Firstly to answer your question regarding brokers. Yes, we are paid a commission by the lender that we put the loan through. I personally dont agree with brokers charging brokerage fees on top of the commission that they receive however there is no regulation that prevents brokers from charging a brokerage fee so i would recommend that you use a…[Read more]

On a $1million loan I would recommend that you take advantage of a 12 month honeymoon rate then at the end of the 12 months pay a switch fee (most lenders charge around $300 but often waive the fee anyway) then switch to a different product.

For example you could get a 12 month honeymoon rate of 6.24% for 12 months with no application, valuation…[Read more]

In 99% of property loans I have put through lately the valuation comes in at the purchase price so it would be difficult to find a lender that would get a valuer to go above that unless it is a “favourable purchase” (as in you are buying it from a family member for less than the market value or something similar to that).

Depending on which area…[Read more]

As long as you can afford the vendor finance you can show it in the full contract and some lenders will still finance the difference – you would need to choose your lender carefully though. Otherwise as you suggested you could draw up a seperate agreement.

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

If you have enough equity in the property you could possible set up a 100% offset account, borrow the amount you will need for payments or interest only during the construction period and use that instead of having to make the payments as you go yourself out of your own funds. This will mean that you are not paying interest on the whole amount as…[Read more]

Funnily enough a lot of lenders done like income producing properties. The size and zoning of the land are not so much the issue – what will be the issues they will look at will be:-

– Can you service the loan
– Postcode of the property

I would recommend that you shop around using a broker who doesnt charge a brokerage fee – they should be able…[Read more]

My understanding is that a lot of lenders will only lend 80% for overseas residents however ANZ do have a product which may suit you needs – i beleive they will go up to 95%…………

As for the refinance/increase in debt – it might be hard to find a valuer to value it above the recent purchase price – the valuers are extremely conservative…[Read more]

Hi there – i am a mortgage broker/planner however I dont specialise in commercial finance – i actually refer all my commercial business to another broker who is based in Sydney. He specialises in commercial finance and because of the large volumes of commercial deals he puts through the various commercial lenders he can often negotiate better…[Read more]

RAMS have a low doc loan starting at 6.72% with no LMI – they also have a special for the month of April there is no application fee. Their no doc 70% rate starts at 7.24%pa. Dont forget that a good broker can do all this shopping around for you without charging you a fee so dont try to work all these things out for yourself – it gets too…[Read more]

I would recommend that you speak to your accountant prior to doing that because it may not be of any benefit to you because the funds you draw back may not be tax deductible unless you put in some funds of your own into the investment property in the first place. If that was the case all you may end up doing is creating a taxation nightmare for…[Read more]

I would recommend checking with your accountant as to what he feels is best for your situation with that question.

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

Often with commercial the lenders require more equity or deposit that residential so perhaps this is where you are finding difficulty. How much deposit/equity in the property do you have?

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

Vendor finance is simply where the vendor is offering lend the purchaser the funds to purchase the property instead of them having to take a mortgage out through a bank/other institution. YOu need to look over the contract carefully to check things like interest rate, default rate, fees, charges, penalties for early payout – treat it like a normal…[Read more]

I am not sure if deposit bond companies will guarantee a deposit until 2010 so you might need to organise a bank guarantee. usually deposit bonds are short term (up to 6 months) and bank guarantees are for longer periods. The cheapest deposit bond company that i have found in the past has been Deposit Saver however shop around as there may be…[Read more]

It would depend on which lender you use however most of them require you to start making payments as soon as you have drawn down any part of the loan. Most will allow interest only during the period of construction and you only pay interest on what you have drawn on. A lot of them will also allow interest only for up to 10 years afterwards. YOu…[Read more]

I would just check into the Wizard rate of 5.71% – does it revert to a higher rate after 6 months?

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

There are quite a few lenders who will now allow negative gearing amounts to be added back into gross income. This is becoming more and more common. I woud recommend speaking to a mortgage broker who will look at your individual circumstances and advise you which lender is best for your scenario.

Anita Marshall
Advanced Finance…[Read more]

My advice would be to contact a broker who will give you advice on your situation. If you have $18k deposit thats a great start – the interest rate will depend how much you want to borrow but as long as there is equity in the deal you should be able to do the loan.

Anita Marshall
Advanced Finance…[Read more]

My general advice is take interest only on your investment loan if you have a home loan of your own too – pay interest only of f the investment loan and as much as you can off the home loan. Only do this if you can afford it though – speak to your accountant or investment advisor for personal advice. If this doesnt make sense ask your…[Read more]

Sorry – i dont quite understand – you want to do the handywork ??????