Interesting

Thank-you for the other side of the coin!

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Good point Max

Was it ING that ended up knocking it back or a mortgage insurer?

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Shouldn’t this post be in the ‘Opinionated’ section?

Brendon

Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Just to briefly touch on getting pre-approval for finance first.

Make sure you get something in writing from your chosen lending institution, before you go signing unconditional contracts.

I’ve seen a few situations recently where a prospective buyer has gotten a verbal agreement from their bank for finance only to find that after going…[Read more]

Hi

I have been to Geoff and Paul Eslick’s Reno Kings seminar and thought it was great. As Steve said they are down to earth guys, and their passion for property is infectious.

You can’t go wrong with Geoff’s book, between the 2 of them about $20m in about 8 years(not bad) so they have the experience.

Brendon

Acute Mortgage Reductions
‘Better…[Read more]

Hi Bruce

Good idea, that is the path I am looking down too, although there are a number of factors to consider.Personally I am taking my time to learn all there is to know about the development side before doing one myself.

A common problem is that there are a lot of small developers out there with existing relationships with local agents.…[Read more]

Another point to bear in mind is each individuals investing goals for the next year or 2 or 3(whatever term you’re looking at fixing it for).

If you’re looking to access equity and purchase more property over this term then a fixed rate mortgage will not allow you facilities such as a redraw to access that equity(or a limit is imposed).

Depends…[Read more]

Hi Ronulas

Once you’ve found out which valuers are on your chosen lenders panel, you can still employ them yourself (thereby ensuring a full thorough valuation) and have the Val assigned to your lender.

Do your own research, chat to the valuer, and show him/her your info. Some will appreciate the help(others will not)and give you a fair Val as…[Read more]

HI

Interest only also doesn’t necessarily mean that you cannot pay off principle, but it does give you the option not to if you want to allocate the surplus funds elsewhere such as Terry has suggested.

Regards

Brendon
Acute Mortgage Reductions

Hi

I have a friend who used to work for them, don’t know too much about them except that they teach you general mortgage reduction principles. Not sure how much they charge though for their services.I think they also act as mortgage brokers but can’t substantiate that. Let us know after your meeting?

Personally I think you could probably find…[Read more]

Kramer

Sounds like you have it sorted and are on the right track.Better to check on the status of the location of Parklands, as you may run into a few lenders who will not lend 80% on inner city apartments.

Good luck!

Brendon
Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Hi Terry

Yes, Kramer should be able to lend on valuation as it will be more than 12 months.

For those of you in Brisbane though, is the Parklands development classed as a Brisbane CBD highrise?

If it is, I would imagine Kramer will have a hard time getting 90% LVR from any lending institution?

What are your thoughts on this…[Read more]

Hi

I agree with Stuart, although someone who could give you more info on keeping it all under one account is Margaret Lomas (www.edestiny.com.au).

Saves on account-keeping fees but the bank will be licking their chops at all the cross-collateralisation.

Regards
Geronimo
‘Better Finance for More Homes Sooner’

Apologies Kramer

I lie! You could more than likely borrow the costs too!

Brendon
Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’

Hi Kramer

As far as I can see you cannot access any funds from the Parklands property yet, not unless you are able to substitute the deposit you paid for a deposit bond now, but I would imagine the developer (Pradella) would not want to do this.

Nevertheless, I could organise you a 90% mortgage with the 10% deposit made up from a personal loan.…[Read more]

Hi Kay Henry

There are many different variables and ways to go about getting finance for a property as I’m sure someone of your experience knows.

The Loans Officers and Credit Officers at the banking insitutions generally are not experienced enough to think outside the square (and they are not paid to) so the applicants get put through some…[Read more]

Freedomfinder

Are you sure you’ve exhausted all ‘conventional’ avenues in going Full-Doc before you go down the Lo Doc path?

Drop me a line on brendon@success-matters.net
and I’ll see if I can come up with something creative for you. Sometimes it just takes a little lateral thinking, and how you package the application has a lot to do with…[Read more]

Hi Terry

Have you investigated some of the smaller lenders that don’t use brokers?

Surely there will be a few out there? May come at a price though. All fine and well getting the 95%, but if the mortgage is not flexible, it will not help in the long run.

Our lender will only do 90% but if meant they would lose the refinance, I reckon we could…[Read more]

Did look into purchasing some land from these guys.

The land subdivision turned out to be in a totaly different area to what they adverised.

Honest mistake? A bit suspect if you ask me.

Be careful.

B

Hi Pricey

One other option(if you’re looking under the 200k mark) is to do a 90% lend with the 10% borrowed from other sources such as a personal loan.

If you’ve found a great + cashflow property, you should be able to pay out the personal loan as soon as you have extra equity in the property that you can access(need a flexible mortgage here),…[Read more]