Originally posted by Martine:
Hi All
Can anyone help me with my queries please.

I purchased a block of land for $35000 now valued at $80000, owed $10000, used the equity to buy another block for $137500 and build for $135000, borrowed $282500 to pay off initial loan and finance new venture, now valued at $360000.
1. Do I need to refinance to…[Read more]

Hi louroza,
With $41K available equity/deposit, you will be in need of a 90/10 or possibly a 95/5 loan with LMI.

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 Blondie beck,

You may need to do some research, try the search function on this site or google,
here are some links with info on trusts to get you…[Read more]

Hi Busta,
There are a few lenders currently offering 100% finance, Pepper, Liberty, St George to name a few, certain lenders allow you to borrow over 100% to cover purchase costs, stamp duty legals etc,

These types of loans attract higher rates along with LMI or LEF fees, be aware of the break costs.

Regards
Steven
Mortgage…[Read more]

Originally posted by Marisa:
I am after the best low doc loan on the market at present… Many thanks

HI Marisa,
The best is not always the cheapest,
There are so many Low Doc products on the market at present, with rates ranging from 6.47% to 13.75%
The best low doc loan on the market will be the one that suits your…[Read more]

Non resident lending criteria.

Normal fees apply,
80% Max LVR for non-self supporting loans.
Normal LVRs apply for self-supporting loans.
You may be required to obtain prior approval from the Foreign Investment Review Board.

Regards
Steven
Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800…[Read more]

Hi Cherie,
To clarify, an offset is a different product altogether to a LOC or a redraw,
An offset will not effect deductibility of interest, where as a LOC or redraw generally will.

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 GSSW,
Don’t be frazzled, the mechanics of an offset can at times be confusing to many people,
Your confusion may stem from a misconception of how an offset operates; I hope the following helps

Your situation.
Current loan balance $105.000
Funds in Offset account $109.000
Currently available in redraw $87.000
Required minimum loan repa…[Read more]

Hi Kerwyn,
Who is the lender?

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.

Newgen,
I suggest you call the CBA and ask for the break costs on your fixed loan,
If you do refinance with St George, consider the pro package @ 6.37%

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…[Read more]

At the moment its hard to ignore Adelaide Banks 3 years fixed rate @ 6.50% with free 100% offset,
I expect more lenders will compete.

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,…[Read more]

Hi Calvin,
Your situation is fairly unique, think about which option offers the greater benefit,
is it the 80% discount you currently receive on your PPR mortgage, or is it the deductions you will receive on an investment loan?

In both scenarios you are paying down debt to release equity for use as deposits on further investment, which portion of…[Read more]

Hi Calvin,
Another option to consider,
Organise a split loan with redraw and an offset attached to the investment split, No need for a LOC,
In normal circumstances the offset is attached to the non-deductible portion of the loan, but in this case you may want to take advantage of your employer paying 80% of the interest on your PPR…[Read more]

Hi Calvin,
Yes you are correct; the offset would have to be linked to the mortgage,
BTW, That is a fantastic deal your getting with your employer,
Cheers.

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…[Read more]

Hi Rose,
This article on the residex web site may be of interest to you,
http://www.residex.com.au/index.php?content=article12

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…[Read more]

Hi Rose,
Here is a link to an article on the residex web site that you may find useful,
http://www.residex.com.au/index.php?content=article12

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,…[Read more]

Hi Calvin,
This is a good strategy, and its used by many investors, this structure will work with either an offset or a LOC or both.

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,…[Read more]

Hi Gilad,
Unless you are buying of the plan, You are still required to pay transfer stamp duty on a purchase in Victoria, This is not to be confused with mortgage stamp duty.
For further info have a look on the Vic gov site. http://www.vic.gov.au

Regards
Steven
Mortgage…[Read more]

BTW, The VIC Govt.has abolished Mortgage Stamp Duty, as of 1st July 2004.

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 tjal,
There are no deposit home loans available, but these do attract higher rates and fees.

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.