Forum Replies Created
Hi U.T
On the proviso you can service the debt, I would suggest you look at using your current equity, 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.
Here is a link to current CC rates,
http://money.ninemsn.com.au/compare/credcarddisp.aspx?type=&cp=&st=CREDSTATVICABTW, The April issue of money magazine has an article regarding HSBC, ANZ & GE Money who are offering introductory zero interest credit cards, i.e. transferring your balance to an introductory 6 month Zero rate, but watch out for the revert rates.
In the same issue there is an article on CC frequent flyer points, 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.
Demayn,
Paramount do short term commercial low doc, LVR will depend on security type and location etc,
Suncorp will do 60% LVR on Low Doc on a 15 year term on comercial security, 20 year term mixed and 25 year term for residential, other lenders include Challenger and Eurofinance.
BTW, the rates are high for Low Doc commercial finance. 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 Julies1,
You have 2 options, seek a more accommodating lending institution, or take up the interest only repayment term option and make additional repayments whenever you like, most lenders have this option with I.O terms, check this with your Broker or Bank, 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.
Reducing non-deductible debt.
I would suggest you look at P&I on non-deductible debt & I.O on deductible debt with a 100% offset linked to the non-deductible debt, place all spare funds wages & rent etc into the offset until such time as needed.
Taking the above structure one step further, use the credit card for purchases, bills etc during the CC interest free period then pay down the CC from the offset before interest on the CC is due and repeat the cycle,
Warning this method will only suit the budget conscious, (i.e. the high rates incurred on the CC if you don’t repay the balance before the interest free period expires) Tip: Setting up an automatic swipe of the credit card balance can help avoid this. 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 Roger,
Cross colateralised or cross-secured occurs when more than One property is used as security by a lending institution/bank for a loan.
E.g., if 2 properties are used as security for 1 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.
Interest only repayments can help increase cash flow and serviceability on future lending,
Flexibility is another benefit with I.O, as most lenders will allow additional repayments. 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.
Rolling all loans into One would involve cross colaterising your portfolio, something you may regret at a later stage.
Keep them separate. 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.
Prior to the recent rate increase they were offering the following:
100% 8.75% p.a. CP 9.11% p.a. mortgage risk fee 2.5625%
106% 8.99% p.a. CP 9.35% p.a. mortgage risk fee 3.33125%
Establishment fee $1750
Deferred establishment fee: 0-12 mths 2.75% 13-24 mths 2.25% 25-36 mths 1.75%
P&I only,
Comparison rate based on $300K loan over 30 Years, 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 Leo,
Rates on 90% LVR low doc will be at the high end, mid 7 to 9% depending on lender and the type & size of the security, You may need to factor in the LMI premium on top of your closing costs, 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 Leo,
Interest only repayments can offer flexibility over loan repayments; i.e. certain lenders will allow additional principle repayments during the I.O term.
Another benefit of interest only repayments apart from the increase in cashflow, is the ability to service further loans/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 Liz,
Have you checked with your BDM for a list of solicitors in SA who have previously signed the certificate on similar applications? good luck.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 Glenn,
As a new entrant into the industry you may be required to complete Certificate IV in Financial Services which meets both MIAA and Finance Brokers Supervisory Board (WA) requirements.The Certificate IV in Financial Services (Finance / Mortgage Broking) is replacing Certificate III in Mortgage Lending as the minimum entry-level education requirement for individuals with less than two years experience in Mortgage Lending / Mortgage Broking. 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 Colbert,
Yes you certainly can have an interest only loan and still obtain the FHOG, 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.
Jackhu,
Advising Guitarchick to apply for personal loans in an effort to substantiate a credit rating is reckless advice, to say the least.
Further debt would only hinder Guitarchicks ability to service a mortgage not enhance it.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 John
I have answered a similar question here
https://www.propertyinvesting.com/forum/topic/16479.html
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 Alex,
I have answered a similar question here,
https://www.propertyinvesting.com/forum/topic/16479.html
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.
90/10 max for non-genuine savings.
With 3% or 5% in genuine savings you may qualify for finance at a higher LVR, 95% to 97% with mortgage insurance.
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.
Dave,
You will struggle to qualify for a 100% loan with no savings history and a paid default.
You may qualify for 90/10-non genuine savings loan with a gift deposit, you will also need closing costs stamp duty etc, 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 Foundation,
Providing your loans/finance is structured correctly, it is possible to avoid cross colaterisation and use equity in a PPR for the purpose of investment and not have the PPR held as security over the investment, 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.
