Agree with Corey.

Have you used the one lender for all your loans?

Even with the recent changes introduced by APRA – there are still lenders who are more generous compared to others when it comes to assessing servicing. Sounds like you just need an overall review of your current structure and some good advice to help move forward.

Cheers

Jamie

Nab and Advantedge have announced their changes today.

On the surface – they don’t seem as drastic as changes implemented by other banks such as AMP and Macquarie.

They’re applying a “loading” to debt held with other lenders rather than assigning an assessment rate of 7% + on P&I terms.

Cheers

Jamie

No worries :-)

Macquarie’s changes have now been announced. They’re no longer a generous lender when it comes to calculating max borrowing :-(

They’re also capping owner occ loans that are set up as interest only at 80%

Cheers

Jamie

Agreed – Corey above would be a good start.

Cheers

Jamie

Hi Anthony

Don’t focus on rate – it’s a sure way to bugger up loan structures and longer term plans UNLESS you’re content with your current properties and have no plans on releasing equity and buying more.

Cheers

Jamie

Not sure if Matt Knight from precium services the area but he’s an excellent BA on the NSW south coast that also does some regional NSW work.

Cheers

Jamie

Hiya

4 properties isn’t just someone starting out :-)

Avoid cross coll – it’s a mess.

It’s not a bad idea to access equity now because as it’s becoming harder to do due to APRA’s recent intervention.

Cheers

Jamie

Yep – sure will. Quite dramatic changes across the board :-( Guess it’s just a matter of adapting and working with the new set of rules.

Cheers

Jamie

Yep – just found out too.

Damn – it sucks that the generous lenders are being knocked out.

I guess it’s just a matter of time for Nab?

It’s going to be very difficult for those on average incomes to get a few IPs under their belt.

3 separate applications. More work but better outcome.

Cheers

Jamie

If you simply replicate the same structure you have now with the next bank and you’ll avoid crossing.

Cheers

Jamie

Yep – agree with CJ, not entirely uncommon and can be a good way to purchase.

Cheers

Jamie

Hey Kassie

Welcome aboard.

I agree that a good accountant is a must – but in this instance they’re not going to be able to advise on how to structure your next purchase, that’s the domain of the finance person (broker or banker).

Gone are the days of 95% refinances :-( They were extremely tough to get approved back in the day and now with…[Read more]

What’s adventedge doing? I haven’t heard anything.

Cheers

Jamie

Yep – the changes are flowing through quickly. Reduced LVRs, changes to servicing models and less discounting on rates for IP loans :-(

Cheers

Jamie

Agree Dean – the unfortunate reality is that some are forced to do so…..which is something that isn’t often foreseen.

Cheers

Jamie

Hiya

Whatever works for you. If you’re comfortable with using phone/email/skype then choose any broker in the country.

Cheers

Jamie

Hiya

Have a look around the forums – there’s heaps on here as well as somersoft.

Cheers

Jamie

My only concern with the 5 year period is that it’s difficult to plan ahead that far. Life is a little bit more predictable when planning for 2 or 3 years from now….and if you have to break a 5 year fixed loan it could be quite expensive.

Having said that – I’ve noticed the same as Corey in recent times, a sharp increase in clients wanting to…[Read more]

Maybe.

Do you have any non deductible debt such as an owner occ loan?

Cheers

Jamie