Forum Replies Created
Hi tjal,
There are no deposit home loans available, but these do attract higher rates and fees.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 Robbo,
The FHOG is $7.000 plus an extra $5.000 from the Victorian State Govt, courtesy of Mr Bracks.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 Garry, & Welcome to the forum,
Basically with an LVR greater than 80% you will incur mortgage insurance, However some lenders will allow you to capitalize the LMI into the loan,
You may be entitled to the Federal & Victorian State FHOG.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 Ona,
Purchasing in a Trust may be beneficial if you intend to acquire an extensive portfolio, however if your long term plan is to accumulate a portfolio of 1 or 2 properties max, then you may want to consider purchasing in your own name,A good accountant should be able to recommend what is the best option for you,
A well regarded accountant is Dale Gatherum-Goss
Phone: (03) 9723 7699
Postal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137
http://www.gatherumgoss.com/I hope this helps,
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 Brendon,
There are Two loans in my scenario,
The First Loan is an investment loan secured against the current unencumbered PPR, (this is deductible debt)The second loan with an offset attached is secured against the new PPR; (this is non-deductible debt)
Funds from loan One (investment loan) are placed in the offset attached to loan Two(non deductable debt)This option assumes Martin intends to acquire more investments in the future.
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. Please seek professional, specific advice.
Hi Martin,
Another option would involve drawing maximum equity from the IP, deductible debt (previously your PPR) and park this in an offset account against the new PPR loan, non-deductible debt.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. Please seek professional, specific advice.
Hi Lotus,
I would suggest you place the cash in an offset account attached to the non deductible debt on your home loan, this will enable you to have access to the cash as you need it and help minimize your PPR debt.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. Please seek professional, specific advice.
Cross colaterisation across a portfolio of 1 or 2 properties may seem to pose no apparent problems to an investor in the early stages of wealth creation,
In a lot of cases as long as the banks continue to approve requests for further funding the investor is content and usually oblivious to what lies ahead.Usually the problems of cross colaterisation only become apparent to the investor when a request for further finance is declined, the remedy is often a costly refinance of the portfolio to an accommodating lender,
In most cases this could have been avoided with the correct loan structure and a little forward planning,
There will always be certain situations where cross collateriastaion is unavoidable, but this should only be seen as a short term solution, Start with the end in mind.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. Please seek professional, specific advice.
Quite a few Lenders offer Interest only periods of up to 10 To 15 Years,
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. Please seek professional, specific advice.
Hi Narelle,
Try Dale Gatherum-Goss, he is investment savvy,
Phone: (03) 9723 7699
Postal Address: 1 & 1A, 87-89 Colchester Road,
Kilsyth, Victoria, 3137
http://www.gatherumgoss.com/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. Please seek professional, specific advice.
Hi Isabelle & welcome to the forum,
I agree with the comments from Jo & Terry,
Lending institutions do not tend to discriminate between single and joint applicants,Here are some useful tips on how to increase your borrowing capacity,
Consider reducing the maximum credit limit on your credit card, as credit providers will assess repayments on the maximum credit limit, not on the outstanding balance,
Try to avoid or if possible consolidate personal loans, these attract a higher rate and in most cases are non deductible,
Consider interest only repayments on investment loans, this will increase your serviceability on future lending, Hope this helps.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. Please seek professional, specific advice.
Hi Freedomfinder,
GE & PMI current limit is $1.000.000 per security, subject to LVR and loan type.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. Please seek professional, specific advice.
Originally posted by mknk:Hi all, my husband and I have recently moved to Melbourne and we are looking to buy a home. We have $550K in cash and we only plan to spend up to $450K on our house, so hopefully have $75-$100K to invest.
*Is this enough to get started? If so, how?Hi Narelle,
You could use the $100K for the deposit and costs on Two $200K properties, or Four $100K properties.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. Please seek professional, specific advice.
Hi Dean,
I suggest you use the equity for the deposit and associated costs; the interest on the investment loan is deductible debt.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. Please seek professional, specific advice.
Wilko, As I mentioned before, Do you need a LOC??
If the answer is no, then forget about the Portfolio package,Consider this, ask your Broker to organise a St George Pro Pack with a split, P&I repayments on PPR Debt with an offset attached, and I.O repayments on the Investment portion, place the equity in the offset account attached to PPR loan (non deductible debt)
This will cost $13 per month with no annual fees, and up to 0.70% discount off the SVR for the life of the loan.
Your Mortgage Broker should be able to organise this under your current application without you incurring any additional cost.
Your Mortgage Broker is welcome to give me a call if he/she requires any Free advice/help in setting up this structure for 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. Please seek professional, specific advice.
Wilko, I think the Stg pro pack is a very good product, providing it suits your situation.
However, If you intend to use the offset facility, you may not require the LOC,Regarding your question fixed or variable rates? I’m sorry but as a Mortgage Broker I am not qualified to offer such advise, and be wary of any Mortgage Broker that does.
Ensure your One Lender Mortgage Broker structures this refinance correctly, or you may have severe problems in the future.
I strongly suggest you get on the Phone and talk to 2 or 3 competent Mortgage Brokers before you take any further action.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. Please seek professional, specific advice.
At 6.47% this sounds like the St George Professional Benefits Package, if your total borrowings are over $250K and depending on which State the security is in, you may find you are entitled to the St George discount rate of 6.37%
If you are refinancing debt on your PPR, then you should also consider an offset attached to this portion of the loan,
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. Please seek professional, specific advice.
Are you accessing the equity in all 3 properties?
What Interest rate have you been quoted?
What is your long-term plan, how many investment properties do you plan to acquire?If you require/need a LOC then you may want to look at the ANZ Breakfree package, the annual fees are slightly higher compared to St George, but they do offer a lower interest rate,
However, depending on a number of factors you may find that you do not need a LOC, there may be other products that will offer more long-term benefits.
Feel free to call or e-mail, If you prefer not to disclose this info on the forum.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. Please seek professional, specific advice.
St george has some very good products,
However, I would require a lot more information in order to determine the appropriate lender/product for your particular situation, do you really need a LOC?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. Please seek professional, specific advice.
Selling to a Trust could be an option,
I have replied to your e-mail, 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. Please seek professional, specific advice.
