You can transfer the interest payment from a transaction account on a LOC manually on a monthly basis when auto debits are not available.

magic32 wrote:

If so, would it be a good strategy to go fixed for one year to maximise the loan amount and then back to variable after that. Because fixed usually doesn’t come with an offset account, how do I know if there would be an offset account when it is reverted back to variable.

You can achieve the same result with variable, however as mentioned better ways to skin that cat.

Will be accepted by some lenders accompanied with a letter from the employer stating the amount and purpose of allowance.

1. Reasonable and quality does vary so go with a recommendation from someone who is “in the know”.

2. Broker that understands IP loan structures. Most on here will be able to assist.

3. Go with Richards recommendation.

I find many accountants are clueless in loan structures and often give the opposite advice required.
You will find some good advice in regards to your scenario on this forum if you do a search.

4. IP savvy Broker can do this on your behalf. Get a mail redirection in place so you don’t miss final utility bills etc.

Handy Aust Post link should help: http://auspost.com.au/parcels-mail/notify-organisations-of-your-new-address.html?ecid=sem-adl-ggl-nbr—par-bau–mrso-49607770&s_kwcid=AL!3788!3!38715515976!p!!g!!changing%20address&ef_id=U4LaTgAABNMCBlOA:20140728150954:s

5. As per Richards advice.

• This reply was modified 10 years, 3 months ago by  Colin Rice.

Most banks will not do another valuation for 3+ months from purchase. Some 6 months and some will use the same val for up to 12 months from my experience.

You could purchase via one bank and get a val from another but sounds like you will be in LMI territory so the costs of moving would not be worth the excersize.

• This reply was modified 10 years, 5 months ago by  Colin Rice.

Finance Broker wrote:

AMP does take actual repayments into account.

Actual of other banks debt but debt with AMP is sensitised at 7.5% currently.

• This reply was modified 10 years, 6 months ago by  Colin Rice. Reason: spelling

Hi jcso99,

Serviceability will comprise of rental income plus any other income usually from salary or business income.

Rental income plus salary/business income minus living expenses, tax, credit cards (2.5 -3% of limit), car repayments, personal loans, child maintenance etc will leave you with a net surplus.

If the net surplus is less than what the calculator requires to service the requested loan amount in the bank calculator (usually actual rate plus 1.5 – 3% buffer) then the deal wont service.

Has your broker looked at other lenders such as NAB/HSL that will service at actual repayments with out adding a buffer?

1. He probably didn’t realise CNY and RMB are the sane as most banks refer to it as CNY? Yes there are other options available but further research would be required to determine who else will go to 90% LVR beside St George.

2. Max exposure is the limit of $ they will lend to you. The trust is a vehicle and you are the driver. Banks look who the driver is not the vehicle.

AMP have a very generous calculator so from an acquisition perspective are better left to the end of the cycle rather than the beginning.

Not sure if you are a DIY but feel to say that Mortgage Brokers can be compared to mechanics. If you get a dud you don’t crack open the manual and have a crack yourself, you find a better more skilled mechanic.

They look fine to me.

With the email tag it may not work in other formats other than outlook as it didn’t work in mine?

My host is google mail as in gmail BTW and may not work in other popular free emails such as hotmail etc.

Apologies CBA will only accommodate ex pats working overseas not non citizens of Australia.