Hi Wayne,

Looks like that vacant block of property (land?) is sucking your borrowing capacity dry. You have no rental income coming from it – perhaps it is time to get a construction loan?? This will be easier then trying to get finance for another home.

As far as I can see the banks will indeed take the FULL repayments on the property, not just…[Read more]

None personally but it’s still pretty cheap. I was up in Port D earlier this year (just north of Cairns) it is BEAUTIFUL there. The people are lovely too, alot of people liken it to Noosa before Noosa took off in price. It’s becoming a big tourist destination, with the season going for 9 months of the year. Good luck!

Liz

Mortgage Lender

Two of the big four will consider studios under 50sqm. Your maximum LVR will be 80%.

Liz

Mortgage Lender

What sort of a park? I grew up backing onto a reserve, which was not a problem except for one neighbour trudging through our yard as a shortcut!

I have a friend whose house backs onto a reserve who has always hated it since she got robbed though. I guess ultimately it depends on the area.

If it was a play park I wouldn’t be too worried except…[Read more]

Nifty ey!

[wink2] Thanks iambored… (You got a nick?)

Alternatively Jaffasoft has created some good online calculators I havn’t seen yet but look for his post in the “Help Needed” thread.

Liz

Mortgage Lender

Hi Nathan,

We have covered this topic in a few other threads and I ended up offering to send my excel sheet of the P & I calculator to people, just PM or email to request it.

The actual formula is a little complicated as it involves working out an amortising balance over the loan term (some nifty algebra involved). In excel you can just use the…[Read more]

LMI guidelines are changing alot, I would be inclined to use those calculators found on the websites, but only as a guide. Each of my lenders seems to have a slightly different rate of LMI which they pass onto the client (strange but true).

Liz

Mortgage Lender

Oh Ok Pisces I see your point. I agree.

If they can make money out of people like that go for it.

I do wonder though, how people can preach how rich they are from doing this or that, when CLEARLY they are making most of their money from charging ludicrous rates for their seminars???

Liz

Mortgage Lender

Congratulations Jo

[drummer][biggrin][biggrin][biggrin][juggle]

Liz

Mortgage Lender

You will actually have funds from the grant left over in your pocket of around $1000 at settlement with all of your costs taken into account.

Not bad ey?

Liz

Mortgage Lender

I see your point Pisces… but I think there are plenty of differences

I’m not a big fan of expensive seminars, I know alot of people who go to them and talk about them so *glowingly*, but have not actually seemed to benefit from them?? In fiscal terms or life goal terms (depending on seminar). I think they are all motivational seminars and they…[Read more]

Apples,

Regardless of the lender if you want to borrow OVER 90% you will need to show consistent savings over the last 6 months to a minimum of 3% of the purchase price, so $2550.

Unless you go for a 90/10 product which means maximum LVR of 90% but no genuine savings requirement, funds for 10% can come from anywhere. Some major banks have this…[Read more]

[ohno] Am I going nuts? Where did the previous posts go?

I look silly now responding to ghost posts!!!

Who did that?

Owell, blondes will be blondes [glum]

Liz

Mortgage Lender

Hi Jo,

Wow you shall certainly come in handy! Am emailing you now!

Thanks,

Liz

Mortgage Lender

Hey Rob,

Well I do honestly think that Jo is trying to remain impartial to your own recommendations.

Her reference to me being “very helpful” may relate to the thread found in “Help Needed” – “Formula for calculating Repayments” and I have indeed actually been helping her with creating a few calculators… (which was fun) She was so grateful…[Read more]

Shucks Jo! You are ever so kind.

Tinkerbell most of us brokers probably think we are hot stuff! There seems to be no shortage knowledgeable ones floating around the finance boards.

Feel free to give me a call or email me if you think I can help.

It’s an interesting point you make Jo, I have found women are more likely to be the investor of the…[Read more]

One thing I have learnt is that the Unit number on the physical units, as compared to the lot number on the Title of the property can sometimes be different! Perhaps this sheds some light on the mystery??? I have seen this happen to a valuer before – i had valuer on one phone saying he was knocking at the door, and client on other phone saying she…[Read more]

“Heaven Knows What” by Llewellyn an interesting read for spot on Horoscope castings!!

And I am a skeptic but I’ve always loved this book and I just got a new copy in the mail (had lost the last one for 5 years).

Good break from normal non-fiction finance reads!

Liz

Mortgage Lender

Shucks Jo [happy3] and I’ll publicly announce your modesty, you had put alot of effort into your spreadsheet that most people could not do themselves, and it made sense to me.

Jo has also helped me create a capital growth calculator for those wishing to see the effects of an average yearly price growth has over the term of 20 years. It’s…[Read more]

Hi Jaffa,

In NSW there is no stamp duty for First Home buyers up to $500K, then tiered to $600K

In QLD there is none up to $250K and then tiered rates up to $500K.

Other states are probably similar…

Yeah my software is nice an user friendly, thankfully the company pays for it! (That’s the company my company franchises off so not mine )

Liz…[Read more]