Forum Replies Created
A 90% low doc product is also available from the same lender @ 8.84% and 3.25% for LMI, 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.
The Rams Low Doc pro pack has a maximum LVR of 65% up to $500K
80% LVR is available on loan amounts over $500K but the borrower pays the LMI on the full loan amount.
A stated income is required.
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 Sidluc,
I would suggest you get some professional advice, i.e. a savvy accountant, but a depreciation schedule via a quantity surveyor should be high on the list. 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.
Anita,
If you feel you don’t have time to go elsewhere then I would suggest you inform Wizard to set this up as 2 separate loans.
E.g.
Loan 1 secured against the IP at 80% LVR
Loan 2 secured against PPR for the remaining 20% plus purchase costs. CheersRegards
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.
It’s not a bad product Richard,
Gross, the promo finishes 31st Maysome further info,
Unlimited free redraw by phone or internet with no minimum amount
No ongoing fees 100% offset sub-account available for $8
Interest only option for 5 years and up to 2 splits for free, 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 S.O.B
Latrobe and the NAB will do owner builder finance, Latrobe will do 80% to 90% LVR and they also have a Low Doc O.B finance product. 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 Sireltekae and welcome aboard,
The finance issue will depend on the length of time since you were discharged,
keep in mind the lenders servicing requirements/lending policy for 100% finance is more stringent compared to normal lending guidelines.If you are relatively new to property investing then it may be wise to hold off taking the plunge, and spend some more time reading and gaining further valuable knowledge from the friendly folk here, 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.
Anita,
What is the revert rate at the conclusion of the honeymoon period?In most cases the revert rate on these intro/honeymoon type products is very high and usually attract expensive deferred establishment fees.
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.
I suspect ANZ may have used the contract of sale instead of a valuation. 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.
That’s a good question Tom,
Unfortunately logic does not always prevail when it comes to policy, however there is usually room for negotiation. 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.
Sounds like a mortgage minimization program,
It will probably involve living off the credit card during the interest free period, deposit all income into the LOC, and then pay down the credit card from the LOC before interest is incurred on the credit card.I have refinanced a lot of my clients OUT of this type of structure for the simple reason it has sent them into further debt.
It can work for some providing you can work a strict budget, but you do not need a LOC for this type of structure to work, and you definitely should not pay a fee to have it set up. 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.
Originally posted by mrsimba:I have spoken to the bank about a deposit bond and they seem to think it shouldn’t be a problem, however when speaking to the mortgage broker they told me that it is a very uncommon situation and the real estate agent may look unfavorably upon us. The broker advised to take out a personal loan, seeing as the auction is in a few weeks time I was hoping for a quicker solution.
Thanks
Mrsimba,
Call the selling agent and check if they will except a Deposit Bond at the auction.Two weeks should be enough time to for your lender to organize unconditional approval.
Or another option to consider if you’re pressed for time regarding a full refinance would be to ask your Broker/Lender to organize a short form increase on the current I.P loan.
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 Darryl
Talk to Richard, he has organized U.S finance for a few of my clients.BTW, 6.95% in Australia is very high. 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.
Ned,
Keep in mind servicing parameters will vary from One lender to another, e.g., some lenders account for 70% of gross rental return and other lenders 80-100%, the same with neg. gearing benefits and so on, some lenders will not take into account interest on IP’s from external lending institutions.If your getting grief from a lender regarding serviceability then simply approach another, or talk to your Mortgage Broker, 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.
A cheque is no good if there are no funds in the account to cover it,
Mrsimba question relates to organizing access to the equity in her IP to use as a deposit at the auction, and what are the alternatives if the funds are not available before the auction date.Mrssimbas, I would strongly recommend that you speak to your Broker and have your finance/pre approval organised before you bid at this Auction.
And why do members of this forum continue to recommend LOC (Line Of Credits) when in most situations there are cheaper and more beneficial alternative products available?
Mrsimba, ask your Broker about an interest only split with a linked 100% offset account. 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.
Your Mortgage Broker should be able to help you arrange access to the equity in your I.P
A deposit Bond may be a solution if there are delays with gaining access to your equity before the auction date.Apart from the 20% deposit, you should also consider using current available equity to cover all purchase costs, stamp duty, app fees, legal fees etc, this will insure the LVR on the new purchase does not exceed 80% and will avoid the need for LMI.
Regards
StevenMortgage Broker
Mobile 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.
Companies and Trust structures are ok.
Regarding investor applications and the calculation of assets, Rams will only take into account assets of an income producing nature i.e., real estate, shares, managed funds,savings etc.
Cheers
StevenMortgage Broker
Mobile 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 Giddo,
If we are talking prime lending then you are definitely paying above average rates.Based on your current level of borrowing It is well worth negotiating with your current lender for a lower rate, Suggesting you intend to take your business elsewhere is usually a good ploy,
However I doubt they will match the rate you could get with a pro pack type product, as always the correct structure should be paramount, 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 Anita,
LMI is applicable on lending over 60% LVR with the Bankwest and ANZ low doc products.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 Theo,
I agree with Herman, If you have available equity in your apartment then you should consider utilizing that,
I very much doubt a mainstream lender will come to the party when you throw vendor terms, student accommodation and 21.5 sqm into the mix.What is the LVR on your current IP? 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.
