Forum Replies Created
- lila77 wrote:Thanks, the val that the current lender did in about $50,000 above equiv sales in the area so i don't think other vals will come in as much more. Btw I work in the medical profession and still can't get LMI waived only doctors can.
There's quite a few medical professions that are considered.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
lol – I've seen it BFP as "Big Fat Positive" in reference to pregnancy tests on some of the parenting forums!
But I'm pretty sure that's not what you're after
Maybe it was B&P – building and pest inspection.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Lila
Sometimes LMI is just a cost of doing business.
If you want to take a loan above 80% – LMI is going to be triggered.
The alternative is saving a larger deposit – but that might take some time.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Freckle's right – perhaps provide a little more detail and a point of contact, you never know.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
god_of_money wrote:I dont understand why you dont park all the money in your offset account from the beginingAgree 100%
However, the reality is that most people/bankers/brokers are simply unaware that this option even exists. Which is a pity, because it ends up costing them (the mortgage holder) a lot in the future.
It's also drummed into us that debt is bad (and some types are) – and must be paid off as soon as possible. However, there's smarter ways of going about it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
You'll need to talk to an accountant about the taxation issues.
From a financing point of view, you'll need to use a lender that's happy to fund a couple of dwellings on the one title at the LVR you require. If your current bank doesn't allow it – you may need to refi to another.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Connolly
Best to give your insurance company a buzz to find out.
Some unapproved structures are very common though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
JacM wrote:Hi thereDWolfe is a renovator
+1 for Dwolfe. You'll be in good hands – she's an excellent contributor to this forum as well.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
You can't go too far with BMT.
I've also used corpred and write it off – both are fine too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jay
I'm not sure about the legalities in respect to the offer/negotiation process when purchasing real estate – but I'm pretty sure there's a rule in there somewhere that prohibits real estate agents from lying. Whether or not they all abide by the rule is a different story.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Walksy
Welcome aboard.
A cheap property with a decent yield doesn't always make for a good investment. It might be adding a few dollars to your pocket but if it's not going up in value – it's not going to be worth it.
I don't know which area you're looking at – but anything around the $100k mark suggests rural/remote where CG is very slow.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Paul
As the others have mentioned – rate should rarely be the primary driver behind arranging finance.
I'd also be careful with fixing for 5 years – it's a long time and it's difficult to effectively plan this far ahead. What happens if the lender you're fixed with decides they don't want to allow you to access equity for instance? If you needed to externally refinance – the break costs for a 5 year fixed loan will be very high.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Some of my clients are currently active in the Brissy market. The reports I'm hearing is that competition is picking up and properties are being snapped up quite quickly.
The Herron Todd White month in review for May has the Brisbane market it listed as being "at the start of recovery" – the report is here if you're interested – http://www.htw.com.au/Month_in_Review/Month-In-Review-May-2013.pdf
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Bella
I've personally used them twice and have no complaints.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi and welcome aboard.
I don't know the particular area so won't comment on whether it makes for a good investment.
A pre-approval now isn't going to provide much comfort when settlement is 12 months away – in fact, it's an extra hit to your credit file that you don't need.
Instead, I'd talk with a banker/broker about your situation and have them assess your ability to obtain finance closer to completion.
Even with a 6 month preapproval in place, you will still need to provide updated payslips, etc closer to settlement in order for finance to be formally approved. The valuation also needs to stack up.
All in all, I see the biggest risk with OTP coming from the ability to not arrange finance – and it's usually due to the buyer having too small a deposit and/or the valuation coming in lower than the purchase price.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Nathan
I hope you guys are doing well up north.
It's a frustrating situation – I've experienced the same thing.
Long story short – tenant was in arrears about $3k or so.
Tenant vacated the property – we kept the bond and then went to the tribunal to recover the rest.
Tenant didn't attend the tribunal hearing. He was served with a couple of notices to pay up. He never did.
It got to the point where it just wasn't worth the time/effort and we gave up.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
DaOne wrote:Can anyone suggest BA's in Geelong, VictoriaJac M from this forum.
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Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
+1 for Jac M.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
BA's are great.
A lot of my clients use them, particularly for interstate purchases.
Like any industry – some will be better than others.
Work out where you want to invest and then hone in on a good BA that specialises in the area.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I've had a fair few clients who purchase interstate – then take a month off after settlement, fly to the property and live in it while they renovate. It's not something for everyone – but it does work for some.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
