Very true what Michael and Jamie have said.
Perhaps engaging a Finance Broke to look after you. A good broker would be able to find the appropriate Lender and finance package which is suitable to that specific investment you want.

In saying that, many Lenders have changed policies over the past 24 months. There are good points with each Lender,…[Read more]

Hi Dirty,I understand what you are trying to do.What I may suggest is firstly, switch your current PPOR loan from P/I to Interest Only.When your partner sells the Inv Property and pay.cose her mortgage, there will be $250K left over (less any capital gains and selling cost etc). You want to them transfer these funds into your offset account which…[Read more]

Wait…Let me get this straight.Lets say I am an Australian Citizen, and i go over overseas to Greece and work, and also hold Greek Citizenship. I get paid in Euros in Greece. I have 20% Deposit (plus costs etc), and wish to purchase an Investment property here in Australia.In this instance – I arrange finance with an Australian Bank (lets say CB…[Read more]

ING do not have offset, but they do provide Line of Credit.If you buy a property up north (rather than rent), change your current ING laon to just I/O, and the new property purchase, structure the laon so that is does have offset account and deposit your incomes in the offset, and have direct debits come from that offset to make repayments on both Loans.

Thanks for the clarifcation Richard.

Richard – you mentioned PAYG lodoc, whats the max LVR for such finance?Also, a while ago i recall Westpac didnt check whether the applicant was GST registered or not, or even ABN. Though as Terry mentioned, things have changed alot lately, so it may be worth while checking out just in case.

sorry to hijack the thread – but quick question:Is there ANY lender outhere irrespective of the % rate, that will lend more than 80% for a non-permanent resident working in Australia. They will be eligble October this year to apply for permenant residency, but in meant time they are on working-visa.Anyone?

HI extradry, Sorry for mis-understanding you. No you should not a problem for going with one more at thsi present time. And down the track fi you wish to purchase more Inv properties, that wont be a problem also.However also – your MB shoudl be able to pre-qualify you and give you feedback whether it is necessery to apply for a pre-approval or n…[Read more]

Having a few pre-aprovals handy, i am guess you mean applying for a pre-approval through a few different lenders at a time.What benefit do you have in this?Remember, that a pre-appoval means 'that your financial situation has been assessed and that you deem eligble for a loan within the parameters mentioned in the pre-approval offer". You are not…[Read more]

So does this mean, if i already have an existing Macquarie Home loan, and wish to buy another property in the coming weeks, I cant get that new loan through Macquarie? 

Thanks for the input again Cameron.Regarding the low-doc, if i provide full financials – i am pretty sure it may not service as my taxable income is very low (tyical self employed), but i have mortgages to the hilt.So that is why i was wondering, if i just delcared an 'income' for myself + the income generated from the taxi plate, would this be…[Read more]

Thanks Cameron,When you say higher interest rates, how much higher than residential? would they be aroud the 8.5% mark?Also, what if wanted low doc? If i keep it below the 60% LVR threshold as you mentioned, would they consider low doc for these types of purchases?To give you an idea, i seen a few taxi plates around the $330,000 – $350,000 mark an…[Read more]

Thanks for the input guys!

Richard,So the Low doc finance product that is available to you is through a Mortgage Mananger, NOT through Adelaide Bank directly?

Thanks for the reply guys.I am in ACT, and the brokers here apparently say that Adelaide do not provide low doc loans, they apparently only have 3 finane packages available. Maybe its not available to every broker. So not many use ING or Bankwest?

I believe St. George offer a similar finance package – No Deposit 'Quick Start' with a 0.32% loading on the Standard Variable.

Sorry Richard, what i meant by stringent was that their credit policy (cat 1 only, no low docs, no non-permanant residence etc) is pretty strict. Their service and turn around times are on of the best.

Their suite is exceptional yes.

Hi Alto,

If you want a bank that has good product and offset account, Adelaide Bank si way up there IMO.
Only problem is, that they have a much more stringent criteria and credit polciies. But if you meet their requirements, they are execptional.

Hi Raddles,

If you want a Real estate agent to really take care of your property, I do very much recommend John Dunn from Dywer Dunn Property Consultants in Kingston. I havea few properties in canberra, and i never put all properties in the same basket. Other real estate agents that are managing my other properties are useless, esspecialy…[Read more]

Redleaves,

What Some construction loan products offer is what we call ‘progressive draw downs’.
What this means is that, during the construction phase of your property, the Bank/lener will release the funds to the builder in stages. And you will only pay interest ONLY, on the amount of money released. Once all 4/5 stages of the building process…[Read more]