Originally posted by Gemmagirl:

We currently have a line of credit mortgage, is it best to refinance or increase the limit based on the new value of our house. Also, could a broker help with buying this property or would we be better going to the banks?

Any advice would be appreciated.

LOC are not always the best option, depending on…[Read more]

Hi Foston,
In affect you are borrowing 100%, this is fine,

20% Deposit and costs for IP purchase, raised from equity in PPR (deductible debt)
80% loan for IP (deductible debt)

This structure limits the Bank to the 1 property held as security over the investment loan, and will minimize the risk of having all your future lending tied up with the…[Read more]

Originally posted by jars11:
I would love the email address or phone number, of a broker, who was willing to give an opinion, even if you are going directly with the banks. I find brokers only willing to handle customers with the same approach in mind as the banks – $$$ and a sure deal. Know any?

Hi Jars,
My contact details are below,
Regards…[Read more]

Hi Leesa,
Do you intend to construct an owner occupied home on the vacant block at some stage?

Regards
Steven
Mortgage Broker

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

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek…[Read more]

Hi Leesa
Do you have a loan attached to your PPR?

Regards
Steven
Mortgage Broker

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

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi agordon, wellcome to the Forum,
A loan on a vacant block of land where you intend to construct an owner occupied residence is non-deductible debt,

Regarding the best loan? More information is required.

Regards
Steven
Mortgage Broker

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

PLEASE note…[Read more]

I am not perturbed by the recent introduction of the online finance application,
As long as my colleagues and I continue to post in an impartial, professional and helpful manner, then I see no reason why we would not continue to gain the respect and any subsequent business that tends to follow on from our helpful replies to questions asked,

I…[Read more]

Valid points Max,
And all too often I have seen lenders placing clients with an inappropriate loan product for their particular situation,

Regards
Steven
Mortgage Broker

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

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

Originally posted by Geronimo:
Originally posted by yack:
Hi

I lived at home till mid twenties, spent 2-3 yrs living in a shoe box in London with a household full of kiwis and aussies. On my return home rented for 18 months then decided I wanted my own pad.

Ah yes Yack, the good old days! I did 2 years in London in a 3 bed shoebox with 7 other…[Read more]

HI James,
I think that would be possible,

It may also be beneficial to appoint a power of attorney in NZ.

Regards
Steven
Mortgage Broker

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

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please…[Read more]

Hi James,
I would recommend you open a separate NZ account,
Deposit all NZ rental income, and transfer NZ loan repayments and any NZ investment related expenses with this account,

Regards
Steven
Mortgage Broker

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

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

Congratulations Derek, and thanks for your input on the forum,

Regards
Steven
Mortgage Broker

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

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi DUg,
Have a look at these links, it has information on DIY selling,
http://www.legalkits.com.au/sellyourhome/
http://aca.ninemsn.com.au/stories/1529.asp

Regards
Steven
Mortgage Broker

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

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

Hi Derek,
If Dom had other investment loans, and he paid interest in advance on these loans, Wouldn’t this reduce any profit on investment and offset some of the capital gain?

Regards
Steven
Mortgage Broker

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

PLEASE note comments made should NOT be taken a…[Read more]

Congratulations & Best wishes to you Monopoly,
Keep your chin up,
Kind Regards
Steven

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

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Ben,
If your friend requires finance to construct a home on the block after the sale of the current property, then it may be more cost effective to have bridging finance with an End Loan,

If no finance is required after the sale of the property then bridging finance with No End Loan may be required,
Rates for bridging finance are generally…[Read more]

Hi Ket,
Do you have the St George Professional Benefits Package? You may be entitled to a discount off the Standard Variable Rate,

E.g.:
Existing St George customers, with an outstanding Loan balance of $150.000 to $300.000
0.25% discount off the SVR,
Outstanding Loan Balance of $300.000 +
0.50% discount off the SVR

If your not receiving the…[Read more]

Hi Wilandel,
Personally at the moment I would not fix, but it depends on your level of exposure, and your own comfort level, and the SANF (sleep at night factor,)
Have you considered fixing a portion of the loan?

Regards
Steven
Mortgage Broker

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

PLEASE note…[Read more]

Do I borrow 100% of amount for new properties using equity in IP? Should I use equity in my home to fund further IP’s????

Hi Di,
The answer to the above will depend on how many IP’s you intend to acquire,

If you want to have a substantial property portfolio, then you may want to consider drawing maximum equity, with a split on your PPR loan,as t…[Read more]

Originally posted by geo:
Hey GP,

I also believe that borrowing in NZ is the way to go although you can do it here but Im a bit hesitant – too many scammers.

They shouldn’t see any servicibility problems with you not earning income in NZ – only in Australia. This is absolutely fine. All you need to do is fax your lender some statements from your…[Read more]