Hi doogs,

If you borrow new money, you pay mortgage stamp duty on it. The lil’ buggers in state gov. know how to rob us of a dime at any opportunity eh.
Aparantly you even pay mortgage stamp duty again if you take your existing loan to a new security property – known as portability. How’s that for cheeky!! But MSD is not usually more than LMI.…[Read more]

Hi aaronj,
I’m not quite sure what your question is. But if you are asking whether a lender will accept centrelink payments in the same manner as wages when deciding if you can afford a loan, it does depend.

For example if you want to use family payments as part of your income, your children must be under 12 years old. (i.e. the income must…[Read more]

Thanks everyone!
You have given me a lot of confidence. His solicitor faxed me the contract today and I’m reviewing now ready to sign.

Given that most plumbers I’ve talked to say $5-6K max, it’s a bargain. [] Think I’ll hold onto it as Burleigh is a place where many developments are planned and it’s a seachange venue for the babyboomers – just…[Read more]

Hi guys,

As understand it cross-collateralisation usually is required when you have equity in one property -say your place of residence, and you want to purchase another property with finance for 100% of the purchase price plus costs, on a new, seperate loan – say an interest only loan. This keeps your tax deductable debt seperate from your…[Read more]

Just like to add ofcourse that the amount of money you can borrow is dependant on the bank’s value of your current property. For example if your property is valued at $500K and you owe $200K then you can purchase new properties for at least $800K. So your new loan size including original loan, purchase costs and purchase price would be just over…[Read more]

Hi Bernadet,

The diffuculty may be getting the lender to believe that your ppor has a rental return – unless you have lease agreements set up – usually no the case when you rent out bedrooms.

So you might like to explore lo-doc loans, where you simply sign a stat. dec declaring your income, and the lenders take that figure for their…[Read more]