For either case it would depend on the Contract of sale and in which State the properties are in, in some States there may be provision that settlement may take place within 7 or 14 days of the actual settlement dateIn the case of the Bank not being able to settle, and as previously posted if they had documents 3-5 working prior to settlement and…[Read more]

This may also create an issue with Stamp Duty payable on the Transfer as the State Revenue Office may interprete the sale price ~$150k less than market value an attemp to avoid duty payable. Will the purchaser also need to pay maintainence/upkeep for the next 20-30 years ?

If you take a copy of the contract of sale, hopefully unconditional, for the block that your selling to the new lender(s) the worst is that the new lender may give you an approval 'subject to settlement of xx block' and/or funds from settlement (or a certain amout) to be applied in reduction of debt etcI've seen plenty of settlements de…[Read more]

A lot of lenders are still only lending 90% LVR for owner occupied construction (Fixed Price Contract) LMI are also being a little hesitant on some dealsFor a development deal such as yours I would think 80% LVR would be the most you could expect and this will probably not be at 'Home Loan' rates

If all the security is cross collateralised i.e. all properties secure all loans, I would suggest that you hold of as although the refinance settlement may take place prior to the 22nd when the sale is due it may not leave enough time for the new mortgage to be registered (this is depended on the Land Titles Office in the state that the security…[Read more]

Mortgage Insurers do not like high tension/voltage power lines at all and have a minimum distance requirement, although I can't recall what this distance is. It might be less than 100 metres or 300 metresSome lenders may also have issues as some tend to follow LMI guidlines anyway if if less than 80% LVR

It would depend on the particular properties in question, a good sized unit in good condition in Mont Albert maybe a better investment than a small house in 'average' condition in Ringwood.I would expect that there would not be much difference between an average unit compared to an average house and wouldn't get to worried about the difference,…[Read more]

Double Post

kylieandronnie wrote:
When refinancing 3 loans with one lender do you have to disclose all other loans with other lenders and in other trusts?And do they find out anyways with credit checks???

Yes you should disclose ALL other assets, liabilities /  commitments as this may have an impact on your serviceability (ability to repay etc). Most L…[Read more]

You havn't mentioned which State your purchasing the property in, however usually the Trust will need to be established prior to signing of any Contracts etcYou may be trying to shut the gate after the horse has bolted

Loch Sport & the Gipplands Lakes in general are great and the new sewage plant in Loch Sport will only add to the popularity.However as with most Victorian Coastal areas there is an Inundation Overlay, due to the predicted rise in sea levels, and would be weary of exactly where to purchase in these Coastal areas and particualrly note possible a…[Read more]

Such a delay does appear to be unusual, I would suggest you refer to the solicitor/conveyancer that prepared and lodged the Transfer etc or if there was a Loan/Mortgage involved refer to your lender who may have lodged the Transfer with their mortgage

Also check the plans carefully and ensure that it is clear of what you are buying in respect to layout, fittings, floor coverings etc & size of rooms INCLUDING ceiling height etc.There was a legal case sometime ago with a Southbank building where the ceiling height was reduced in order that an additional floor could be squeezed in !!As already…[Read more]

Most pre-approvals will indicate a maximum amount of the loan (based on servicablity) that you can borrow and a maximum LVR so if your looking at 5% deposit (LVR =95%) your maximum loan for a $460,000 property should not be less than $437,000.If the max loan amount is less than this re-do your figures to work out what you can pay for the…[Read more]

Would also agree with Richard that Finance can easily be arranged and maybe be also 'subject to sale of property x' both for the equity contribution of ~$150k (if needed) and also to reduce commitments.If you could provide copies of last 2-3 years tax returns from your trading activities to verify your income most lender sshould be able to use…[Read more]

From the amount of the fees I can assume the property is in NSW, they are standard Land Titles Office fees to register the Discharge, Transfer & MortgageThese fees should have been specified in your Mortgage Loan Contract along with any other bank/valuation fees etc.The $95 Discharge fee is the responsibility of the vendor and your…[Read more]

ryan mclean wrote:
What are the LVR's on a no doc loan? How much more expensive are we talking?

Will depend on the Lender, most of which would be Finance Companies and not Banks, some of these companies may not be 'trading' ie no new loans just managing existing portfolio, mainly due to the GFC. Not sure how many / if any are even doing No…[Read more]

If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreementJust be carefull if the other owner changes their mind and wishes to sell  the Agent may…[Read more]

If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreementJust be carefull if the other owner changes their mind and wishes to sell  the Agent may…[Read more]

If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreementJust be carefull if the other owner changes their mind and wishes to sell  the Agent may…[Read more]