Fast Debt Help | Bad Credit Preventing You From Refinancing Your Home

Blog Home > Home Loans > Bad Credit Preventing You From Refinancing Your Home

Bad Credit Preventing You From Refinancing Your Home

11/8/2017 2:03:27 PM Home Loans Bad Credit Preventing You From Refinancing Your Home

THE COST OF HAVING TO SELL YOUR HOME?

If you have substantial debts you may have got to a stage where you now have bad credit and the bank wont let you Consolidate your debts. You may now be considering selling your home, with the intention to re-enter the market later. Take a look at the chart below to see what this could actually cost you. A Non conforming home loan can consolidate all your debts into one payment and may be a more manageable amount to pay. It just means the finance is not done by a bank but a specialist Lender.

The Possible Cost of Selling a $500,000 House and re buying 1 year Later

DIRECT COSTS LOSS OF CAPITAL GROWTH ACTUAL COST
$10,000 Agents fees

 

$4,000 Moving

$2,500 Bond

$18,000 Stamp duty on

new house

$25,000 rent pa

Current home value $500,000

 

5% increase pa $25,000

Price to rebuy later $525,000

 
$61,500 $25,000 $86,000 in first year

All numbers are for illustrative purposes only.

It could quite easily cost you $86000 to have sold and bought again 1 year later in this example.

Exploring the options available in a non conforming loan can save you a considerable amount of money and hassle. The actual interest rate, charges and payment amount, on a non conforming loan is different in every circumstance. We have to make a full application and paperwork to get an offer for you. You will then have the option to compare costs properly and then have the option to accept or reject it. But seeing the cost of selling and buying another home just one year later can be huge, the benefit of staying in your own home can't be under estimated and is usually the best option.

bad credit refinancing
Share this Post:

Related Posts:

Blog Single

The Smart Way to Borrow from the Mum and Dad Bank

Parents love their kids and want to help them out. Kids love being able to realise their dreams and their folks can be a big help. But sometimes ‘it’s complicated’. With the property...
Blog Single

How Parents can Help Their Kids Without Losing Their House

About one in five first home buyers last year were at least partly financed by their parents. According to the Sydney Morning Herald, that number had increased by four per cent in just a couple of years1. In...
Blog Single

Understand Your Mortgage Risk

Imagine if your home loan interest rate climbed from the current average (around 4.5 per cent) to reach a long-term average of 7 per cent. In that case, almost half of Australian homeowners would find...
Blog Single

Is it Time to Refinance Your Mortgage?

Once upon a time, back when workers had one or two jobs for their whole career, most people continued with their mortgage faithfully until they had paid it off. How things have changed! These days the...
Blog Single

Avoid These Common Refinancing Traps

Maybe you’re after lower repayments. Perhaps you dream of investing, using the equity in your home. There is no doubt that refinancing can offer a world of benefits as long as you...

Newest Blogs

Informal Arrangements

What is an Informal Arrangement?

Basically speaking, it is an agreement between you a ... read more

3/20/2018 2:02:42 PM

Debt Solutions


Debt Agreement

Debt Agreements (also known as Part IX Debt Agreements) is a debt solution suitable for many peop ... read more

3/20/2018 10:33:44 AM

Debt Solutions


Case Study: When Heart Problems Lead to Tax Problems

The Situation

John had a small business as a truck driver and courier. ... read more

11/8/2017 2:35:14 PM

Debt Agreements


Case Study: Saving James Banking Job

James has Credit Card and Personal Debt but works in the banking Industry. If James was to do a P ... read more

11/8/2017 2:31:50 PM

Informal Arrangement


Joint Debts and Partners

Many people come to Fast Debt Help, who have joint debts with a partner.

First and fore ... read more

11/8/2017 2:25:31 PM

Debt Agreements


FREE Phone Advice

FREE Phone Advice

Fast Debt Help

Our other sites -
Money Buckets
Starlight Home Loans

Contact

1800 825 010

[email protected]

PO Box 6100, Kincumber, NSW, 2251

Our Credentials

© Copyright 2019 Fast Debt Help - All rights reserved.

NEW SOUTH WALES | Sydney, Central Coast, Newcastle, Wollongong