Hello All
I need some general advice, would be much appreciated if anyone can help. Here I go;
I own 2 properties ( one investment, one home) both mortgaged to ANZ. I am considering puchasing my 3rd property, as there are some bargins in my local area.
Does ANZ, include child support when calculating amount that can be borrowed ? If not does any other lenders include child support ?
Does ANZ income family tax benefit when calculating amount that can borrowed ? If not does any other lenders include family tax benefit?
Can me and my partner both apply for finance , but put my on partner the title as sole owner of property ?
When I purchased my second property LVR was around 95% ( little bit more because of LMI). Will ANZ allow me to go to 95% ( or to approx 97% because ANZ allows LMI to be include in loan) again for my third property ( I understand it is subject to service ability and LMI) or are they less flexible when purchasing a third property ?
Does ANZ allow interest only loans for your home loan ( not investment ) ?
Is it recommended to have 3 properties all mortgaged to the same bank ?
thanks for your help
Please, Please can anyone help me ?
Uncivilized
Ill take a stab at this one for you.
((((Does ANZ, include child support when calculating amount that can be borrowed ? If not does any other lenders include child support ?))))
Unfortunately. Child Support isnt accepted by ANZ. Recently RBA dictated that lenders can not use Child support for servicability. However, i believe CBA or Westpac can use Child Support for servicability reasons.
((((Does ANZ income family tax benefit when calculating amount that can borrowed ? If not does any other lenders include family tax benefit?))))
YEP!!!
((((Can me and my partner both apply for finance , but put my on partner the title as sole owner of property ?))))
Yes you can, however, the lender must show that your partner can service the debt by himself. As the UCCC states that the borrower must benefit from the loan. If your partner can service the debt by himself then it would be acceptable to add you onto the loan, however this is up to the discretion of the lender.
((((When I purchased my second property LVR was around 95% ( little bit more because of LMI). Will ANZ allow me to go to 95% ( or to approx 97% because ANZ allows LMI to be include in loan) again for my third property ( I understand it is subject to service ability and LMI) or are they less flexible when purchasing a third property ?))))
Certainly!!! highest LVR that anz will go will be 95%, LMI can be capitalised so your fine here.
((((Does ANZ allow interest only loans for your home loan ( not investment ) ?)))))
ANZ does allow the borrower the option of choosing I/O. However, you would have to explain yourself well why you want to go interest only. As you should be aimming to wack as much money as you can into the home loan ( for non-investment purpose) and minimum amounts in your investment properties for tax purpose. This also falls under the rule of benefiting from the loan.
((((Is it recommended to have 3 properties all mortgaged to the same bank ?)))
You can have as many properties as you want with a lender. They are hungry for business and they will bend over backwards to make sure your loan can be approved. up to preference really.
Hope this helps. please ask any further questions if you are having troubles.
Joshua McEwen
Finance Consultant – WAMob:0430 452 497
http://www.prestigeloans.com.auBrokers Lic 1297
Licensee Brett Christie
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