Hi Johnc,
There is a thread on this topic in Legal & Accounting
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7021

Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Chris,
I forgot to mention, if you are entitled to the FHOG you may be able to use it to fund costs on a 100% lend.
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Chris
You will need a deposit to purchase a property, this property is then held as security over the loan,
Some lenders do have 100% finance products, However, your serviceability area of intended purchase etc will be a deciding factor in qualifying for a 100% lend,
You may have heard of other investors who mention no money in the deal, this…[Read more]

Hi James,
You said you would purchase in NZ using Australian property as security,
I have arranged funds for my clients here in Australia at 80% LVR with the NZ purchase as security,
The process involves the following:
Applying for the maximum funds required in Australia,
Upon preliminary loan approval, purchase in NZ subject to finance approval,…[Read more]

Hi Simon,
A Real Estate Agent may do the valuation for free, However,for a refinance a lending institution will do there own valuation, and are usually at a more conservative level,
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Simon,
Do you have a redraw facility on the apartment loan? If you don’t, a refinance with a LOC or redraw may be an option, Six Months growth may provide enough equity for your deposit on the new property,
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note c…[Read more]

Hi Jacqui
Before you decide to sell, have you spoken to other Lenders or Mortgage Brokers?
Regards
steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi LJCooker,
Based on the info you have supplied, and assuming you can service the loan, you should be able to borrow 100% with a major lender, I will need more information to help further,
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT…[Read more]

Hi Simon
If you do not have the deposit for the new property loan, have a look at pulling equity from the apartment.
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Richard.
Some lenders will take 100% of commission as acceptable income, Current pay slips showing 3 months history or an employer letter,
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Just to add to my post, that I calculated at 7% but for calculating serviceabillity lenders will calculate existing and proposed annual repayments at about 8.5% or 8.7%
regards Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Dom,
With $63000 income and 80% of $800 per week rental income on 4 IP’s, and discard your credit card and any dependents you may have,[] and calculate your current loan repayments at 7%, I think based on serviceability you will be struggling with a major lender, However,the Rams, The Rocks and the Citibanks of this world may approve the l…[Read more]

Hi Hux001,
You say you do not have a mortgage on the property but you have an oustanding loan for it, With this in mind I would declare everything,
Regards
Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Noosa, and Welcome to the forum,
Your understanding of a LOC is correct, However, this may or may not be the correct product for you as this May depend on how many properties and the time frame in which you intend to purchase,
E.g.: if you intend to purchase only one IP in the next 12 months then maybe a loan product with a redraw facility may…[Read more]

Hi Phil,
I do not wish to rub salt into the wound, but I have 5.99% One year fixed on my books, If you are locked in for one year the break costs may outway the benifits of changing lenders, but I would Sugest in the future it may be an idea to talk with a Mortgage Broker,
Kind Regards
Steven

Mortgage…[Read more]

Hi Phil,
The answer to your question will depend on a number of factors,
A lender will determine your borrowing capacity based on some of the following,

LVR of the loan,
Is Mortgage Insurance required,
Annual repayments on loan,
Primary purpose,
Credit history,
Savings,
Benchmark rate and debt service ratio
Rental income, some lenders will allow…[Read more]

Hi John,
Dale has clients who travel from interstate just to see him,
Regards Steven

Mortgage Broker

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Kelvinh,
IMHO the low life who sell these Minimization programs are vultures,
Please Contact Simon or any broker on this forum.
Regards Steven

info@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

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

Hi Mel & Craig
A decline is not recorded on baycorp, Current federal legislation does not allow Baycorp to record whether the application was accepted or declined,
However, the lender, date of application, and amount of credit applied for is listed,
Multiple enquiries for credit in a short space of time is enough to set lender alarm bells…[Read more]

Hi Craig,
I forgot to mention one important point, Every time you make an application to a lender for finance the application will show up on your credit report,
I would suggest the best way to avoid this problem is to use a good independent mortgage broker who will asses your situation before submitting an application, the last thing you want is…[Read more]