Forum Replies Created
Hi Alex,
You mentioned Kiwiproperty, I recently received a book written by Antony & Sigrid a.k.a. kiwiproperty from this forum, titled The Guide to New Zealand Property Investing -Australian Edition,I haven’t yet had a chance to read it, but it was highly recommended to me as a valuable resource for those currently investing or intending to invest in the NZ property market,
The book can be ordered from their website here, http://www.kiwiproperty.biz/Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Inez,
Basically, a redraw facility allows you to redraw the principle and any extra repayments you deposit into the loan,Most lenders have products with redraw facilities available, some lenders do charge a fee per redraw and others offer a redraw facility with no fee, certain lenders have a minimum/maximum amount per redraw while others do not.
Check your loan documents or contact your bank to see if you have a redraw facility available on your loan. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Alexander,
I have answered most of these questions in this thread, here is a link to it, Cheers.
https://www.propertyinvesting.com/forum/topic/18005.htmlRegards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Andy,
The Break free package has an annual fee of $295.00 if you intend to take advantage of the extra 5 loan products under this package then the annual fee may be warranted,
However if your future plans don’t include borrowing further funds anytime soon then you may want to ask your Broker about available cheaper alternatives that also offer 0.7% off the SVR.BTW, I think the offset is a good idea, especially if you decide to convert the PPR to an IP and intend to preserve the original debt, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi kendo & welcome to the forum,
The BankWest Lite Home loan being discussed in this thread is fairly good @ 6.65% but unfortunately it’s not a Low Doc product,
BankWest do have a low Doc product (Easy Doc Loan) at 7.24%, but there are other low doc products around with lower rates, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Pabbs73 & welcome to the forum,
Some very good points raised by LifeX & Endless Summer.Also, as you are probably aware the much anticipated Geelong ring road is finally set to become a reality, I feel this should have a major positive impact on the property market in and around the Geelong & Surfcoast region, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Dimmick,
It seems Westpac are about to cross-collateralise your portfolio in order to avoid mortgage insurance,
Reading between the lines I assume you have available equity and intend to borrow 100% secured across 2 or more properties.Providing you have the required equity there should be no need to pay mortgage insurance with any lender, and further more no need for Westpac to cross colaterise the next purchase if you should decide to use them for the Third loan, as 80/20 finance will avoid cross colaterisation, I hope this helps. Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
There is nothing complicated about this, & there is no need to sell,
1. The properties are cross colaterised.
2. Pasandbec require funds from equity to fund deposit on IP2Solution:
As already mentioned, refinance to a higher LVR, uncross properties, use split loans to keep deductible & non deductible debt separate, Its not rocket science.If your Broker still doesn’t get it, print out Rob’s last post and get your Broker to join the dots.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi all,
Questions regarding NZ finance arises on this forum from time to time, I hope the following information helps to clarify and clear up a few inaccuracies.Security for NZ finance.
Australian credit providers/banks will not take an NZ property/title as security over a loan,
However, if you have equity in Australian based assets you could theoretically use those funds to purchase NZ property outright, (i.e. the NZ property would be unencumbered) I am not suggesting anyone should do this, as this method of financing NZ investments would diminish Australian based equity at a faster rate and possibly hinder acquisitions of any further investments.
(In short, you may run out of funds for deposits on future IP’s)The vast majority of my Australian clients use available equity in Australian held assets to fund the 20% or 30% deposit on there NZ investments, with an NZ based credit provider/bank funding the remaining 80% to 90% with the NZ property/title held as security over the mortgage.
(Basically, borrow 80% or 90% from NZ credit provider/bank and the remaining 20% or 30% sourced from either savings or equity via an Australian credit provider/bank)Servicing/qualifying for NZ finance.
The qualifying criteria for NZ finance is pretty much the same as qualifying for Australian finance, you will be assessed on income and liabilities, Income may include return on investments, i.e. rental income both Australian and foreign,
Most NZ lenders will also include any proposed rental income from a proposed NZ purchase, a rental assessment from an estate agent or property valuer will be required for this,
Any current or proposed rental income will be assessed at approx. 70% or 80% of gross depending on the NZ credit provider/bank,
All liabilities debt, current loans including credit card limits etc will be taken into account when assessing an applicant’s borrowing capacity.Arranging NZ finance.
These days there are more Australian based mortgage brokers with access to NZ products/credit providers for non NZ residents, or you can apply direct with an NZ credit provider/bank or an NZ based mortgage broker, I would suggest a conditional pre approval be the first step.Loan to Value Ratio.
The majority of NZ credit providers/banks will lend to 80% LVR for non NZ residents, some will lend 90% subject to the mortgage insurers criteria, this is usually defined by location etc, keep in mind LMI applies over 80% LVR.NZ Power of attorney.
It is a requirement of most NZ credit providers/banks for non-NZ residents to appoint a power of attorney; most NZ solicitors are prepared to do this.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Pasandbec
The problem seems to be that your PPR came in under value due to the works being carried out on the reno,
I would assume if the reno has been completed then the value should have risen and hopefully provide enough equity in the PPR and not cross securitised, i.e. separate loans for both properties,
These days most lenders products are portable, basically this means you can transfer/substitute another property/title as security over a particular mortgage.On the other hand if the reno is still a work in progress and the value of the PPR has not yet risen, then you may be required to hold off uncrossing the xcolled properties until the value of the PPR has risen,
I’m sorry for the vague response but its very hard to be more specific with out time lines and all the required details.BTW, I assume the current debt/loans on the IP and PPR are separate for accounting/tax purposes, if they are not please ensure your broker is made aware of this, I hope this helps, cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Pasandbec
No problem feel free to call me anytime, good luck with it all, cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi JMKromar & welcome to the forum,
Try Gatherum-Goss & Assochttp://www.gatherumgoss.com
Phone: (03) 9723 7699
Fax: (03) 9723 7202
Postal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
You have enough equity in the IP to fund the deposit on the 2nd IP, and as Benny suggested LMI will apply.
Seems your IP and PPR are cross securitised, if this is the case I would restructure/rectify this when you pull out the equity,
BTW if you intend to use part of the equity from the IP for personal use i.e. non-deductible debt, then you should seriously consider a split loan, good luck, cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Duncan,
Here are a couple of web sites for private sellers,http://www.noagentproperty.com.au/index.asp
http://www.australiarealty.com/
I hope this helps Cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Plastus,
Your current lender may unwittingly be doing you a favor, especially if all your loans are with the one lender, spreading your level of debt amongst multiple lenders is fine.Now would be a good time to have the incoming mortgage broker assess current loans & future goals and structure future borrowing accordingly, rather than applying a short-term band aid solution for the next purchase, Cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Ty,
Yes you are correct,
basically you are using the equity in the 1st IP to fund the 20% deposit on future properties,
All loans would be separate, so if you decided to make extra repayments into the 1st IP loan that will be fine, cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Dev & Terry,
Congratulations on the revaluation & positive outcome, good news. Cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi KP,
I think Dev is based in VIC, Cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Approx 60% – 70% lvr for commercial, depending on the type of security and a host of other factors, cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Ty,
You mentioned you don’t have any debt on your share of the property,
Unfortunately from a Credit Provider/Banks perspective (with both names on title) you are still accountable for your brothers remaining debt on the property and hence this will be taken into account when the Credit Provider/Banks asses your capacity to service further debt/finance.Also, you will probably find it difficult using your share of the equity without involving your brother, as he is also on the title and will also be responsible for any debt linked to the security/property, Cheers.
Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
