Hiya Guys,
Yesterday I was rejected by Bankwest's LMI QBE for a 90% Lend on our 9th IP. Was totally shattered. And still am. But we are now proceeding with a 80% Lend with Westpac. Luckily I do have the funds to complete this purchase and do know that we can get it across the line.
BUT, the future of Investing in Resi in such a tight Lending scenario does look a bit Dismal, I must admit. Kindly note that missus and I have a combined income over the 200s p.a. and all our IPs are Cash Positive. Hence, serviceability is not a criteria. Our DSR looks sound.
Today I learned that the reason for refusal of the loan was attributed to one factor. Too many acquisitions too quick.
Huh....?
I am now looking at ways to break this funding deadlock and surge forward. I know it is going to be hard. But hey isn't that Winning all about - overcoming hurdles?
Yesterday I was rejected by Bankwest's LMI QBE for a 90% Lend on our 9th IP. Was totally shattered. And still am. But we are now proceeding with a 80% Lend with Westpac. Luckily I do have the funds to complete this purchase and do know that we can get it across the line.
BUT, the future of Investing in Resi in such a tight Lending scenario does look a bit Dismal, I must admit. Kindly note that missus and I have a combined income over the 200s p.a. and all our IPs are Cash Positive. Hence, serviceability is not a criteria. Our DSR looks sound.
Today I learned that the reason for refusal of the loan was attributed to one factor. Too many acquisitions too quick.
Huh....?
I am now looking at ways to break this funding deadlock and surge forward. I know it is going to be hard. But hey isn't that Winning all about - overcoming hurdles?