Forum Replies Created
Simon kicks butt too.
Sometimes I get Steve and Simon muddled up as they are both such good quality… and there names….
etc..
Yes I’m blonde in real life too…
Liz
Mortgage Lender
Blade,
Sounds like you are the perfect candidate for an IP.
My advice is – see a broker not a bank.
Ciao [
]Liz
Mortgage Lender
A good broker like Steve (above) would be able to crunch the numbers for you in a few minutes.
You certainly look like you would be considered, you have the deposit and the loan is only small.
Steve’s a good broker, I don’t know him personally but you see his posts around the site he is knowledgeable and trustworth guy giving out lots of advice where needed…
Liz
Mortgage Lender
Uncivilized,
Depending on the lender you borrowed 95% you may not be able to borrow 95% again, they may limit you to 90% for example.
Also I doubt you will be able to have a 95% lend with bank A (existing lender) and 95% with this same bank for investment (highly unlikely)… I think even Bank B (new lender at 95%) may turn you away if they use the same mortgage insurer as Bank A.
So be careful on this if Bank A won’t do two 95% deals, then make sure Bank B has a different Mortgage Insurer. This will be PMI or GE. Bankwest also uses a unique mortgage insurer which is like an offsider to PMI so they may be good too.
Good luck.
Lizzy
Liz
Mortgage Lender
Hi LostKiwi,
Well you certainly are a long way from home…
I recently completed finance for my uncle, he is classified as a “non-resident” as he works and lives in the middle-east, but is an Australian Citizen.
I imagine your circumstance may be the same however your wifes status may have implications.
We used Colonial at 80% so your cases are quite similar. A lot of lenders won’t go over this amount and often only up to 70% (in my experience).
Is your spouse a foreign person, if she is you will need FIRB approval as you are a NZ Citizen (even though you have Permanent residency status in Aust. Refer to http://www.firb.gov.au/content/faq.asp if there is any animosity over this issue.
Good luck…
Liz
Mortgage Lender
Newgen,
Well I think your mates comments are unfounded and are made out of jealousy. Your claim of the FHOG is completely legitimate and legal so tell them to stick a cork in it and buy a house already…
Fixed rates are coming down at the moment. There are some good ones coming on the market, though for 3 years plus I doubt you’d get 6.4%.
Sounds like a good guy you’ve got at St George, someone who is both knowledgeable AND enthusiastic a rare combination!
Good luck!
Liz
Mortgage Lender
I understand that GE will give you 40% refund if you finalize in the first year and 20% refund between 1st and 2nd year.
You might want to find out what break-costs are for getting out of this one though.
Good luck!
Liz
Mortgage Lender
Newgen,
You ARE definately eligble for the Grant.
Please note: If you bought your investment property prior to July 2000 you are not eligible. If you purchased after this date and have not occupied it you are still eligible.
All these details are on the OSR website you just need to read it carefully:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63398&_dad=portal&_schema=OSRPTLTYou need to answer YES to the question you refer to because they don’t give the grant to people who have not found a property yet. For eg. I am a first home buyer (even though I have an IP – which is fine because I bought it after July 2000) and I am going to purchase a house but I have not “found” the right house yet. Well in that case you would answer NO and confuse yourself. Basically they wont give you the money until you have found the house and signed the contract, the money is only paid on or after settlement of the purchase.
Basically they are asking in that question – “Are you actually buying a house?” You should think in “futurespect” and say YES
Hope this clears that up. I have made extensive posts months ago about this issue. The FHOG is for First Home Owners in the sense of your first LIVE-IN home.
Newgen the bad news is that you will not be eligible for first home plus, which is the stamp duty concession. This has a slightly different ruling and with your IP you will not be eligible.
Hope this clears it all up for you…
Liz
Mortgage Lender
Has anybody posted Colonials?
3 yr fixed 6.79% or 6.64% with MAV Package
5 yrs 6.99% or 6.84 with MAV PackageThat aint bad is it!
Liz
Mortgage Lender
G’day Newgen,
Well you’d be able to borrow to refinance with just about any bank based on your financials.
However you are on a good rate, and you would probably have to pay a fee of $700 to Commonwealth to get out of your mortgage, then there is also new estab fees.
Why not just ask for a restructure your current lending with the Commonwealth?
There is the bonus of getting an introductory rate from the new bank though. St George offers 5.89% for the first year and then an ongoing discount of 6.57% after that (.5% discount).
Fixed rates are dropping at the moment. You might want to consider locking some of these in at the moment.
Liz
Mortgage Lender
[borg] It is the Borg from Star Trek Rob…
They assimilate civilizations wherever they go..
like you?[blush2]
I meant that you are assimilating people to your viewpoint wherever you go!
