Forum Replies Created
Some lenders will allow a free evaluation yearly
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!I cant say that I have heard of them, Michael Yardley whom is often seen in this forum I believe has an outlet in Qld http://www.propertyupdate.com.au is his web site
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!I cant say that I have heard of them, Michael Yardley whom is often seen in this forum I believe has an outlet in Qld http://www.propertyupdate.com.au is his web site
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!The good thing about using an offset account is you save interest whilst the extra money sits there, and yet is felxiable if you change the purpose of the loan. Eg if you convert your PPOR over to an investment and you have the extra money sitting in the offset you can take it out for your next PPOR or car caravan etc
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!Using LMI gives leverage and helps you to reach your objective much faster but as Richard has said saving is the other option.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!A deposit bond is a written guarantee that substitutes the 10% cash deposit traditionally required to purchase a property (Note you can usually get away with only paying a $1000 deposit if negotiated when signing the contract however; this may secure the property if there is a lot of competition). Applicants can apply for a deposit bond and if you are approved you will be required to pay a premium (fee) for the bond. The deposit bond premium is a one off fee that replaces your 10% deposit and secures the property until settlement. If you do pull out and do not pay the deposit, it will be paid by the bond provider. They will then seek reimbursement + costs etc from the debtor
Where as a bank guarantee, is issued by a lending institution ensuring that the liabilities of a debtor will be met. If the debtor fails to settle a debt, the lender will cover it. A bank guarantee enables the customer (debtor) to acquire goods, secure a property, secure a lease, buy equipment, or draw down loans. Again the lender will seek compensation from the debtor
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!Hi you can always and most do the land subject to finance. There is much more to a home constrcution loan though contact me if I can help you any further
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!Yes there are many however not as many with a reasonable rate. Which is important for future servicing due to only 1 income
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!I checked out their web site yesterday as had not heard of them. I read the offer of 6 mth mortgage repayments, and noted due to the privacy act the winner may not be publicised. Which I understand however thought why dont they just make that as part of the aggreement for participating, otherwise whom knows if even drawn.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!The other option is just set up a loan with a split eg you may do 30% 70% both a liable for the entire loan; however each could look after their own split.
(this may blow the eligability for the FHOG and stampduty savings if you are not going to live there for a period or have owned your own O/O property in present or past; but guess you have to weigh this up)
When it sells your agreement of how much goes to who is based on trust. This way you could contribute to the deposit and the repayments and have a reward at the end if there is capital growth.
You would both have to have a satisfaction of trust with each other to meet the repayments as you would both would be responsible for the whole of the loan if things go wrong. Which can do when arrangements are made with family or friends, it would be suggested you seek legal advice for this scenario.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!HI Da Man if i read between the lines correctly you intend to increase the variable part of your PPOR? if this is correct and you intend to do this by paying off some of the fixed loan it will pay you to check out the cost of this.
Not sure if you are aware however with the fixed loan paying off large sums can incur some expensive fees.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!Yes I agree with Terry it could be a bit of a sticky situation, you do have a cooling off period but I believe if the agent chose too, could push for some form of compensation when cooling off. I do not think this occurs very often.
Further if you were easily financed you may have to provide evidence of being rejected and this may get a little dificult to prove.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!It would be best to check with the state revenue department of the state he lives in. Just do a google search for state revenue or first home owners grant. On there web page they have quite a few scenarios or you can ring them directly their no is on the web site
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!http://www.propertyvalue.com.au/
I assume you may already know these sites but if not check them out to see if it helps. Another way is if you are pretty chummy with a real estate agent they have access to this information which they may pass on
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!We have a lender on our panel that will do a low doc for a 60%lvr deal with a 1 day ABN . You will need to do a stat dec re his income
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi and welcome Daz
Yes I agree with Richard in regards to interest rate not necessarily being the most important part of the loan. The features of the loan are far more important and how the portfolio is structured.
For example LOC (line of credit loans) are often used by investors as if the correct product is chosen the interest only I/O period can be the life of the loan. Further you can keep the loan maxed out, be aware though not every LOC is the same thus it is useful to use a broker.
There is good value in having your own broker as they will assist you throughout the process and most do not charge, so you get a free service they are paid by the lender. It pays to ensure they have the correct qualifications and governed by a professional body such as the MIAA now called MFAA
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!To answer your question would take a mini book by a financial adviser. However as everyones circumstances are different there is no clear cut answer to your question.
Some have established equity over years, others may buy lots of cheap regional properties etc. Using a Mortgage Broker will help you to set up the correct loan structure from the start to optimise your lending capacity.
Starting small and not getting too ahead of yourself may be the best way unless you are already a seasoned investor
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi Dan there is a group that meets in South Brisbane (Hyperdome)as I am not at my office computer could you email me your contact and I will pass the info on to you
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi
have you contacted a few of the property managers in the area to seek their opinion? Depending on the the demand of the area, eg if there is not a lot of call for 4 brm 2bth room the extra cost may not provide the returnAlso I guess you have to weigh up the possible increase in rent against the expense of building including any interest cost.
If doing for capital growth this can also be done before you sell, it would be newly done then without the wear and tear of renters.
It may pay to do some further research of demand in the area and your overall long term goal
This is not deamed as advice
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Pitfalls will be determined by the contract that is agreed upon, and if orgainsed by the vendor it would pay to seek legal opinion if you have any doubts
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!
