Hi Ray,
It seems serviceability is not the issue, but the fact that your PPR is solely in your wife’s name, this is the reason the bank has requested your wife go guarantor, as in the banks eyes she is the owner of the security they are taking in order for you to borrow 105% on the new purchase.

I’m not certain and I may be wrong on this poin…[Read more]

Hi J & K
With $500.000 in current value and a balance of $400K you have $100K in available equity at 80% LVR to contribute to the new $1.5mill purchase,

The new purchase financed at 95% LVR = $75K deposit required, that leaves $25K for closing costs stamp duty etc and possibly LMI, this will be tight, If this is the case and you come up short you…[Read more]

Terry I think the problem relates to servicing issues, hence the guarantor,

Grant, as you are on the top tax bracket it seems strange that servicing is the problem, however without being privy to all your details its very difficult to be certain,
If you want a second opinion regarding the ANZ decision, feel free to contact me with the numbers and…[Read more]

Hi Ron & welcome to the forum,
It may be very difficult to finance, at best probably looking at commercial rates with a low LVR.

Neutrally geared with no cap growth!!!

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made should…[Read more]

Also, a lot of I.O products have no limitations on the amount of extra loan repayments, hence more choice/flexibility.
But as Xena mentioned, everyone’s circumstances & long/short term goals are different, cheers.

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216…[Read more]

Hi Ray,
A couple of questions,
1) Is your wife going to be included on the title of the IP, and does she earn any income.
2) Has the ANZ included the proposed rental return on the IP when calculating your serviceability for this loan, Cheers.

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483…[Read more]

The Victorian grant is $5.000 the Fed grant is $7.000 a total of $12.000

http://www.sro.vic.gov.au/SRO/srowebsite.nsf/rebates_fhog.htm

http://www.sro.vic.gov.au/sro/srowebsite.nsf/rebates_fhog_FAQ.htm?OpenPage&charset=iso-8859-1

http://www.firsthome.gov.au/

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483…[Read more]

Hi RTC,
LVR = loan to value ratio,
As I mentioned earlier there are lenders that offer finance where no genuine savings is required, the LVR for these types of products are normally 90% to 95%, so you will need either a 10% or 5% deposit plus the closing costs stamp duty etc.

Regarding finding a Mortgage Broker, there are a few mortgage brokers…[Read more]

Hi Grant,
Without a deposit you will require 100% finance, you will also need funds to complete the purchase such as stamp duty etc, there are lenders that will lend 106% of the purchase price to help cover this but the rates are high,

Have you considered using the FHOG to get into the market, as this may help with the closing costs,
On the other…[Read more]

Thanks Jaypee, it’s a pleasure,
Its always nice to know we are appreciated, have a great weekend cheers.

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made should not be taken as specific taxation, financial, legal or inve…[Read more]

Hi NCN,
Here are the estimated loan repayments based on $250K @ 6.65%
$1385 per month Interest only repayments
$1604 per month Principle & Interest repayments

You may want to look at preserving the original debt if you decide to occupy the property in order to qualify for the FHOG and convert the purchase to an IP at a later stage,…[Read more]

Hi Niniebear
An interest only term will vary between lenders 5 to 15 years etc and then revert to a P&I loan for the remainder of the 25-30 year term, or at the end the I.O term you could negotiate or refinance to another I.O term,

As Oshen mentioned most lenders allow you to make extra principle repayments with an IO product, however maybe a P&I…[Read more]

Hi JP & welcome to the forum,
It’s hard to say what most investors do, but the majority of my clients do have their investment loans structured as interest only.

Regarding your offset question, I would hazard a guess that the majority don’t use an offset, but I believe the offset will become more popular with investors as they become aw…[Read more]

Kudos to Oshen on a fantastic detailed reply,
Cheers.

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Hi RTC,
Some lenders will require 3% in genuine savings while others require 5% saved over a Six-month period,

Also, There are certain lenders who offer finance with no requirement for genuine savings,
the correct choice of lender/product will ultimately come down to your individual circumstances, a chat with a knowledgeable mortgage broker will…[Read more]

Hi B,
Regarding borrowing through a company, most credit providers will require directors guarantees, servicing/qualifying will rely on income much the same as a standard finance application,
some degree of savings may be required depending on the type of finance product LVR or lender, again much the same requirements as a standard loan…[Read more]

I have arranged NZ finance for many of my Australian clients, I am happy to help feel free to contact me with the details, Cheers.

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made should not be taken as specific taxation,…[Read more]

Hi Gatsby,
Snap’
Cheers

Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Hi Colobok,
Talk to Dale G at Gatherum-Goss & Assoc

Postal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137
Phone: (03) 9723 7699
http://www.gatherumgoss.com

Regards
Steven Crane
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au

PLEASE note comments made…[Read more]

No unfortunately it does not work like that, but depending on your lender and the time frame of your current loan you may be eligible for a part refund on the LMI premium,

If you do refinance at 95% you will have access to $74.000
EG, property value $320.000 @ 95% LVR = $304.000
Less current loan balance of $230.000 = $74.000 available.…[Read more]