Forum Replies Created
Stamp duty & registration fees will vary between each State.
At 95% LVR don’t forget to include the cost of the lenders mortgage insurance premium, some lenders allow you to capitalize LMI into the loan. 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 Andy,
You can lock in fixed rates at application, most lenders charges a fee for this.
Minimum deposit will depend on lender, post code, security, etc.
Regarding your 10% saved, don’t forget closing costs, stamp duty etc,
As for Aussie brokers, I don’t know. 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 Andrew,
Just read your last post,Making repayments on the IP loan from the LOC should be fine as long as you don’t intend to claim the interest on the LOC, (please seek professional advice regarding this)
If your aim is to pay down non deductible debt (PPR Loan) at a faster rate, then I would suggest you look at the benefits of a 100% offset linked to the PPR loan, any spare income rent etc could be parked into the offset until required,
What security are you using for the LOC, if it’s the PPR then a split loan with an offset may be cheaper than a LOC.
Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Andrew,
The advice from your accountant regarding the use of the LOC may be in relation to keeping
deductible and non-deductible separate for accounting purposes.
I would assume if he was aware that you were capitalizing the interest on the LOC and more importantly intend to claim the capitalized interest as a deduction he would advise otherwise, especially if he is ex ATO,I suggest you run this past your accountant again, if he says its fine then definitely get a second or third opinion.
Please let us know how you get on, as I’m sure a lot of the forum readers would like to know the outcome, Cheers.
Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Westan,
Pioneer does have fixed rates, however they don’t compete to well with the fixed rates offered by the ANZ.
Pioneer Fixed Rates,
I year 7.99%
2 & 3 years 7.95%
4 years 8.00%
5 years 8.05%
ANZ 1 to 5 years fixed rates 7.70%Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Andrew,
If I read your post correctly it looks like you are capitalizing interest on investment via your LOC, You may want to seek professional advice regarding this structure as you may come unstuck with the ATO, cheers.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Westan,
The variable rates with Pioneer are currently 8.25%, I have a few NZ lenders on my panel including ANZ and have found Pioneer to be one of the more accommodating NZ lenders, they currently offer P&I or I,O repayments, a $250 application fee and no ongoing fees, 80% LVR but will lend to 90% LVR subject to LMI policy.
Pioneer also include 80% of current and proposed rental income when assessing an application, Loans are in $NZ.
Conditional Pre approval is valid for 90 days and in most cases this will be conditional subject to valuation,
Applicants can organize there own valuations, this can be beneficial if the subject to finance clause in the purchase contract is of a minimal time period and short notice is required for a valuation to be carried out.
I hope this helps, cheers.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Kowhai,
Quite a few Australian Mortgage Brokers, Myself included have access to finance for non-NZ residents,
Rates and fees will vary between lenders; LVR is 80% to 90% subject to Mortgage Insurance policy/guidelines, location etc.Fixed rates currently offered by the ANZ in NZ are reasonable at the moment, however their NZ variable rates are NOT competitive at all,
Lower rates are available for Aussie investors from less well-known lending institutions with cheaper set up costs and no ongoing fees. Hope this helps, cheers.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Showbags,
I would suggest you utilize the equity as deposits on separate loans, 80/20 finance will avoid cross colaterisation and the need for mortgage insurance.I would also suggest the benefits of a 100% offset account rather than a LOC, especially where non-deductible debt is involved, Cheers.
Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Grechs & welcome to the forum,
Dale G from Gatherum-Goss & Assoc. located in Kilsyth is property & Trust savvy.Phone: (03) 9723 7699
Postal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137
http://www.gatherumgoss.comRegards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
No problem Brahms,
Below is a snippet from my original reply to Bernard, Obviously my suggestions were based on this proviso.“Sounds like you may need a low doc construction loan. Should be straight forward providing you can service the loan.â€
BTW, I had you down for a goodies fan. Monty Python and possibly the Goons also.[biggrin]
Cheers
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Brahms,
What about the income from Bernard’s financee,“The last thing I would want to to tell my fiancée of 4 years that our marital house and all of what we had worked to achieve will be goneâ€
Cheers
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Bernard,
Sounds like you may need a low doc construction loan. Should be straight forward providing you can service the loan.Try these following lending institutions, they have a low Doc construction product, in no apparent order,
Adelaide Bank, ANZ, Bank west, Commonwealth Bank, Stgeorge, Macquarie Bank, Westpac.
Good luck, CheersSteven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Summer,
If your intentions are to pay down non deductible debt (PPR Loan) at a faster rate, then I would suggest a 100% offset linked to the PPR debt may be a good idea,
However, you may find it more beneficial to link the offset to existing non-deductible debt, if applicable.
Cheers.Hi Kev,
A 100% offset account doesn’t return interest, the funds/balance in the offset account are linked to your nominated loan, and the offset rate is comparable to the rate of the loan. Cheers.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Stgeorge offer 0.70% over $250K
Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Cheers Damon,
That’s good news.Hi Landt64,
Good luck with Rams, but I doubt they will match the STG 6.37% rate, please let us know how you get on,BTW. StGeorge currently have nil application fees.
And Adelaide Bank have announced a reduction on there 3 Year fixed rates to 6.45% with 100% Offset and redraw.Regards
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Brad,
The majority of Mortgage Brokers don’t charge their clients a fee for their service, most get paid a commission from the lending Institution after settlement, cheers.Regards Steven.
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 Anzion,
A 90/10 non genuine savings product should be straightforward, providing you can service the loan and have funds to complete, feel free to contact me with the details. Cheers.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi woodsmen,
The rates notice never seem to reflect the current value of a property, and the banks take this into account, your estimation will be fine.However if you are refinancing or using the property as security against the loan, then the lending institution will generally carry out a valuation on the property, Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Piaj,
The ATO don’t take to kindly to capitalizing interest on split/investment loans, the recent hearts case comes to mind.
The low doc rate quoted is way way to high, and there is no need to pay a fee when dealing with a reputable mortgage broker.I would strongly suggest that your friend contact the MIAA (Mortgage Industry Association of Australia) with regards to this matter, Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
