Forum Replies Created
Hi Ashy,
In most cases the rate for I.O or P&I are the same,
There are many calculators available on the net that will allow you to calculate loan repayments,Below is a cut and paste of the annual table from the calculator on my web site displaying the effect of repayments of $593.69 per month on a P&I loan of $84.000 over 25 years at 7%
Year Interest Principal Balance
2004 $2,930.86 $631.28 $83,368.72
2005 $5,793.66 $1,330.62 $82,038.10
2006 $5,697.48 $1,426.80 $80,611.30
2007 $5,594.33 $1,529.95 $79,081.35
2008 $5,483.73 $1,640.55 $77,440.80
2009 $5,365.15 $1,759.13 $75,681.67
2010 $5,237.97 $1,886.31 $73,795.36
2011 $5,101.60 $2,022.68 $71,772.67
2012 $4,955.37 $2,168.91 $69,603.77
2013 $4,798.58 $2,325.69 $67,278.07
2014 $4,630.46 $2,493.82 $64,784.25
2015 $4,450.18 $2,674.10 $62,110.15
2016 $4,256.85 $2,867.42 $59,242.73
2017 $4,049.59 $3,074.69 $56,168.04
2018 $3,827.32 $3,296.96 $52,871.08
2019 $3,588.98 $3,535.30 $49,335.78
2020 $3,333.41 $3,790.87 $45,544.91
2021 $3,059.38 $4,064.90 $41,480.01
2022 $2,765.53 $4,358.75 $37,121.26
2023 $2,450.42 $4,673.85 $32,447.40
2024 $2,112.55 $5,011.72 $27,435.67
2025 $1,750.25 $5,374.03 $22,061.64
2026 $1,361.75 $5,762.53 $16,299.11
2027 $945.18 $6,179.10 $10,120.01
2028 $498.51 $6,625.77 $3,494.24
2029 $71.73 $3,490.40 $3.84Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Ashy, and welcome to the forum,
Steve’s calculations are based on P&I repayments over 25 years,
You’re understanding of P&I and interest only repayments are largely correct,
An interest only loan is usually for a specified period, e.g., 10- 15 years, at the end of the interest only period the loan reverts to P&I or, a new I.O loan is created or, the loan is paid down,
I hope this helps,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Vicgirl,
Basically a Low Doc/No Doc Loan is a type of finance that doesn’t require proof of income, this type of lending product can be useful for applicants who do not have the required financials that are normally required for a standard loan application.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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.
I enjoyed it, the mappers were very good, fantastic characters with some interesting info,
It was great to meet & put faces to Richmond and Mini, I also enjoyed catching up & sharing a couple of coldies with Gatsby at the Cricketors Arms after the event,
Cheers
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Freedomfnder,
Low Doc 6.85% 80% LVR with redraw & splits & no ongoing fees.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Phil,
Interest only loan repayments is another option to increase cashflow,Keep future equity in mind, an investment portfolio containing a portion of high capital growth properties will aide in funding your deposits on future pos cashflow investments,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Westan,
One of my lenders will do a 90% LVR lend with LMI subject to location (Invercargil is ok)[biggrin]
Low Doc finance is also available,
There are Four lenders that I use for non NZ resident lending, ANZ in NZ being one of them,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Rose,
You have the 10% deposit but what about the purchase costs, approx. 5% $8250
If you do not have 2 years financials then a Low Doc Loan may be an option,
I need more info to be able to suggest anything further,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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.
80% LVR is standard with the majority of lenders, 90% LVR in some cases,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Kez,
If your spouse has a owner occupied residence or has already received the grant then I don’t think you will be eligible for the FHOG,To be eligible for the grant the dwelling must be used as your principle place of residence within 12 Months of the date of settlement,
for FHOG info in Victoria call 132161
or visit http://www.sro.vic.gov.auHope this helps,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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.
Salacious,
With only 20K in your LOC for a deposit you will more than likely need to access the existing equity in your portfolio,
With Three different lenders your properties are not cross colaterised, but it may be beneficial to have your current structure/products and rates checked by a good Mortgage Broker, eg, Terry or Simon.It may be a good idea to reduce the limit on your credit card as you will be assessed by the Banks at 2% or 3% of the maximum credit card limit towards lending serviceability, regardless if you have a zero balance or not,
To give you an example, $7K @ 2% is calculated as a debt of $140 per month, and $2K @ 2% is $40 per month,The difference can sometimes mean a substantial increase in borrowing capacity.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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,
Certain NZ lending Institutions require you to have a Power of Attorney, One of the reasons for this requirement is to enable your solicitor to sign at settlement on your behalf,Below is a link to current NZ Interest Rates
http://www.interest.co.nz/mortgages.htmlRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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,
The Major Australian Banks will not except NZ property as security against finance,
I have access to a few NZ Lending Institutions who will lend to non-NZ residents allowing the proposed NZ property purchase as security,The appointment of a NZ Power of Attorney is a requirement of some NZ lending Institutions, However not all NZ solicitors are prepared to do this, so you may want to keep that in mind when selecting a solicitor in New Zealand,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Marc,
I have heard the reproduction/survival theory before, but the theory tends to loose credence when applied to same sex couples,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Heather,
A 100% offset account is a separate savings account attached to your loan.
Any money you put in the offset account is deducted from the loan balance before interest on the loan is calculated.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Mumarina,
Basically a good Mortgage Broker has your best interest at heart, not the Banks,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Wrap Attack:$60,000 equity does not sound like enough equity unless the property is worth $100,000 and the new purchase is under $150,000 or so to avoid mortgage insurance.
Wrap attack,
$60.000 in Equity = 20% deposit on a $250.000 property purchase, with a balance of $10.000 towards purchase costs, there is no need for Mortgage Insurance at 80% LVR.Hi Simon,,
Ill shout you a strong black coffee on the 25th,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Falcon,
Set up a split loan facility on your PPR, (split A is for deductible debt, split B is for non-deductible debt)
Attach a 100% offset to the non deductible portion of the split loan, park all funds raised from available equity into the offset account, use the funds in this account for 20% deposits on further lending with multiple lenders.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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.
Baycorp Advantage
Phone 0294646000
http://www.mycreditfile.com.auRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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 Kay,
Credit inquiries should be removed from your credit file after a Five year period,
It may be worthwhile contacting Baycorp incase there has been an oversight regarding your file,Baycorp Advantage
Phone 0294646000
http://www.mycreditfile.com.auRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
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.
