Am I able to roll a personal loan into a mortgage

mark_klobucar · Joined: 27 Feb 2008 Posts: 2 1.61 Dollars($)

Hi,

I currently have a personal loan but am looking to purchase my first property in the near future. My question is, is there a product offered where I can roll my personal loan into the total mortgage amount, and if so who offers this sort of mortgage?

I have seen some details of a "non-conforming" mortgage but couldnt get much details on these.

P.S to make things harder in living in Australia

Any help is appreciated!

Thanks
Mark

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi Mark,

Welcome to the forum.

I don't think there is any plan available that can roll your personal loan into the total mortgage amount. If you want to roll your personal loan into the mortgage amount that means the mortgage amount will be more than the property value. But that is not possible now.

Best of luck,
Larry

mark_klobucar · Joined: 27 Feb 2008 Posts: 2 1.61 Dollars($)

Thanks Larry

I will keep an eye out as i have seen some mortgage providers offering 110% of the value but, again, not much more info is provided

thanks again Smile

Samantha

Hi Mark,

You can roll your peronal loan into the current mortgage. The concept is, you need to refinance by taking out a new loan on your home which should be higher than the unpaid balance on the current loan.

The difference between the new loan amount and the unpaid balance should be equal to the personal loan balance. So, basically what you're doing here is, taking out a cash-out refinance loan on your home. For this, you need to have sufficient appraised value of your property.

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