Guess not everybody has trekky in them [happy3]
Liz
Mortgage Lender
Thanks Mike,
I see that I am barking up a different tree…
I am starting to warm to this idea [cool4]
Rob you are a [borg]
Liz
Mortgage Lender
Rob,
I would still end up with more in my pocket if I paid myself up to the 30c in the dollar for tax on income, then the rest through my company.
Your comparison is flawed and still does not make sense to me. If I pay 42c in the dollar REGARDLESS of how much “overall tax in the dollar” I pay (you’re taking an average)… I would be better to funnel that income into the company and pay 30c in the dollar, rather then 42c.
I guarantee you I will pay less tax per dollar then you, who chooses to pay a portion of their income at 42c in the dollar (OR MORE!!!)
Rob you are crazy, you are not comparing the averages effectively. Let me show you your example versus mine.
Based on the theory that you own a company and you have $62,500 that you want to funnel as income…
Your theory goes:
Pay yourself $62,500
Total Tax paid $16,182
25.89 tax in the dollaroverallMy theory (the standard) goes:
Pay yourself $52,000 pay $11,772 tax
Pay Company $10,500 pay $3150 tax
Total Tax paid $14,922 LESS!!!
23.87 tax in the dollar overall I PAY LESS TAX THEN YOU [tongue4]I don’t get your theory Rob… I think it’s misleading… but try and correct me if I’m wrong.
I see the benefit in having more income on your tax return, but this does not bother me, I’m a broker ey?
Liz
Mortgage Lender
Rob,
Tell me more…
How do I pay 30c in the dollar of my income over $52K???
Ears are open…
Liz
Mortgage Lender
Me too!
I would really appreciate some good links to sites where information like this is available. More specifically does anybody have information on towns in WA or NT where they plan to open mining sites nearby?
So many of my clients are looking at the moment, Sydney just doesn’t cut it anymore.
Thanks in advance.
Liz
Mortgage Lender
Helena & Ken,
Are you both first home owners grant eligible? I’m assuming your dream is to buy your first home?
Where are you looking to buy (good luck if in Sydney [uneasy])?
Do you have any idea what price range you are looking to purchase in? This will help us come up with a figure you need to save to get into your first home.
Are you working at the moment, or is this a possibility?
Questions questions….
Take care
Liz
Mortgage Lender
Hi again,
Just making sure my view is clarified. Steve good on your for good business sense in having this facility on your website – what a perfect place to get leads! BUT bad on you for not (in advance) getting Leonie to come on the site, this is a community, to gain respect from a community you don’t just set up shop, you NETWORK with the community. This is the essence and livelihood of the website.
Terry, I get alot of email enquiries, so far nothing has cryastlized but for me this is not important. This is where I come to stretch my mind (relax) and give some advice and bounce ideas around. I am more disconcerted at the lack of foresight for forum members reaction…
Steve get her on the site, into the “community” or people will boundary her out as a non-member (non-poster).
We other brokers may even take a shining to her?
Liz
Mortgage Lender
Hi Rob,
This is good constructive criticism, but you can’t blame them for trying to differentiate brokers from one another. I think the point to drive home is that brokers posting here on site are able to build credibiltiy, and at the same time benefit everybody else in terms or expanding their knowledge.
So I see a major lack of initiative here that it wasn’t a mandatory requirement that Leonie & co contribute to the site, or even in the least introduce oneself to the regular members via posting a new thread! [whip]
I cannot hide my personal upset (sniffle) at this new feature of the site, it seems there is a double standard on advertising, even though Steve has every right to do this. However I do a tingle on my cheek, as whoever offers finance to this site should also be contributing to the forum, especially if they want to gain the credibility some of us other brokers seem to have, and have duly “earnt” over, for some of you, countless posts.
Perhaps the rest of us were not persistent or clear enough in our querys in relation to affiliations with the site?
Futhermore, I am surprised that even (and assuming that) no market research was undertaken to test the response of forum members, as we can see in this thread and some others, members look for posting brokers for knowledge.
My final point is, Leonie, if you want to gain credibility in this type of marketing medium (not to be confused with standard web-site referral system) you will need to step up to the plate and gain credibility by posting responses to the varied (but often repeated) queries on finance. From there I am sure you can make the most of your affiliation.
Liz
Mortgage Lender
Oh sorry Bear, are you trying to avoid hefty payout fees for your current mortgage? If so the lender you are with now may not charge these fees if you plan to take out new borrowings with them in a short time frame. It’s worth asking them, or even negotiating at a higher level (not just to your standard lender) for this to be taken into account if there are payout fees. Does that help?
As to your second ? I always avoid accounting questions like the plague, I’m sure someone else will help you here.
Liz
Mortgage Lender
Transfering the mortgage from the current PPOR to secure over the 2nd PPOR (is that what you want to do?) should be OK if your loan offers “portability” there may be fees involved though. This essentially means your first home will become unencumbered (and you can have your title back) and they will stamp the mortgage onto your beach house.
Liz
Mortgage Lender
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