If you are confident in your ability to pay back the $30k, why don't you put away what you can afford each month in a savings account, and watch it grow. Then when you have saved up the $30k, you will know that you really were able to come up with that amount of money. Conversely, if the balance of the account never reaches $30k, you will know that it was a forlorn hope to begin with.
I am a great believer in using my own money to buy things, rather than other people's money. Borrowing money makes other people rich and you poor. It never hurt anybody to wait until they have saved up the money before spending it.
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I'd really suggest you have a look at how bank loans work, what are you really being loaned (if anything).
"Fractional reserve banking" and "Central Reserve Banking"
Then see if you can stomach the process with full knowledge that they lend you something at interest, that they create from nothing.
'scuse me poking my nose in if you were already aware of this.
GrantK's advice whilst not being what you want to hear is not foolish.
You certainly have my admiration for having done what you have using cash up front and not involving banks. Kudos!
Banks probably dont want to know people with no income, thats not their thinking
I am trying to believe in your dream but there would be few LSB's that generate an income to cover their mortgage/loan and that is what the bank is having a problem with. I get it! You have to ask the question - how - without income do you intend to pay back the loan?
we were (are ) in the same position - the only bank that would lend us the money to build a commercial kitchen on our property so we could make more money of what we grow was TSB. Their's was the only bank manager willing to take into account what our monthly expenses really are, and lend us on that. After all, they still get the security of a really good property against it, so they can't loose.
We too, have too little regular income for other banks. I work part time - hm, scratch that: I work full time, and I have a part time income:rolleyes: hubby looks after home and block.
Having said all that, last time i spoke with the bank manager, he said the loan department people had done some sort of audit on the traffic on our account (probably still worried about our ability to pay back), and they were impressed with the traffic, but could not work out what we were living on:rolleyes:
treading lightly on mother earth
I thought there would be others out there in the same boat . Thanks for the info I have approached a mortgage broker but he has indicated the interest would be higher so I will contact TSB aswell more options the better for us. Anyway it is as you say as the amount we want to borrow is so small compared the the actual value of the property you would think they would say yes as they cant really loose can they?
treading lightly on mother earth
Again now idea how this works but there are credit facilities that extend your money. Perhaps you need a credit card from someone like Kiwibank ?low interest rate and do it that way if you are sure you can cover the interest each month and so not incur excess fees.
They make a lot more money on the interest if you borrow more over a longer time period. So are often more ameniable to lend greater amount.
Blueberry;419248 wrote: yeah, you have to wonder: here we are, with a debt less than 10% of the property value, and most banks don't wanna know anything about us, but they go right ahead and lend money up to 90% of the property value to people who are in paid employment and could loose their job antime? - go figure
I have been pushed quite hard (by the bank) in the past to borrow more than I really wanted too.