Hi Julia,
Thankyou for the enlightening post,

I’m concerned with the following in relation to offset accounts,

“A recent AAT case decided that if loan funds are intermingled with other funds before being used for income producing purposes they are no longer considered to have their source in the loan.”

How do you think this ruling will…[Read more]

Hi Spanky,
Sounds like serviceability issues due to the casual employment tag,
This is a common problem with credit providers who assess casual income at 50%
As Simon suggested contact a Mortgage Broker, make sure they have a wide range of lenders on there panel, in the mean time here are some tips to increase max borrowing capacity, find a lender…[Read more]

Cheers Richard,

Lifex,
The Bendigo Bank may be another option?

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

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

Hi Spanky
You may still be eligible for the FHOG,
http://www.firsthome.gov.au/

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

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

Thanks Martin,
BTW I’m not Simon aka Mortgage Hunter, I’m Steven aka Mobile Mortgage, but that’s Ok it often happens,
Cheers
Steven & Simon
Mobile Mortgage Hunter
Mortgage Brokers

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

PLEASE note comments made should not be taken as speci…[Read more]

Hi Vikki,
Yes you can use the equity available in your home to fund the deposit and associated costs,

If you have a mortgage on your PPR it may be beneficial to set up a split loan, (split A PPR portion and split B investment portion) Use the funds from the split B portion of the loan for deposits & associated costs on 80/20 finance,
This…[Read more]

Hi Leila,
These days the majority of lending Institutions dont have a problem with Trusts, However there are certain lenders who do not provide no doc/low doc finance to Trusts.

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

PLEASE note comments made should…[Read more]

Hi Landt,
Do you have any funds to contribute apart from the equity in your IP?
If you intend to contribute the equity in the IP alone, you will require finance at a higher LVR 95%/100%, If this is the case I estimate (based on your figures) that you may need to include the proposed rental income in order to service/qualify for the required…[Read more]

Hi Richard,
The Morgan Brooks Rural Equity 100 acre product you are referring to in your link is no longer available.

As I mentioned earlier, the best Morgan Brooks can currently do for rural/residential is a maximum 50 acres, and a max of 25 acres for rural.

Regards
Steven
Mortgage…[Read more]

Hi Ljc.
You have access to $32.000 in equity; this figure is based on 80% of your properties current value and taking into account the $160.000 balance remaining on your current mortgage.
PPR value $240K @ 80% = $192K Less $160K = $32K
I have emailed the other information to you as requested, I hope it helps.

Regards
Steven
Mortgage…[Read more]

Hi LJC,
Based on your figures, I think you will struggle to qualify for $180K finance on an investment returning $180 per week.
If your interested, I have crunched the numbers regarding your maximum borrowing capacity, I am happy to post the figures on the forum, or if you prefer I can e-mail them to you.

Regards
Steven
Mortgage…[Read more]

Hi Ciaralin,
Don’t feel marginalised by the Banks contact a Mortgage Broker, your situation is not that bad,

Based on your figures the current level of personal debt (car & personal loans) has decreased your max borrowing capacity by an estimated $100K, however, any proposed rental income will help to increase your serviceability and borr…[Read more]

Hi Jhopper,
If you do refinance you will incur Mortgage Insurance again.

If you need 93% LVR, then you may want to consider a Lending Institution who will capitalise the LMI into the loan,
Keep in mind, if you do refinance you may be entitled to a refund on a portion of the LMI from the previous lender.

Regards
Steven
Mortgage…[Read more]

Hi Lifex
If the property is classed rural or rural residential & non income producing you will struggle to get over 70% LVR,
Morgan Brooks criteria for rural/residential is maximum 50 acres, and max 25 acres for rural,

ARAF Capital Funding may be an option, but I doubt they will lend over 70% LVR on 65 acres…[Read more]

Hi Jhopper,
If you refinance under 80% LVR you may not incur LMI.
You may also be entitled to a refund on a portion of the current LMI, subject to the length of loan and credit policy.

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

PLEASE note comments made…[Read more]

Hi misty,
The maximum percentage of gross rental income credit providers take into account when assessing serviceability for finance will vary between lending institutions from approx. 70% to 100%.

When calculating serviceability, ensure your Mortgage Broker or Credit provider itemize the interest component on all current investment loans as…[Read more]

Hi WRP & wellcome to the forum,
Have you considered raising the deposit for the next purchase via current equity?

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

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

Hi Mark,
SANF = Sleep at night factor

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

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

Hi Landt,
I agree with Derek, there may be other options available to you, feel free to e-mail or call me with the relevant information and I will see if I can help you.

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA

PLEASE note comments made should not be…[Read more]

Hi Helen,
High Flyer is absolutely correct,

In most cases there is no need to include a second property as security over a single loan,
If you don’t have the required deposit and want to avoid X-Coll, simply access the equity in the second property in order to raise the required deposit on the new purchase, The LVR will be higher but the tota…[Read more]