Forum Replies Created
It seems that it’s all about who you know unfortunately.
I have spoken to investors who got an 85% lend straight off the bat, and then 6 months later after creating a track record, have applied to have their limit increased to 90 or 95%.They had very strong applications though.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]Hi Cashpoor
Is 50k a good deal for the buyers of the options?
If you can’t sell the option, under a Put/Call Option contract you will still be obliged to settle on any blocks that haven’t been onsold so make sure you’re able to.
Get a really good solicitor on your side to do up the option contracts too.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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
[email protected]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
[email protected]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 info supplied to the broker? Sometimes an honest little error can get an application knocked back?
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 least you’re still in the game.
And if you’re not happy with your broker (sounds like an honest mistake on their part) try one of the smart cookies on here.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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
[email protected]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 here).
Don Christie, do a search on no deposit finance(legally) here on the forum and you will find some interesting ideas. Personal loans, family equity/loans, credit cards etc are just some ideas.
We have 100% finance coming out for home buyers (no investors yet) which is being tested at the moment but it won’t be ready for a couple of months.
Good luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 experience all round.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 again and have an opportunity to get yourself back on track.
Good luck and I can’t remember where i saw the quote but it goes something like this “There are no mistakes in life, only learning experiences”.
Here’s another one for you: “If you find you’re digging yourself into a hole, stop digging”
Anyone got any more (better) inspirational quotes?
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 when your friend gets back and into secure employment. Be aware though that there are heavy exit fees with most non-conforming lenders. Liberty will do 75% for o/s investors at around 8% int rate (will have to check this)
We can only do if the property is + geared at 75% LVR and a 750k property more than likely won’t.
Hope this helps.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 members who will take out the personal loan for you?
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 support the repayments anyway?
Brendon
Acute Mortgage Reductions
ww.acutemr.com.au
[email protected]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
[email protected]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
[email protected]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 his book..have a look [biggrin]
REDWING
That’s right, forgot about the corny infomercials on late night TV with testimonials from happy clients.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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
[email protected]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 http://www.strategicwealth.com.au
I agree with Mysta on this one, if you’re not going to live in it, is it a good deal from an unemotional investment point of view. A 180k loan with $100 rent coming in sounds a bit average unless there is some good capital growth!
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 exit under 6 months, you still won’t get all of it back.
Comes back to exit strategy.
Good Luck!
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]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 themselves.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]
