Shhh – be berry berry quiet, we’re hunting wabbits … or should that be sandflies ?!? Doh.

Yes the banks are reluctant to lend more than 80% and no Enjo Lady I am not MAP Mel, I am Home Loan Connexion Mel on my way to Macleay – just kidding – honest!!

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Mel
melanie@homeloanconnexion.com.au

Howdy !

Re a) keep looking

Re b) there are several low doc products for people with and without ABN no’s for around 6.8% reducing to the current basic variable of around 6% over 3 years, with or without bells and whistles.

I think it pays to see a broker to get an overview of your options – there are several on the forum including me in…[Read more]

Hi Dallas,

The lenders themselves put an interest rate safety margin on assessing the borrowers ability to repay before agree to lend them the money. The odd thing is that this margin is anywhere from 0.75% to 2.5% above the loan product’s actual interest rate. [}]

So in response to your query for investors, I’d always shy on the conservative…[Read more]

Remy have you tried to get your husband along to a property investing seminar, eg Steve’s – they can be very inspirational, if only for the other people that you bump into and share stories with – building knowledge AND a network at the same time.

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Mel

Hi Phoebe – welcome to the forum []

As a broker my primary focus is not getting clients in over their heads, particularly if they are new to property investing. If your job is on the line and you are not certain if/when/how you’ll replace the income to maintain your standard of living and keep paying your current debts, then I’d be hesitant to…[Read more]

There are quite a few – Russell, Lamb, Macleay and of course Stradbroke that are all populated but with varying degrees of housing quality, water & services supply etc. Keen to check those areas out myself actually for investing opportunities so don’t tell too many people ….

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Mel

Aussierogue – you’ve hit 200 posts, well done [^][^]

Fatboy, keep looking. There are definitely good options for that money available, maybe try Gladstone, Hervey Bay, Maryborough too.

Good to see you are planning to join all us good guys north of the border!!

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Mel

Hi Adriane,

I am a broker in Brisbane and have been hunting hard for a lender or two who is keen to do these type of lends, they are a bit left field [}]. Good news is that I think I have a few options now for fully disclosed wrap lending (which is the only type I’ll do also [^]). If you’d like to contact me I’m on…[Read more]

Maybe it will help to ‘burst the bubble’ as investors smarten up and only purchase when the price is commiserate with return – although clearly that has not been the case in the last 4 years so who really knows …. []

Mel

Agree – think it would help, there seems to be a lot of people who’d like advice both group and offline.

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Mel

Michael – did you get chopped off mid sentence? []

Mel

Hi Youngun,

There isn’t really a market for ‘brokering’ personal loans as they are largely a loss making exercise for the banks, and brokers for that matter. I have heard of a few good loans though – including Heritage who won the Personal Loan Product 2002 award. Having said that, some other lenders will include personal loans towards qualify…[Read more]

Agree!!

From a mortgage lending perspective, towns with populations greater than 10,000 within 10km zone are easier to lend for, but if you have any queries about other postcodes just stick them up on the forum and one of the broker folk would be happy to help.

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Mel

Do you mean generate zero income or generate less income than expenses incurred?

Mel

Hi Kristine,

I can only really help from the finance point of view – if you are needing to borrow to invest it is quite hard to get loans in some postcodes, if you tell me the postcodes of the areas you are looking at I can let you know whether they are on the list that the two main lender mortgage insurers will look at or not. [^]

Regarding…[Read more]

Hi Mike,

This sounds a bit interesting. Can you please give a little more info about your homestart loan – amount owing vs estimated worth of property, approx interest rate you are paying, etc?

If you don’t want to talk online, drop me a note on email below, but online is probably better so all the other folk can chip…[Read more]

Howdy,

I think it depends on the positive/negative gearing nature of the investments. Generally between the two major insurers PMI & GE you should be able to borrow up to about $1.5M as a low doc, higher on full documentation, providing your securities are sound. Lenders do prefer metro to regional, makes sense really as no. of potential buyers…[Read more]

Congratulations Junior [^]

Always enjoy reading your very wise young words of wisdom, keep up the good work!!

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Mel

Ditto to above

My partner and I dream of making our mark with a life full of challenge and positive energy. Some of the usual sad things have happened along the way, just making us more determined to live life to the full every day in every way – and being dictated to by others just doesn’t fit that picture …. listening to and being involved…[Read more]

Hi Clinton,

You do have lots of options and I’m also happy to help. I live in Brisbane.

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Mel
melanie@homeloanconnexion.com.au
0438 548 235