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  • Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    July 14, 2006 - 9:20 am

    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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    July 14, 2006 - 8:43 am

    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 you have to be cruel to be kind, Good luck.)

    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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    July 14, 2006 - 8:07 am

    [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 book and have a bit of common sense, its not hard to half the term of a loan once you have the knowledge.

    2nd Alarm Bell

    Powerloan also push for you to invest equity, which obviously increases the loan size and the commission of the consultant. so as you should know every investment has some risk, no matter how well its “SOLD” ;)

    3rd Alarm Bell

    i learnt alot about SALES from powerloan, and not very much about finance,

    4th Alarm Bell


    im not sure how much advice i can give on here, dont wanna get in trouble as [red]im not qulified in finance at any level

    5th Alarm Bell

    Give me a break, you admit to knowing nothing about finance yet still feel compelled to recommend this product, you then take a back handed swipe at the brokers on here with this tripe below.

    [black]i doubt most brokers know themselves how simple it is to reduce the term of your loan, and they most likely wont help you until you want to refinance, goodluck hope it works out for you ….JACE

    [black]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.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    July 14, 2006 - 12:04 am

    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 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

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

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    June 8, 2006 - 3:54 am

    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
    [email protected]
    http://www.mobilemortgagemarket.com.au

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

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    June 8, 2006 - 2:40 am

    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 debt)

    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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    May 25, 2006 - 12:11 am

    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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    May 24, 2006 - 4:25 am

    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 needs”

    Also, don’t be afraid to ask how many lenders they have on their panel, and is he or she a member of a professional body e.g., MIAA (Mortgage Industry Association of Australia) 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    May 24, 2006 - 3:51 am
    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 assist?
    Cheers
    Alison

    Hi Alison,
    As previously mentioned you may be able to achieve this with your current lender, but more importantly use this opportunity to insure you have the correct finance structure/product in place.

    Interest only repayments on non deductible debt is pretty much stock standard for the majority of investors, yet you have only recently discovered this which leads me to believe you have been poorly advised by your current lender or broker, if this is the case then I would be very surprised if your current structure/product etc is the most suitable for you. 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    May 18, 2006 - 6:48 am

    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 the moment) to find out what other lenders & options are available to you.

    Sounds like you have had a bit of rough time.. I wish you well & good luck, 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    May 18, 2006 - 6:27 am

    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 possibly be other options… 95% low doc etc. good luck, 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.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    April 28, 2006 - 2:48 am

    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 broker should be able to organize without any fuss, feel free to contact me if you need any help, 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    April 19, 2006 - 11:39 am

    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
    [email protected]
    http://www.mobilemortgagemarket.com.au

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

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    April 19, 2006 - 10:44 am
    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 GEORGE and had conditional approval..the process then got a bit lengthy, they asked for more of the same documents and then after a few more weeks declined unconditional approval..

    EVERY loan is a battle for me [biggrin] But I dont give up..

    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)
    No

    Are you certain you require fixed rates?
    (You seem to be quite active in the refinance/equity dept, break costs on fixed rates may hinder access to unexpected equity for future acquisitions.)
    I prefer paying Interest Only..fixed rates just give me that sense of *locking* things in..I see your point though; maybe variable interest only is an option?

    All loans are not X-d but rather stand alone

    Total Loans are still at $640k and values at around $1M + , equity as of late Jan of $365k (all IP’s in WA) and expecting to get all my tax back this year

    Some food for thought, Cheers.
    Got my Credit Report the other day..LARGE Document considering the loans and refinancing over the last year..St George’s recent inquery is on the list as well

    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.

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Thanks Red,
    I would strongly suggest you pursue prime lending further, and save the low/no doc route for a rainy day.

    I suspect the servicing problems with Stg would be the reluctance to add back the interest component on any investment debt not held with Stg.… this has the potential to kill servicing/max borrowing capacity.

    Feel free to PM or e-mail me with the info, I’m happy to crunch the numbers and give you a list of alternative lenders that you & your Mortgage Broker can approach. Cheers.

    Info required:
    Loan amount & LVR required
    Proposed rental return on new purchase.

    Total investment debt & monthly repayments.
    Total non-deductible debt:
    Credit cards maximum limit.
    Personal loans.
    Gross income:
    Gross income on Investment.
    Number of dependants.
    Type & duration of employment.

    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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    April 17, 2006 - 1:17 pm

    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 fixed rates?
    (You seem to be quite active in the refinance/equity dept, break costs on fixed rates may hinder access to unexpected equity for future acquisitions.)

    Some food for thought, 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    Post Count: 913
    April 14, 2006 - 9:57 am

    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. Interest Only repayments, Place these funds into the 100% offset account linked to your home loan (non deductible debt)

    Redraw the funds as required from the 100% offset account, i.e. deposit on next investment loan etc. 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    April 14, 2006 - 9:23 am

    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 lenders/options/rates etc.

    If you are concerned with your level of exposure with LMI, then you may qualify for a 76% LVR Low Doc lend @ approx 6.99% with no LMI. 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    April 10, 2006 - 10:02 am

    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 fees. 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    April 5, 2006 - 12:51 am

    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. 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.

    Profile photo of Mobile MortgageMobile Mortgage
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    @mobile-mortgage
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    April 4, 2006 - 11:44 pm

    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 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.

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