Hi Dolly and Welcome

You might want to try the Tax and Accounting section for this question on structures.Might get more response.

Good Luck!

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

A good person to ask about Property Margin Calls is Henry Kaye. Perhaps this is not the right forum for this discussion though?

I think the rest of us are pretty safe.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

How many potential borrowers know to ask for an irrevocable letter of offer from the chosen lender?

Most letter of offers from banks come with a disclaimer stating that it’s not an official letter offer for finance, making it not worth the paper it is written on.

The other question here is: Have you unintentionally made any mistakes with the…[Read more]

Hi Devil

The Mortgage Insurers have their own servicibility calculators, so as Derek said, even if you have an approval from the lender, it may still get knocked back by the Mortgage Insurer.

If you’re looking for an 85% lend, what about just dropping it to 80% and avoiding the Mortgage Insurers? May not get you into that particular deal but at…[Read more]

Originally posted by 1HotValuer:
Hi, I’m a bank mortgage Valuer.

Hi 1Hot

Great info. Nice to have an ‘insider’ on this forum. Welcome and look forward to reading your posts.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Effectively has been used by developers for years in ‘helping’ prospective buyers get into one of their properties.

Also called Mortgage Fraud for obvious reasons. Besides the 2 contract method, have seen others try a rebate appendix at rear of contract, or stating the deposit has already been paid (need a real shonky real estate agent and lawyer…[Read more]

I bought a property in QLD a few years back while working overseas, the max LVR I could get was 75%.

Just a word of caution though, organise a Power of Attorney to sign docs for you here. I didn’t and it was a complete nightmare with the lender concerned regarding lost docs etc. I had to ask for 3 extensions on settlement and it wasn’t a pleasant…[Read more]

Originally posted by MrVip:
Im trying so hard to save for my first investment property and im studying steve’s book so much.

Damian

Does this mean you have a PPOR already? If so, speak to a broker about a debt consolidation loan under one mortgage. If not, John Burley has some fantastic info.

On the bright side, you are now have an income…[Read more]

Originally posted by riverside:
Brendon,

What is deal with and overseas investors loans?

Peter

Peter
Basically the same as if the applicant was here, except that the max LVR is 75% and there are a few different subtleties, such as a stricter servicibility calculation.

You could try a few non-conforming lenders for these and then refinance…[Read more]

Hi Kasey

Also 10% per annum is not very attractive to private lenders. The private lenders I know don’t lend on anything less than 15%, and you will have trouble with funds being secured against the property in NZ.

If you offered a property here in OZ as security you may be able to do it, but I would try for a credit card first. Any family…[Read more]

Hi Peter

Not likely at 80% and at a reasonable interest rate. He could probably get an Overseas investors loan at 75% LVR now if he could service the debt on his current income overseas.

Without more details on his situation it’s hard to say whether this is feasible either.

Why would he want to take on 600k worth of debt without any income to…[Read more]

Or send a personal cheque, costs bugger all but takes forever(about 2-3 weeks to clear).

A friend in the UK sent a cheque for a reasonably large amount to himself in pounds and I think it cost $3 this side to process. Not sure the other way round.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acuteme.com.au

One more to add to the list:

Become educated on property financing strategies -it is half the battle and the key to leveraging into property.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

Originally posted by redwing:
Carlover..

Experience..Yes, lot’s when you get home in the early hours of the morning and it’s INFOMERCIAL hour, the same info repeated many different ways, i know all about Chuck Norris’s all in one gym, Danoz’s products, Victoria Principals make – up products… better than Valium [thumbsupanim]

Some good ideas in…[Read more]

Hi Clint

On the face of it I don’t see how you can make interest payments or claim any deductions on a property you don’t own, a question for an accountant. Pose the question in the Accountancy/tax section?

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au

And a good lawyer for a Joint Venture agreement where your exit strategies are clearly defined, so either party can’t change their mind within the defined period.It can be done without complications as long as you have an extensive JV agreement covering all angles.

Great advice from Acey regarding Unit Trusts. There is some great info on…[Read more]

Brettso

What is your exit strategy? If you plan to hold long-term then I agree with Terry in borrowing as much as you can and keeping your funds for further deals.

On the other hand, if you plan to sell in the short term why incur further costs that will eat into your profit margin? Even though you can get some of the LMI premium back if you…[Read more]

Hi CarLover

I have been to one of their courses and wasn’t overly impressed. They sell their own subdivision stock to clients, granted the stock is not bad for growth but it is still at market price and negatively geared.

Nothing fantastic really, suitable more for higher income earners not willing to do their own research to find property…[Read more]

The Somersoft forum have monthly meeting with Guest speakers (check out somersoft.com) in some major cities.

Does this forum have any networking groups yet?

Other than that, I have met some fantastic like-minded contacts at various seminars etc.

Other than that, just do a search on the net for Investing groups in your area.

Good…[Read more]

Tim

Certainly looking at going myself as I’m sure a few forumites from the Somersoft forum will be.

The concept sounds great, so I am looking forward to it if I can get a ticket.

Might see you there.

Brendon

Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.au