Kinnon Bell wrote:

Charlie, there is a lot more to being a mentor than just checking loans. It’s offering all sorts of guidance too that is involved with running a successful mortgage broking business. It may take them an hr to check through your loan but what about all the coaching up until that point – making sure you pick the right loan for the client, especially if it’s a tricky one.

Good post.

I mentor – and it’s certainly not for the money!

There’s a lot of time/effort involved – especially early on.

It’s not a “file checking” role – it’s about mentoring in all facets of the industry and helping them develop their businesses.

Cheers

Jamie

Hi Misswilko

How bad do you want the place? Is it worth jeopardising over something so minor?

It seems pretty straight forward to me – have your lease end on the same day you’re due to settle……unless I’m missing something here.

Cheers

Jamie

Sorry Mick – you’ll have to do your own research :-)

There’s no shortage of CF+ properties – especially with rates being so low at present. However – just because a property is CF+ doesn’t necessarily make it a good investment.

Cheers

Jamie

Corey Batt wrote:

Absolutely agree. 3/4 clients I come across with these existing portfolio loan arrangements have nasty x-coll setups, poor mixing of investment and non investment debt and or fixed rates in the mix!

Yep – same here.

Nothing worse than when a fixed rate or two is thrown in the mix as well :-(

Five years is a very long time to lock yourself in with a lender. What happens if you need to refinance or sell up? The break costs could be quite high.

Cheers

Jamie

Hi Keldyn

I wouldn’t be surprised if you could purchase again.

Depending on your tolerance to risk – you could extract equity in that first IP to cover the deposit/costs on a third.

Cheers

Jamie

Hi Liana

How much are you looking to spend?

General rule is that banks will lend up to 97% of the properties value.

However – that usually means a 93% or 94% loan with the Lenders Mortgage Insurance (LMI) added on top.

Some banks still do the old 95% + uncapped LMI up to 99% but they are becoming rare and not easy to get approved.

Cheers

Jamie

Corey Batt wrote:

I’d think this wouldn’t be a second mortgage guarantee situation, but an equity access followed up with purchase finance with NAB secured solely to the new purchase. This is standard fare and nothing to be concerned about.

Yep – that’s how I’ve read it too….and the basis for my response. Quite a normal structure.

Cheers

Jamie

Hiya

Only way to found out for sure is to get the advice in writing from your local council.

Someone that constructs GF’s in the area should know too.

Cheers

Jamie

Hi Baz

Just use a superstar broker – plenty on this forum to choose from. Call a couple – get a feel for what they offer and go from there.

Cheers

Jamie