Forum Replies Created
$5K & 100% finance would not be enough to cover your closing costs, Stamp Duty, LMI etc on a $200K purchase.
However certain lenders will lend up to 106%, but be warned the rates are high.
With 106% finance and your $5k you may just have enough to cover the LMI & stamp duty etc on a $200K purchase.
E.g., finance based on a $200.000 purchase in NSW @ 106% LVR$212.000 Loan Amount
$5.490 transfer stamp duty
$789 mortgage stamp duty
$150 land & mortgage registration
$5.500 approx. LMI
Total $11.929
Your initial $5K should cover the associated costs of solicitors and application fees, 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 1st July 2000
http://www.firsthome.gov.au/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.
Yes, that is correct.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auHi Milly,
As Terry mentioned, releasing equity from the IP will not be deductible if used for non-investment purpose.
If cash flow is a problem I would suggest you look at ways of reducing your non-deductible debt, Have you investigated the benefits of an offset attached to your non deductible debt, as this may help pay down your PPR debt at a faster rate,Have you considered interest only repayments on the IP debt, as this would also help increase your cashflow, other suggestions may include looking at ways to justify and implement an increase in rent on the IP, Cheers.
Regards
StevenMortgage Broker
Mobile Mortgage Market
Ph: 0402483216
[email protected]Hi Originalsinner,
I have sent you an e-mail.Regards
StevenMortgage Broker
Mobile Mortgage Market
Ph: 0402483216
[email protected]Hi Greg,
If the partner has previously purchased an owner occupied property i.e., not an investment property, then the partner is not entitled to receive the FHOG.Furthermore in the case of the above scenario, if the partner’s name does appears on the title along with your name, you will also loose your eligibility for the FHOG,
You may also have issues with finance if the partner’s name is to be included as a co borrower on the loan application but not appear on the title. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 04024833216
[email protected]Hi Andre
Some lenders offer finance to non residents up to 80% LVR with no restrictions on security, however this is subject to approval from the Foreign Investment Review Board (FIRB)There are many variables to take into account that will effect the lending criteria,
E.g., the length of time you have you been residing in Australia,
Country of residence, (lenders will not lend to residents of certain countries)
In some cases the max LVR will be subject to the loan amount.If you haven’t already done so, I would suggest you contact the Foreign Investment Review Board for clarification based on your circumstances. Cheers.
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402483216
[email protected]Hi Weston
Thanks for the kind words, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
PH: 0402483216
[email protected]Hi Showbags,
Happy to help if I can, contact me anytime with the details, Cheers.Steven Crane
Mortgage BrokerMobile Mortgage Market
Phone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auHi Tassie,
The majority of Low Doc products require applicants to hold an ABN, but this does not qualify the applicant for a discount.
However, there are many low doc products on the market all with varied fees rates and charges,
If you supply further information, loan amount, LVR etc, I may be able to point you in the right direction. Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Fees for Interest Free Property Loans.
Single property loan application fee – $275
Portfolio loan application fee – $750
Valuation fee per property – $250
Loan settlement fee per property – $400
Refundable conduit reserve – 5% of initial loan amount.Cheers
Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Oakley,
Woodsman is correct; currently submitting applications for refinancing of investment loans (non-consumer lending)
Owner occupied debt can be included as part of the refinance providing the investment portion is of a greater percentage. Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi K&R,
I assume your lending institution has included the PPR as security over finance on the 2 investments,
In hindsight it may have been better to access the equity in the PPR for deposits on separate 80/20 finance on the 2 investments and thus avoiding X/Coll,You may be able to refinance the 2 IPS at 95% LVR (Mortgage insurance will apply) this will enable you to access the remaining equity in the PPR for deposits on future investments.
However, this would depend heavily on the valuations of the 2 IP’s, based on your figures it seems you may be a couple of Thousand Dollars short in equity on the 2 IP’s for a 95% refinance, I hope this helps. Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
No deposit finance,
Higher interest rates apply, you are required to contribute the cost of LMI, LEF or Mortgage Risk fees including closing costs, stamp duty etc,
106% finance is also available to help cover closing costs; higher rates and higher deferred establishment fees apply.95% finance is available and certain lenders will capitalize the LMI up to 97% LVR
90% non-genuine savings products are also available if you have a borrowed or gift deposit. Cheers.
Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Felix,
The lender will require security for a LOC,
If you sell your PPR (security over the LOC) you will be required to pay down the balance of the LOC,
Or, if the loan is portable (and not all are) you may be able to transfer the security for the LOC across to another property. Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Kerrie,
Talk to a Mortgage Broker, based on your figures you should qualify,
Did the bank you inquired with take into account the income from proposed rent on the new purchase? Cheers.Steven Crane
Phone:0402483216
[email protected]PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi,yuyu
You can arrange NZ finance through an Australian Mortgage Broker, or you can arrange your own finance through an NZ Lending institution.All of my clients investing in NZ use solicitors in NZ, some lenders will require non resident investors to have an NZ power of attorney, most NZ solicitors will oblige. Cheers.
Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Twilight,
This should not be an issue, contact a mortgage broker for assistance,
Most lenders do standard finance with a Trust on title. Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0438 581 436PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Scottie,
There are a number of lending institutions offering 100% finance, Adelaide Bank, Homeloans Ltd, St george, Cheers.Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0438 581 436PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
H Jason
Any of the Mortgage Brokers who regularly contribute to this forum could help you,
Brahms, Terry, PG, Simon, Stuart and myself.We all have clients interstate, but if you want someone local try Brahms, I believe he is based in Brisbane. Cheers.
Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0438 581 436PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
