Hi Rob,
To clarify my comment regarding all loans with One lender, I believe its Ok to have multiple loans with one lender, as in a pro pack etc, but at a certain stage it’s a good idea to spread your lending and keep further options open.

Yes I also thought the HSBC decline was strange in light of their liberal servicing criteria,
Agree the…[Read more]

I totally disagree with the suggestions of having all loans with the One lender,

For instance, If allymac had all lending with either St George or HSBC, she would still be declined on the basis of being to rent reliant, regardless if the loans were with One lender or spread across multiple lenders,
And in this scenario a refinance to another…[Read more]

Hi Kev,
No need for commercial rates, ANZ will do 4 units on 1 title, and as Rob mentioned St George will also do them and at residential rates,
I am currently doing a 5 on 1 title for a client at residential rates. Cheers.

Regards
Steven
Mortgage Broker

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

Hi Markk,
EG, Low Doc 80% LVR 7.24% to a 6.90% revert rate after 4 years, this lender will absorb the LMI.

Alternatively, depending on the term & amount of finance required, it may be more beneficial to pay the LMI and arrange finance with one of the lenders below at the lower rate,
Low Doc 80% LVR 6.76%
C) Low Doc 80% LVR 6.99%
D) Low Doc 80%…[Read more]

Hi Markk,
A few assorted Low Doc Variable Rates.

A) Low Doc 60% LVR 6.72%
Low Doc 80% LVR 6.76%
C) Low Doc 80% LVR 6.99%
D) Low Doc 80% LVR 7.06%
E) Low Doc 80% LVR 7.24%

If I publish the name of the lender and the rates I am required to also include the comparison rates, feel free to call or send me an email for the info.

The Exit/DEF fees…[Read more]

Hi Markk,
At 7.32% the STG low doc rate is not competitive,
Also, regarding fixed rates (especially short-term 1-2 years) the revert rate should be taken into consideration.

As Rob mentioned fixed rates may not be appropriate as Marisa is looking to sell on completion,
This thread/scenario also highlights what may be a good choice of…[Read more]

Hi Marisa,
I think the St George low doc max LVR with interest only repayments is 70% LVR or 80% LVR with P&I, and the LMI premium is applicable over 60% LVR,
With this in mind coupled with there higher low doc rates you may want to look for an alternative lender with a lower rate and will also absorb the LMI up to 80% LVR, while keeping in mind…[Read more]

Agreed,
A mortgage Broker will receive less trailing commission on a loan structured with an active 100% offset linked to that particular loan.

As my colleagues have mentioned, P&I or I.O doesn’t make a great deal of difference to a M Brokers trail,
I like to think the majority of Mortgage Brokers have there clients best interest at heart, and…[Read more]

Markus,
You can borrow above 80% but mortgage insurance will apply over 80% LVR,
A LOC may not be the best option for you as you have non-deductible debt (PPR loan)
As I mentioned before You may want to consider a split loan with an offset linked to the non deductible debt, the PPR split with P&I repayments & I.Only repayments on the Investment…[Read more]

Hi Markus & wellcome to the forum,
Yes your loan repayments will increase if you increase your current loan,
A split loan with an offset attached to your PPR loan may be more beneficial than a LOC, Talk to a Mortgage Broker who understands how to structure finance for property investors. Cheers.

Regards
Steven
Mortgage Broker

Mobile Mortgage…[Read more]

Hi Jen,
Be very careful, the lending institution prepared to finance the highest amount may not necessarily be the right choice of lender for you,

As Rob mentioned talk to a Mortgage Broker, You may be pleasantly surprised to find that you do qualify for the higher loan amount with more lenders than you realize, including the lenders who have…[Read more]

Originally posted by debtdogg:
Hi Steven
Are you suggesting that she goes through different institutions for 2 seperate loans (more fees of course) or just tells the bank that she wants separate loans?

interested from my own point of view

Hi Debtdogg,
Yes that is correct
BTW, I notice you edited your initial…[Read more]

Hi Lioness,
I would not suggest using the unencumbered property as security on the new purchase,there is no need,
Instead, you could access your current equity and use this as a deposit on 80/20 finance; this will avoid giving the lender 2 properties as security over One loan, (cross colaterisation)

This structure will allow you to borrow 100%…[Read more]

Hi Jules,
If you don’t require a package then I would look for another more flexible lender who will give you a better discount off the SVR along with lower fees,
I have sent you a PM with some info on a lender for you to consider, cheers.

Regards
Steven
Mortgage Broker

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

Hi Jules,
Are you referring to the CBA Pro Mav package with a $300 annual fee or $495 pa for the Mav Plus package, the .5% discount applies to loan amounts between $250K to $349K

You can get .7% discount elsewhere for borrowings between $250K & $500K in VIC without the high annual fee, Cheers.

Regards
Steven
Mortgage Broker

Mobile Mortgage…[Read more]

The lender with the cheapest 1-year fixed rate may not necessarily be the right choice,
Focus more on the long term, i.e. what is the revert rate after the 1 year fixed period expires, does this lender have the products & policy that will accommodate my investing strategy, Cheers.

Regards
Steven
Mortgage Broker

Mobile Mortgage Market
Ph: 0402…[Read more]

Well done on the Offset Vs LOC article Rob,
I have long been an advocate of a 100% offset over a LOC, I agree there are times where an LOC has its place in certain situations, however in the majority of cases an offset is a much better option for the reasons you have outlined.

I think part of the reason why so many investors head straight for an…[Read more]

Geoff & Rob thanks for the kind words,

Distance has never been a hindrance for my interstate clients, communicating via email, phone & express post etc is convenient and efficient.

BTW Rob, its good to have you back from coventry, cheers.

Regards
Steven
Mortgage Broker

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

Hi Terrabyte,
No one can accurately predict if interest rates will rise or fall, speculation & hindsight do not go hand in hand,
For instance, if a potential rate rise has the ability to cause financial hardship or severely effect your investment holdings then you may want to consider fixed rates or have a portion of your loans fixed.

There is a…[Read more]

Hi Liz,
You are absolutely correct, U.S based finance is a much better option, this method would help free up available Australian based funds/equity for deposits etc on more properties, Cheers.

Regards
Steven
Mortgage Broker

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

PLEASE note…[Read more]