Option C.
revaluate once the renos on IP 1 are finished in a fortnights time.
It’s only Two weeks.

Cheers
Steven
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au

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

20K in debt with no deposit and you want to buy an IP.
If you manage to get 100% finance you will still need funds for closing costs, stamp duty/legals/LMI etc.

Do your self-a favor, this is your 1st IP and you have little or no experience so save for a deposit, & don’t borrow any more than 90% LVR.

(I’m not trying to be mean but sometimes…[Read more]

[black]Originally posted by Jace81:
ok, i worked for powerloan for about 6 months, and most of the time (up until the westpoint crash) was enjoyable…The workshops are not much more than a sales pitch, so that part of the added value service from the company is a bit dodgy

1st Alarm Bell

they do have good strategies, but if you look for a good…[Read more]

Terry is correct,
Normal residential lending rates and loan to value ratios will apply, providing the security is not classed as a commercial property.

Contact Terry, he’s in NSW and will be able to help you.

Cheers
Steven
Mortgage Broker

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

In today’s current competitive climate we have lending institutions offering competitive rates with no application and ongoing fees,
in most situations there is no benefit in combining multiple securities into the one loan, I.e. cross-collateralising.

Cheers
Steven
Mortgage Broker

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

Depending on your circumstances a split loan with a 100% offset account attached may be a more beneficial/cheaper option than a LOC.

EG,
Split 1 is your current debt (non-deductible debt) on you PPR.
And split 2 is your interest only investment loan (deductible debt) Equity from PPR.
The 100% offset is linked to split 1 (non-deductible…[Read more]

Sorry Elka, I meant to say deductible debt, Cheers.

Regards
Steven
Mortgage Broker

Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au

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

Good question Chrisitnep,
I also provide my clients with commission disclosure from my panel of lenders…however in most cases they never seem to take much notice of it.
More importantly the question you should ask the Broker is “why have you recommended this lender/product over all the other lending institutions and how is it suited to my need…[Read more]

Originally posted by Jessica:
Hi There,
My husband and I did the sums recently and discovered we could get an extra $700 per week in cash flow (from wages) if we were to refinance and take out interest only loans on 3 of our houses.
We are looking for a mortgage broker that can help us. Can anyone recommend one or are there any out there that can…[Read more]

The simplest solution would be to check with your current lender.. Anonymously of course,
Ring them up and explain that you are on work cover and you want to know if you would qualify for a loan for x amount while receiving work cover income of x amount.

if by chance you don’t qualify then contact a mortgage broker(There’s plenty around at…[Read more]

To answer your question, It all comes down to the numbers/income etc, and servicing on 100% can be a little more stringent,
as you are self employed lenders will need to look at your last two years financials.

Talk to a mortgage broker and have them crunch the numbers to see if you do qualify for a 100% finance, if you don’t qualify there may…[Read more]

Hi Jessica,
Based on the info (income $33.500 gross and no other debt) your brother should qualify for the required amount.

Closing costs… stamp duty etc will eat up much of the grant and his savings so I would assume a high LVR of approx. 90-95% will be required.

This is pretty much stock standard finance that any competent mortgage bro…[Read more]

Hi Didi,
I agree with Derek, depending on the circumstances you should be fine…
Worst case scenario there are lenders who will ignore the defaults and charge a higher rate, then refinance to a lower rate when the defaults are removed from your CRA, Cheers.

Regards
Steven
Mortgage Broker

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

Originally posted by redwing:
Originally posted by Mobile Mortgage:
Ok Red a few things to consider…..

Are you certain you will require low/no doc finance?
(You may be surprised to find that you do qualify for prime lending)
A local broker who works with another Investor i know thought I could get it via the normal process, we went through ST…[Read more]

Ok Red a few things to consider…..

Are you certain you will require low/no doc finance?
(You may be surprised to find that you do qualify for prime lending)

Do you have any current exposure to LMI on your existing debt?
(If so then tread carefully with any future self certification via the same mortgage insurer)

Are you certain you require…[Read more]

You probably don’t need an LOC.

If you have non- deductible debt & intend to access the equity in your PPR for investment purpose, then you should consider a split loan with a 100% offset account attached.

E.g.
Split One. Balance remaining on current home loan, P&I repayments with linked 100% offset account.

Split 2: Investment loan. Inte…[Read more]

Providing the numbers stack up, and assuming you have the required equity available there would be no need to x-coll.

E.g., borrow 60% secured against the new purchase & the remaining 40% and closing costs via equity on a separate loan secured against current property.

The lower 60% LVR required will give you a much wider choice of…[Read more]

Rams Low Doc 80% LVR with LMI covered.
A few lenders, Adelaide Bank etc will capitalise the LMI on there low doc products up to 80% LVR,
And a couple of lending institutions will lend to 90% with LMI capitalised up to 95%.

As always ensure the product suits your immediate & long term needs, and keep an eye out for hefty deferred establishment…[Read more]

Very good advice from Cameron,

When correctly structured a 100% offset linked to any loan will work in the same manner as an LOC… and in many situations offer a greater benefit over a LOC.

Line Of Credits are my pet hate, they are over rated and all too often poorly managed, expensive and in most cases not required. Che…[Read more]

95% Low Doc.

Interest rates 8.99% reducing to 7.79% after 3 years
LMI: 3.45%
No monthly or annual fees.
Application fee: $1200
P&I or interest only
Security: owner occupied or investment
Trusts are ok
Up to 4 splits
Redraw: minimum $2000
Deferred establishment fees: 1 Year 2.5% 2-3 years 2.0%
3-5 Years 1.5%

Regards
Steven
Mortgage Broker

Mobile…[Read more]