Hi Terry, must have been a great buy!

I have been able to get 90% with no LMI based on the valuation. And yes it was a bank (I know I don’t have too many good things to say about them but in this case…fantastic)

Brendon

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

Hi Nat

I didn’t say the lenders refunded the LMI, the Mortgage Insurers will.

With PMI ,if you refinance and show 20% equity in the property within 6 months after settlement you are entitled to a partial refund (not all of the premium obviously).

Not sure about GE criteria, and in the case of certain lenders insuring themselves then yes you…[Read more]

Hi Servant

If you’re thinking about managed funds, best to speak to a Licensed Financial Planner.

The sources outlined above are pretty much it for sourcing a deposit.

If you’re looking for JV partners, get involved in local investor groups in your area and network.

Good Luck!

Brendon

Acute Mortgage…[Read more]

Servant

Accountants, lawyers and some brokers/originators will have access to professional investors who lend money for a living but this sort of thing is not for a novice. The interest rates will be high – 20%+, or in the case of a debt/equity partnership, half the profits.

I would suggest going with options first such as personal loans, family…[Read more]

Hi Andrew

What about getting Finance Approval first subject to confirmation of deposit (need a lender here who will accept deposit from anywhere) , then get the personal loan?

Just a thought………..

Or you could use a non-conforming lender such as Liberty or Bluestone. We do deals through them sometimes but the int rates are pretty…[Read more]

Thanks Steven

I’m impressed. How do you monitor the client’s mortgage after settlement or do you have your own loan products?

Also how do you achieve a maximised valuation for your client? I know a few brokers who have good relationships with bank’s panel valuers but even they struggle to get decent vals sometimes?

Thanks for your time as I am…[Read more]

I agree, you need to be more forceful with the bank or just move elsewhere.

I don’t like your chances though. I have just refinanced a property away from Colonial as it was a nightmare from the beginning a year ago.

They love cross-collateralisation and I found them to be uncontactable to make any changes to the loan ie there is just a call…[Read more]

Steven

What is wrong with brokers/originators charging a fee if there is value for money in the fee, and further services involved other than just sorting out a loan for the client? Services such as Mortgage reduction Monitoring, ongoing personal service, finance education on valuations, research etc

If the broker is just facilitating a loan…[Read more]

Lucci

Some lenders will lend on valuation if there has been about 12 months between signing the contract and settlement. Otherwise it is the lower of contract price or val as Lucifer said.

Do what you can to settle the property (ie.personal loans, investor funds etc) and revalue straight away after settlement to access that equity. Make sure you…[Read more]

Hi Jacq

Does your Accountant work for the bank? Just kidding!

From a finance point-of-view, the problem with cross-collateralisation is that if your goal is to acquire multiple IP’s you have to keep adding more properties to this cross-collateralised mess until your bank says no more, at which time you have to refinance the whole portfolio to…[Read more]

Excellent Point Redwing!

And in the case of a PPOR, with effective Mortgage Reduction Principles, the rate is even less important than flexibility.

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
brendon@acutemr.com.au

I agree with Aluminati, if it is growing and you can make it +cashflow/neutral by putting a cheapie house on it, why not keep it?

Further down the line you may have the opportunity to subdivide. We’ve all heard the stories about someone buying a large piece of land for next-to-nothing and years later being offered millions for a development…[Read more]

Originally posted by bomber:
Hi Geronimo
Any suggestions re alternative investments? The option of taking some equity amd investing to collect a return greater than the interest being has real appeal
Regards
Bomber

Hi Bomber

Not being a licensed financial planner I am unable to advise you on cashflow investments. I would however be happy to…[Read more]

Elbowgrease

Why sell? Can you not keep your PPOR and leverage off that, or are you specifically looking to downgrade?

Seems to me from an investment point of view that selling a PPOR (and incurring costs) to buy another PPOR (more costs) to leverage off is a costly affair, although I’m sure the OSR will enjoy the stamp duty!

On the other hand…[Read more]

Not 100% about this, but wasn’t it Mortgage Choice who had the dispute with CBA?

Or is Mortgage House in dispute with the CBA too. Not surprising given their ‘quality’ customer service!

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
brendon@acutemr.com.au

Thanks

have sent e-mail

Thanks Stuart

I’ll give Suncorp a go first, as much as I appreciate the quality service of the NAB at the moment.

Brendon

Acute Mortgage Reductions
brendon@acutemr.com.au

Sweetp

Why not give some more details so we can do a servicibility check for you?

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
brendon@acutemr.com

Hi Bomber

I am in a fairly similar situation to yourself, and what we are doing now, is drawing out the available equity to invest in ‘alternative’ investment strategies that provide a better return than the bank interest you’re paying on this debt.

This inturn increases my cashflow, and if you have a flexible lender who will count this…[Read more]

The somersoft forum (www.somersoft.com) has a section called Meeting Point. They have groups that meet in most major cities monthly, and they have guest speakers.

Try this link to the Richdad website for groups round the world who hold cashflow games. I have found them great for meeting new likeminded…[Read more]