I have just done one in NSW – it was a bit of a nightmare to be honest but we got it over the line. The floor level of the house had to be above the highest previous flood level and the clients needed to get a survey to do this. The clients were borrowing 80% so perhaps if the LVR was lower they may not have been quite that strict.

Anita…[Read more]

Maybe they were talking about someone who is “discharged” bankrupt – in that case you can do a loan however if the LVR is high then the interest rate will be extremely high too.

Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
anitamarshall@bigpond.com

I would recommend you use a broker because they will be able to advise you on the lender that best fits your needs, they will shop around for you and come back to you with a selection of lenders that will suit your needs. They will also submit the loan to the lender and do all the paperwork required to get the loan approved. This way you dont have…[Read more]

I think if you choose your broker carefully you will be really pleased with the experience. They will help you choose from a selection of lenders and you will be amazed at the different ways you can structure a loan. Most brokers have a computer program where you can compare the different lenders using a comparison tool. Very helpful in deciding…[Read more]

oh my goodness – what a nightmare – i think that is advice that people should get from their accountant not a broker – if we just stick to finance advice that is better for everyone concerned.

Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
anitamarshall@bigpond.com

I always give my clients a copy of my commission schedule for the various lenders as part of my finance broking agreement that I get the client to sign. – i am sure some brokers may be influenced by commission but generally they are all AROUND the same except for non-conforming loans.

Anita Marshall
Advanced Finance…[Read more]

Oh i love that quote Wayne. I put quotes of the week on all my emails – i might add that for this weeks if thats ok.

This weeks is “Dont take life to seriously – it isnt permanent”

Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
anitamarshall@bigpond.com

I agree but I often go to training courses and you get brokers that have literally JUST joined the industry and have absolutely no idea what they are doing – it makes me shudder to think what type of strucutres the clients end up with and how much it costs them. At least if they have at least 3 years experience then they would have learned from…[Read more]

I have just done a loan for a client who is a resident in Australia but he isnt an Australian Citizen. I am not sure if the ruling varies from state to state but this was a NSW transaction. In this case he EITHER had to be an Australian citizen or a permanent resident (which he was) .We got the First Home Buyers Grant approved so he got the $7000…[Read more]

I agree with the comments above and I would also recommend that you check into the experience of the broker you use and what their fees and charges are.

Look for a broker that doesnt charge a brokerage fee so that it wont cost you any more to go through them than if you went direct to the lender yourself (as we get paid a commission from the…[Read more]

His name is Michael J Veitch of Noble Financial Services – ph 96292700 Mobile 0410556876 email michael@noblefinancialservices.com.au

Tell Mike I gave you his information. He has just done the finance for a child care centre for me and honestly I would not have been able to get the loan for the client without his expert assistance especially at…[Read more]

There are quite a few but the ones that I use are:-

– First Permanent
– First Mac
– Carrington National.

I would recommend use a broker with no brokerage fees to shop around for you though because the rates, fees and charges vary quite a lot with these type of loans.

RAMS have also just issued a 110% loan if you have equity in another property…[Read more]

Yes, the Bank give the valuer the copy of the purchase contract in most cases and usually also contact the real estate agent selling the property to check the purchase price.

Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
anitamarshall@bigpond.com

I am not sure about other states but if the purchaser agrees then it can be done in NSW

Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
anitamarshall@bigpond.com

The problem is that lenders cannot use the relocatable home as security so most lenders will only lend on them if they have a mortgage over the land (which obviously you cannot do in a tourist park). Therefore you would have to borrow using something else as security or a personal loan.

Anita Marshall
Advanced Finance…[Read more]

How did your brother in law go in approaching the brother? If he didnt have any luck there are lenders that will lend up to 106% of an investment property purchase…………….

I would definitley not recommend making a false statement or it may come back to bite you – i would possibly recommend that you state that you are “property investors” – thats what you are – there is nothing wrong with that and its a legitimate business these days. Its how most of us create wealth (wages just pay the bills and lifestyle).

Certain…[Read more]

RAMS will lend up to 80% on no doc or low doc without LMI up to $500k and Macquarie will go above that. National Mortgage Company is another one. I would recommend using a good broker to help you sort through the maize of lenders. Use on that doesnt charge a brokerage fee so it wont cost you any more than if you went direct to the lenders…[Read more]

I am not an accountant and I think your question needs to be answered by an accountant however this is my understanding:-

If you borrow the funds on your existing 2 bedroom property to build the home you are going to live in (for personal use) then that particular part of the loan will not be tax deductible.

If you sell the 2 bedroom home you…[Read more]

Do you have a home loan on your own place – you might be better off working the salary/offset account on your personal loan finance as this wont affect your tax etc.

Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
anitamarshall@bigpond.com