at the moment.

        And if it's a matter of buying an asset that makes sense, if an extra percent or two for a couple years (you can refinance later) breaks the calculations, you're probably not buying the right place.
        AAT Accounting Services - Property Specialist - [email protected]
        Fixed price fees and quick knowledgeable service for property investors & traders!

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        • #5
          Servicing is not always easier in a finance company - have you tried all the banks? For short term lends finance companies can overlook servicing.

          If you are self employed there are sometimes options, in terms of rates you might be looking at 7-8% on a product that is outside the banks.
          Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
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