Hello there
I am in the middle of a renovation that just hasn't worked out - long story, but suffice to say, the time and costs have blown out excessively.
I am trying to recoup some of the costs which I paid for with credit cards, by refinancing the property, even though it isn't entirely finished.
The irony of the refinancing is, that if I did refinance, the interest rate would be lower by 2% and the repayments on the loan (even though it is a bigger loan) are less than the current repayments.
However, because of my outstanding debts, (which I would pay off with if I did get approved for a refinance) are impacting my serviceability.
Is there any way I can negotiate with banks? How do all you property moguls out there start with nothing and convince the bank to assist? It's frustrating!!
Any advice?
Thanks
Edel
Working with the banks
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