Hi P.P,
Forget about the cheapest rate; the cheapest rate isn’t necessarily the best product,
Concentrate on getting the best product that will match your current circumstances and not hinder your future investment plans, this will probably save you a lot more in the long term.

Matching the correct lender to your individual requirements will…[Read more]

If you have no funds/equity to put into the deal then try another 100% lender.

Watch out for deferred establishment fees, especially if you’re looking at short term lending. i.e. 1 to 3 years. Cheers.

Regards
Steven
Mortgage Broker

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

Keep in mind St George will not take into account any rental income with servicing/borrowing capacity on their 100% loan for investors.

Also the required Net $175.000 is in saleable assets less current liabilities. Cheers.

Regards
Steven
Mortgage Broker

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

Originally posted by Dazzling:
Steve / PK,

I have read quite a bit on the forums about the dangers of X coll, and believe me, we are X coll’d up the Wazoo, but so far we haven’t been restricted or come across any nasty restrictions that is inhibiting our future investment borrowing.

What nasty things can actually happen if your finances are tied…[Read more]

Multiple loan fees & set up costs etc on separate loans doesn’t carry much weight in support of X-Coll.

In today’s current climate with so many lending institutions offering nil application fees and in a lot of cases no ongoing fees there is (usually) absolutely no need for X-Coll.

And for those who have expensive pro packages the above sho…[Read more]

Thanks for sharing your exspereince with the dark side of X-Coll PK,
Unfortunately your experience/misfortune is not uncommon.

As I have mentioned before and will say it again, the perils of X-Coll may not be apparent until it’s too late.
Prevention is so much easier than the cure.

Regards
Steven
Mortgage Broker

Mobile Mortgage Mark…[Read more]

Yes Todd that is the preferred option,
If you have equity then you can effectively borrow 100% plus closing costs without incurring LMI,

This being the case I would suggest separate loans to avoid X-Coll
E.g.,
Loan 1 @ 20% plus closing costs i.e. stamp duty etc, secured against current property.
Loan 2 @ 80% secured against new…[Read more]

Yes there are lending institutions that will lend 100% and 107%, although the LMI is quite high on these types of loans.
Cheers.

Regards
Steven
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,…[Read more]

How much you borrow will depend on the LVR (loan to value ratio) e.g., 100% 95% or 80% etc

Here are the figures based on a $200.000 Investment purchase in NSW
Borrowing @ 80% LVR with a 20% deposit

Purchase price: $200.000
Loan @ 80% LVR: $160.000
20% deposit: $40.000

Transfer Stamp Duty: $5.490
Mortgage Stamp Duty: $581
Mortgage registration:…[Read more]

Originally posted by andymitchell:
yes – thats why I’m probably forced to stick with current lender – my banker said they wouldnt need a new valuation if I changed products…so I may have no choice…though I need to decide which of their products I would choose if I did change. I do think rates are on the up, maybe just 0.5% over the next 18…[Read more]

Give Richard, AKA Qlds007 a call,
He brokers finance in the U.S. sleeps irregular hours US time and is a regular forum contributor.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
richard@yourstatefinance.com

Regards
Steven
Mortgage Broker

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

Best to make the offer subject to a satisfactory building & pest inspection,
The lending institution/bank will carry out a valuation, a finance clause in the contract is also a good idea. Cheers.

Regards
Steven
Mortgage Broker

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

PLEASE…[Read more]

You don’t have to crosscolaterise your portfolio to borrow 100%.
Accessing the equity in stand alone loans will still allow you to borrow 100%, unfortunately quite a few lending institutions fail to mention this and encourage cross colaterisation.

Why is X-coll a bad idea?
Lets assume you need to access equity in 1, 2, 3 or all your prop…[Read more]

Everyone’s situation is different,
It would be better to post the details (within reason) of your current structure and future plans on the forum for comment.

Regards
Steven
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 take…[Read more]

Originally posted by andymitchell:
Hi all – well, from discussions with several agents, the value of our unit is now well below our mortgage amount, variable rate?

Be careful here, not sure if you are considering alternative lenders or not, but if the statement above is correct then I would think twice before doing anything that may require a…[Read more]

Hi Bobby,
Valuers will look at comparable sales in your area, Contact a few Estate Agents and ask for a list of recent sale figures, if they are inline with your estimated property value then present these figures to the bank and ask for a revaluation.

If the bank play hard ball contact a Mortgage Broker and take your business elsewhere,
A…[Read more]

I agree, keep the 2 loans separate, don’t cross collateralise.

Depending on the numbers, current value purchase price etc, it may be more economical for you to have the LMI on just the One loan,
E.g., 1st loan @ 89% LVR & the 2nd loan @ 80% LVR

Regards
Steven
Mortgage Broker

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

Your right Andy, Just spoke with the OSR, duty is applicable when transferring title under Two spouse names to One spouse name.

However, Duty is not applicable when transferring name on PPR title from One Spouse to both Spouse names,
Sorry this doesn’t help with your current situation but I thought it might be helpful info for others. Chee…[Read more]

Hi Andy,
I inquired about this quite a while ago on behalf of a client, sorry but I don’t remember which State, but from memory no stamp duty is incurred between spouse on a PPR, I think it falls under the (love & affection) policy.

Good luck & I hope everything works out for you, Cheers.

Regards
Steven
Mortgage Broker

Mobile Mortgage Mark…[Read more]

Originally posted by proper property:
AMP will now accept lo doc loans in company names most other lenders only do it in personal names. there rate is 7.06

Incorrect, most lending institutions will lend to Company/Trusts on low doc products, including Rams.

BTW, LMI is applicable over 60% LVR with that particular AMP low doc product @ 7.06%…[Read more]