Forum Replies Created
Size matters as well with serviced apartments – if the property could easily be marketed to the general investor or owner occupier market then lots of banks are ok about the apartments.
If your considering a motel room sort of thing, its difficult, however, if its two bedrooms with separate kitchen and living areas, then the risk is substantially mitigated in the lenders eyes.
Do you have any details of what your looking at?
cheers
brahms
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Brisbanebanks pay big salaries to people to advise them what and what not to lend against.
you could call them crazy, but they do seem to make profits………..
cheers
brahms
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Brisbaneplease stick with your existing broker – they will be able to discuss – they have your ‘file’ afer all.
a good broker with a solid panel of lenders will meet most if not all requirements.
cheers
brahms
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Brisbaneas your with the same employer your ’employment continuity’ should override the ‘internal shuffle’ so long as you don’t have a probation period attached to the new position.
borrowing capacity varies substantially over different lenders, if you haven’t investigated this factor thru a good broker, please consider doing so – you may have more available options then you initially think.
will the new purchase be mortgage insured?
cheers
brahms
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BrisbaneOn establishment i’ve negotiated 0.2% off fix rate – once its established, having re read the original post, i don’t think its going to happen.
cheers
brahms
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Brisbanewhat about the fixed one
ING do fixed 5 yrs I/O at 6.85%
0.35% discount on your current rate
Not to say there isn’t a better 5yr fixed out there (can’t remember everything on a friday evening!)
good luck with it
cheers
brahms
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Brisbanemarc and jan
one of the unfairest cuts of all is that in my experience future lending does not discriminate between pt 9’s and pure bankruptcies.
your question is a good one, if you have the luxury of saving whilst paying of the pt 9 and the clock starts ticking from the commencement of the agreement, well, one thing is clear, you will need a pretty good deposit to get started, work on 30% plus costs to purchase.
good luck with it all, i’ve assisted a handful of clients over the past few years who have travelled ‘simialar’ paths, and it is really rewarding to help them on their way.
cheers
brahms
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Brisbanemainstream lenders generally like to see 2 years evidence of above base income inorder to take it as ‘ongoing’ – can depend on the industry as well, careers which are well known for o/t and shift work often circumnavigate this requirement.
i’d be a wee bit concerned with the ’employment history like a dogs breakfast’.
more on the employment history would help – particularly if a thread of ‘career’ development could be detailed.
so long as no probation applies, and a reasonable deposit is available, nice if it could be genuine savings – given this there would be a case to make.
difficult to answer how much? cause we don’t know how much deposit, fhog, other property / security?
cheersbrahms
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Brisbaneellie, suggest you pop the spa in your own back yard and do some smart but basic landscaping for the sale property. the house sounds reasonably adequate, gardens make an incredible improvement to ambiance and life style.
maybe update noticeable inclusions, blinds or timber venetians in the living areas? sharper light fittings? fresh ceiling white?
furnishing is a tricky one, its either got to be full furnished or empty i feel, i’ve seen houses presented partially furnished, ie. dining table and chairs, lounge, but no beds!! it sort of looks wrong. so i’d think this would be price prohibitive.
just some thoughts, hope something makes sense and helps you out.
cheers
brahms
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Brisbane“IFHL was inundated with applications from brokers to become accredited.”
i imagine these inquiries were dealt with in Derivex’s usual speedy and efficient manner – the sort of commitment we brokers (aka ‘dying breed’) are used to.
hah, crack me up time again, ‘dying breed’ wow. do you have a gag writer or do you fabricate all your own shite?
cheers
brahms
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Brisbaneread my post rob – i’ve already stated my position.
and WHY do i need to justify this? do you think i made it up or something?
sorry, I don’t fabricate statements and put the names of organisations to them.
cheers
brahms
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Brisbanebig rob,
i’m with the MIAA on this one (thats the Mortgage Industry Association of Australia)
From todays MIAA Update.
Regulator Investigation
‘Interest-free mortgages’
MIAA understands that regulators are looking into what seems to be an attempt to attract home-loan customers via the promise of an interest-free mortgage. The loan products being promoted by internet-based company Derivex are being questioned by the Australian Securities and Investments Commission, and Victoria’s Consumer Affairs department.The company Derivex is not an MIAA member and its operations are unknown to MIAA. There does not appear to be a clear and satisfactory demonstration from the company’s website as to how a mortgage could be interest free.
Accordingly members are alerted to act with caution in any dealings with the company.
cheers
brahms
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Brisbanehe he, once again Rob, you just crack me up – keep it up your doing a great job!
cheers
brahms
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Brisbaneit may be in Sonja’s interests to get traditional finance as –
1. the transaction should settle in normal timeframes
2. she will know upfront what credit policy applies and doesn’t apply when purchasing a more uncommon style of property – hence it may be valuable to discuss with a ‘real’ mortgage brokercheers
brahms
mortgage broker
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brisbanehi redhaven
only advise i could comfortably give would be to discuss thoroughly with your solicitor.
cheers
brahms
mortgage broker
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brisbanei’m concerned about what sort of pool you get for $20k – most quotes are for $40 – 60k, plus landscaping!!!
personally i’d buy a yacht – they are much more efficient at evaporating cash….he he
cheers
brahms
mortgage broker
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brisbane1. rent your own place for 6 month
2. leave your tenants alone
3. write them a terrific lease in 6 months time
4. serve appropriate, legal and fair notice for vancant possesion as per your states laws at the appropriate time
5. take rsponsibiltiy for your own actions
6. leave them alone, we weren’t put on earth to be jerkscheers
brahms
mortgage broker
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brisbanehe he (you really do crack me up)
remember big rob that big john has lots of big lawyers
cheers
brahms
mortgage broker
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brisbanehi rip
avoid if possible, if not, build a bridge – 1000’s of people x-coll without issue without harm or harrassment.
cheers
brahms
mortgage broker
[email protected]
brisbane
