ING has announced their rate cut:

ING DIRECT Orange Advantage variable home loan rates for existing and new investor and owner occupier customers will reduce by 0.12% p.a. effective from Monday 15 August, 2016.

All other variable home loan rates for existing and new investor and owner occupier customers will reduce by 0.10% p.a. effective from…[Read more]

Suncorp reducing by 0.10%

Cheers

Jamie

Hey Mike

If you’re concerned about rate rises then it might be a good idea to go with a 10% deposit (rather than 20%) and drop the remaining 10% into a linked offset. That way you’ll have a contingency fund.

As for rates – they’ll go back up eventually but not anytime soon IMO. Certainly won’t go up rapidly – and your rental income should also…[Read more]

95% lends are still possible – but not easy to get approved. The application has to be very strong.

Cheers

Jamie

Hey Lisa

Just needed to release equity from each property. Set up a separate loan for each. If it can be done with cross coll – it can be done without it too.

Cheers

Jamie

Hi Stuart

Check out previous posts on this forum requesting info on QLD accountants – there’s been heaps.

Cheers

Jamie

Agree with Benny – there’s not enough info to provide a decent response.

However – from what I’m reading it looks like there’s around $50k in accessible equity in your current property (assuming a valuation of $250k and 80% LVR) – so combine that with your $20k and that gives you $70k to play with.

Realistically – $70k would cover the 12%…[Read more]

Yep – that’s fine.

Just set up the $50k loans as separate loan splits for ease of accounting.

Cheers

Jamie

Hit up Richard above from this forum – he know’s a thing or two about the Brisbane market.

Cheers

Jamie

They exist but there aren’t many lenders doing them – and your application has to be very strong to overcome credit scoring and LMI.

The costs of LMI at 95% is brutal too!

For high LVR loans – generally best to stick with 88% + LMI in my opinion. Your scope of lender options improves – and the LMI costs drops a lot.

Cheers

Jamie

Nothing wrong with making money :-)

Having said that – the situation could have been improved if the original loan was set up as interest only with an offset.

Here’s an article I wrote that explains the structure – http://passgo.com.au/blog/item/15-interest-only-with-offset-account-structure

Cheers

Jamie

I’ve got a spreadsheet that might help (I haven’t updated for a while) but hopefully you can get some use out of it – http://www.passgo.com.au/investment-property-analysis-tool

Cheers

Jamie

I’ve got a spreadsheet that might help (I haven’t updated for a while) but hopefully you can get some use out of it – http://www.passgo.com.au/investment-property-analysis-tool

Cheers

Jamie

Certus legal are pretty good.

Cheers

Jamie

That’s the single biggest factor when comparing bankers v brokers in my opinion. A banker can advise on one lenders products/policies. A broker can advise on dozens.

I wrote about this recently – http://passgo.com.au/blog/item/24-the-benefits-of-using-a-mortgage-broker-over-a-banker

Cheers

Jamie

Hi up Richard above – he’ll do a good job.

Cheers

Jamie

Damn – a post from 2004!!!!!

Careful with locking in for 5 years though Dean.

If your situation changes and you need to refi/sell up you could be slugged with a high break cost.

Personally – I wouldn’t fix for longer than 3 years. You can plan ahead for 2 or 3 years – but any longer than that becomes difficult IMO.

Cheers

Jamie

yes – you should be able to get that rate down.

I’m sure any big 4 lender would offer a variable rate with a 3 in front of it.

Even ING is pricing loans above $150k at 3.94% with no negotiations required.

As Corey said though – rate is just one factor.

Cheers

Jamie