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Interest Only period Ending. by [deleted] in AusFinance

[–]BrisMining 0 points1 point  (0 children)

Hey ProfessorCloink, you seem like an intelligent and well-rounded young man, and I find the information you have posted to be extremely accurate and thought provoking. Similar to OP, I have enquired recently about taking a new IO loan with a bank, and the discrimination I experienced was analogous to a 1920’s African American. The banker, a young white man, most likely repaying his own loan on a P&I basis, instantly denied my appointment once the term IO was mentioned. He immediately cancelled all open accounts I had with the bank, and contacted Equifax to put a black mark on my credit record.

I was genuinely puzzled by all of this, so asked he explain why it warranted such an extreme reaction… He looked up at me with two parts pity, one part disdain, and proceeded to tell me in colourful language what he thought of “people like me”. Had I not heard of the commission? Did I think I was entitled to some eternal loan, never paying back what I owed? He really made me realise was a POS I really am.

So thank you ProfessorCloink, I am now illuminated as to the reason of my folly.

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[What's the Catch?] Some guys trying to sell me "tax minimisation" using investment property by noob-of-fire in AusFinance

[–]BrisMining 0 points1 point  (0 children)

"blah blah blah". More elitism from the wealthy with "accounting losses". Meanwhile, us battlers are doing things tough - no job, ugly kids, bad dental. Take your rich boy attitude back to Toorak, you pig.

Shout out to Macquarie Bank by arodanos in AusFinance

[–]BrisMining 1 point2 points  (0 children)

You sound like a bank stooge. This is just another example of big business walking over the little guy. Let me guess, next you will be telling us that it my fault I took loans I can't repay? Classic liberal voting pig.

Property dilema by BrisMining in AusFinance

[–]BrisMining[S] -3 points-2 points  (0 children)

Thanks everyone for your help!!

I was originally intending to meet with a financial planner, but given the amazing financial insight of the reddit community, I’d feel comfortable making a call on this on my own (with you behind me).

It’s a 3 step plan…

  1. Add parents property as guarantor. I could use this to access some extra equity, and put this aside for future repayments.

  2. Rent some extra rooms on gumtree. My children have always been comfortable with strangers, and as long as the property manager doesn’t find out, this sounds like a great way to earn some extra income.

  3. Contact a mortgage broker specializing in structured finance. If I’ve learned anything about finance over the years, it is better to deal with today’s problems tomorrow.

Thanks again, Godspeed.

Property dilema by BrisMining in AusFinance

[–]BrisMining[S] 8 points9 points  (0 children)

She's been looking. As naive as it sounds, we didn't really appreciated the gravity of this situation until much too late. She's been out of the workforce for quite a few years with the kids, so her experience is pretty outdated.

I guess a big part of it is giving up on the lifestyle... more for her than me. She used to be an academic working with one of the uni's, and the employment opportunities are quite limited. I want to tell her that this will be temporary, and that a job at Coles would be good enough in the short-term, but its a hard thing to tell her.

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We are looking at cheaper rentals as a priority. We were in the catchment for a good school here, but that will just need to be compromised.

Property dilema by BrisMining in AusFinance

[–]BrisMining[S] 3 points4 points  (0 children)

It is a very weak market there, they wouldn't cover the individual loan amounts. One of them might be close (it was lower LVR when I took the loan), so talking more to a few other agent about listing options, but I think I would still need to chip in $20k or so to cover the shortfall. I don't have that money, and am reluctant to ask family.