Forum Replies Created
Hi Chev,
Base on your revised figures your debt is $580K on a portfolio valued at only $540K??“breakdown of loans as followed.new ip 230k
ppor 310k
bad business loan 40kâ€I will assume the 2Nd IP valued at $130K is also included as security over the loan,
Working on your revised figures your total debt would be $580K? Secured over a $670K portfolio, your LVR is approximately 86%.
IP Owe $230K – Val $230K
PPR Owe $310K – Val $310K
Business loan $40K
Other IP Owe? – Val $130K (I assume this property was previously unencumbered?)If my figures are correct, you don’t have a lot of available equity,
To uncross may be difficult but not impossible, x-coll is not terminal but it can cause problems and should be avoided if possible, at the moment your deductible debt (investment) is tied to your non-deductible debt (PPR) your offset is linked to the whole loan; a split with the offset attached to the non-deductible portion would be more beneficial,
Either way I suggest you keep finance on the next purchase separate, an 80/20 or 90/10 loan etc will help you achieve this.Regards
Steven
Mortgage Broker[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 Chev,
I don’t see any problems providing there are no issues with servicing further debt,
I’m concerned you have the PPR loan tied in with the investment loans, and the fact that you could be getting a better rate based on your current loan amount.
Be careful how you structure the finance for the next purchase, try to avoid x-coll.Good Luck.Regards
Steven
Mortgage Broker[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 Redwing,
Congratulations on the birth of your baby daughter,Regards
Steven
Mortgage Broker[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 Skippy Girl,
Today Pepper announced a 3.61% discount off there non conforming range until 31.3.05 after this period the rate will revert back to the appropriate rate for that particular product,Based on your situation & assuming this would be a Low Doc, you would be looking at a rate of around 7.99% reverting back to 9.65% and 75% LVR.
Bluestone, around 10.49% and a 1% discount until December 2005 @ 70% LVR.
Please note these figures are a guide only, there may be other options available to you.Regards
Steven
Mortgage Broker[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 Waz11,
Before you decide to sell you could have someone crunch the numbers based on both scenarios,
E.g.: Maximum borrowing capacity taking into account your current mortgage repayments, as opposed to maximum borrowing capacity based on no mortgage repayments,obviously with the later your borrowing capacity will be higher, but I would strongly suggest you explore every avenue, and seek professional advice before you decide to sell.
Regards
Steven
Mortgage Broker[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.
[/quote]
Is it politically correct to ask for mortgage broker(s) to contact me on this board?
Thanks
[/quote]
Hi intrinsic
By all means ask to be contacted, but I would not advise divulging your personal details, Phone number etc on the forum,
You can request to be contacted by e-mail or PM (private message)
Or you can contact any member of the forum via the PM function,Regards
Steven
Mortgage Broker[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.
Pepper,
PAYG
80% LVR 10.6%
75% LVR 9.25%
70% LVR 8.95%LOW DOC 75% max 9.65%
Regards
Steven
Mortgage Broker[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.
Disharged July this year,
You will be considered BBB with Bluestone,
PAYG, 80% LVR around 9.99%For recent self employed, Bluestone, BBB Business Easy, 70% LVR around 10.49%
Bluestone currently have a 1% discount until December 2005
Regards
Steven
Mortgage Broker[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 Intirnsic,
13% is way to high for a 3-year discharged bankrupt,
Contact a decent mortgage Broker who has access to a wide range of lenders.Regards
Steven
Mortgage Broker[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.
My reluctance to publish the lender name was to avoid giving them any exposure on this forum, but I can also appreciate Stuarts and Andrews’s point of view,
I have been in contact with Stuart today,and he is aware that I did not perceive his comments as having a go at me,
I passed the credit providers details on to Stuart last week, so we may well see this followed up in one of his excellent articles.In the meantime here the details,
Goldstar Financial Services
http://goldstar.net.auRegards
Steven
Mortgage Broker[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 Nat,
Yes I would, hence my reluctance to publish the name of the lender.
Btw, I am not accredited with them.If it sounds to good to be true, then it usually is.
Regards
Steven
Mortgage Broker[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.
It’s a split loan, 50/50 max, The 4.49% applies to the LOC only, and the LOC must be coupled with a no frills term loan at 8.24%
Regards
Steven
Mortgage Broker[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.
All my NZ investor clients are financed through NZ lending institutions, the benefits are, finance is secured against the NZ property, and only the deposit is sourced from an Australian lender, usually from equity held in Australian based assets.
One advantage in using an Australian based lender would be the lower rates, but this method would involve using a greater portion of your Australian equity to secure the finance.
Regards
Steven
Mortgage Broker[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 Tim,
Using equity available from OZ for deposits is fine.
A LOC is not the only product to consider when pulling out equity,
depending on your circumstances & current loan structure there may be other options that are more beneficial to you.Regards
Steven
Mortgage Broker[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 Ben,
A competent trusted team of Accountants, Mortgage Brokers, Solicitors etc can be invaluable,Consider using the services of a good Mortgage Broker who will take care of finance matters and communicate with agent’s & solicitors etc, this would help to lighten your load.
Regards
Steven
Mortgage Broker[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.
There are a number of NZ lending institutions that offer finance to non-NZ residents.
Max LVR is 80% to 90% LVR, depending on the lender and the location of the property, the NZ property is held as security over the loan.
Information required on the loan application include, assets and liabilities, employment details etc, borrowing in a Trust is usually ok.NZ lending Institutions will check your credit file? Income from Australian investments can be included towards serviceability on the NZ loan application, rental assessments will also be taken into account when assessing serviceability over the loan?
Recently a Low Doc product has been made available to non-NZ residents, conditions apply.
Valuations are required in most cases,
You may be required to have an NZ power of Attorney.Regards
Steven
Mortgage Broker[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.
Originally posted by DD:You will now be flooded with private messages from brokers
DD
Hi DD,
Apart from the professional lurkers, I would be very surprised if any of the Mortgage Brokers who contribute regularly to this forum would contemplate sending unsolicited private messages & e-mails.
Anyone being bombarded by hawkers should contact admin. Cheers.Regards
Steven
Mortgage Broker[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 WallFlower,
Good question, Im not sure, but with official interest rates at 5.25% I think it may be more of a case of some of these institutions getting hold of some cheap OS money, rather than a prelude of what’s to come regarding interest rates,Regards
Steven
Mortgage Broker[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.
Acquiring finance for non NZ residents is certainly a lot easier now than it was 18 months ago,
Thankfully, there is now a wider choice of lending institutions able to finance non-NZ residents,The majority of these are at 80% LVR, minimum loan amounts will vary from $30K to $50K etc, some of these lenders do charge application fees while others have nil application and no ongoing fees,
Certain lenders require that you must use there panel of valuers, while other lenders will allow you to organize your own valuer, this can be very useful if you have a short unconditional or settlement period and need a valuation carried out at short notice.In some cases Aussie investors have traveled to NZ in order to source IP’s and organize finance direct with NZ lending institutions, e.g. ANZ, others have organized conditional approval from Australia prior to departure, this is also particularly useful if you intend to purchase through a buyers agent and it’s a first in gets the deal scenario.
Regards
Steven
Mortgage Broker[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.
Quick update regarding Adelaide Bank.
Adelaide Bank today announced a NIL application fee offer.
Effective as of today Monday 11th October 2004.Regards
Steven
Mortgage Broker[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.
