Forum Replies Created
Hi Marc for starters our panel of lenders do not provide them that I am aware of, and when I heard a broker else where was using them my concern was the same as you expressed. At this point of time I would not feel comfortable offering such a product.
However they might be handy for the experienced investor whom say was doing a fast turn around, like when doing wraps. However would expect the lender would have a high defered establishment fee to discourage this.
I would be interested in any links you could provide to articles you are aware of.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi Marc they are here in Australia already, and have been available for a while. No i do not use them have them available amongst the lenders we use. I am not sure that they come under the same name or another name, however am aware they exist.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Its funny how people interpret by going for a Low Doc its a license to take what you want. With a Low Doc you still have to sign a Stat Dec to say your income, however do not need to provide evidence of this.
This clears the lender of responsibility, as the person applying has signed a stat dec, of course if worse comes to worse and you cannot meet your repayments and are then found out to have declared false information?? I let your imagination take you from here.
As for the loans for ABN for 1 day they usually also require an LVR of 60% therefore there is a fair amount of equity and it is the borrowers risk.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Those that buy and sell quickly need a fairly liquid market I am not so sure they would do so well at the moment now that prices have settled somewhat.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Great stuff it is important to have clear set goals dont forget to reward yourself and family at the end. Not to big mind you, by the way if you would like an excel budget calculator let me know I will send you a basic one that have set up for my customers. You may find that once you overview your whole budget you can save even more. Mind you $33 a day is a pretty good effort I must say
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi I have a lender that may get you through but would require more detail, email or phone me, can call you back if you provide your number.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!HI Ray do you have a web site? also an email you can respond to mine then will have yours
Thanks
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi Ray I am a little confused as to your profession are you a trained buyers agent? Realesate Agent?
I see you state you have your own company what is its name and what does it offer? Appologies for all the questions but your statement is all fairly open I am sure others also would like to know more
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Yes I would have to agree with Marc the losses incurred buying and selling usually if you can keep the place you have and use the equity financially you could be better off.
Why dont you contact a local Mortgage Broker and discuss your options with them. Just be sure you choose a reputable one, ensure they belong to a professional body, and have adequate training or credentials.
Good luck with your decision
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!DEF = Defered establishment fee quite a few of the discount loans have an exit fee if leave payout in the first few years.
X Collateralised is when a lender uses more than 1 property for security, it makes it difficult to do something to one property without effecting the other. Most of the time they do not even inform you they are doing it. Usually is discovered when you try to do something creative with the loan and find out you cant
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Ensure your MB has a good clear picture of your long term goals as well as the immediate, so that he/she helps you to choose the right product/s. Also ask him/her the various ways of setting up your loans including benefits and advantages or disadvantages.
I would also discuss the for and against of LOC vs Offset as there can be various benefits between these two as well.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi as the property has cost nothing and you say there is plenty of land have you considered building another home on the block and everyone can live happily ever after just a thought
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Some lenders do a valuation via satellite eg google earth its quicker than doing a drive by. Westpac use this at times however if LVR high this would probably not be suitable
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Yes I see, I miss read his request as 8% a year did note the per month until you mentioned it. I guess with those sort of rates you would work over xmas.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!I would be surprised if anyone could settle a deal that quick during the xmas period considering there will be at least 3 days where the lenders are closed. Depending on lender and location a sateilite valuation maybe achievable.
Next to establish the maximum you could borrow more information is needed to know the servicablility, you can email me with further detail if you like. Would need to know income, any loans you have credit card limits etc Also if this is going to be a rental what would the potential rent be?
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!I agree with Terry however your current loan gives you a predicted amount per year. Property is a little more unpredictable you may get no growth for a few years and then takes off but the average is 10%. Further with property there are potential tax benefits
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!In response to Summer sky I live in Brisbane and within a close radius to the city approx 3-4 kms out and not sure why you would be concerned re having a valuation. As you have mentioned your purchased at 300k and now they are selling around the 360k mark.
Not sure where you are we could be next door to each other [biggrin] I purchased 3 years ago and confident have had some growth not a lot mind you, but certainly has not fallen where I am.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!You have been given some good advice by the others I will add though, if you are new at this it may pay you to do some research into what will add value to the property. This may vary in different locations so it may be beneficial to discuss with the local real estate agent.
The market has slowed somewhat, so it would not be as easy to do as say a couple of years ago but with out some indepth research who knows what you can pull off. I agree with Terry with the 30 year loan as repayements would be less as well less burdensome
Not sure if you have considered buying your first home and collecting the first home owners grant as well as saving on stamp duty. However you can still do this down the track after buying an investment property if you qualify
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Yes I would say it is cheap as that is all you have to pay to secure a property which is a large amount of money $125 is not much in the big picture. Crikey if thats a lot I would defer purchasing a property
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Hi I am wondering why you are not using the equity in the first property to purchase the next property so then you will have both.
I would think the first property would be positive geared so even if the second property wasnt covering itself the first would help. I guess it also depends on your income as to whether you can contribute to service if you need to.If you dont sell the first one you wont have to pay the capital gains at this point anyway
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!
