Forum Replies Created
Is the issue with the mortgage insurer based on the location of the property?
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 Jo,
Your friend’s financial situation may not be as bleak as it first appears to be,
Most lending institutions will take rental income into account, including family payment and addbacks on investment,Based on your figures she has $180.000 available in equity, possibly more at a higher LVR,
I would also suggest a loan structure where the non-deductible portion of her debt is given priority,
But without all the relevant information it’s all guesswork.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.
The Homloans 100% Finance product is fairly good, unfortunately its only available for the purchase of owner occupied property, not investment property,
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 use PLAN, they are extremely professional and the software is excellent,
I personally would not use an aggregator that doesn’t have income protection in place via a Trust, basically its insurance against your trail in the unlikely event the aggregator goes belly up,Feel free to PM or call if you require any info,
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.
Paul,
Most lenders don’t have a problem with Trusts, In some cases you may incur an extra $200 (approx) on application fees,As to lenders and products, there are to many variables such as required loan amount, LVR, M.I, Location, Standard/Low Doc to name just a few, I suggest you talk to a couple of decent Brokers,
RegardsSteven
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.
Thanks for passing that on KP,
A good resource with informative publications regarding Trust structures etc.
RegardsSteven
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 cajun:1. I am about to purchase an IP (as stated earlier), can I start the process of acquiring funds etc before the hybrid is set up (according to Trust Magic pp117 I can borrow money in my own name, use this money to buy units in the trust, then use the cash to buy the property).
Paul,
A copy of the Trust Deeds will be required by the lending institution before formal approval of the loan facility is granted,
However you might receive conditional approval subject to submission of the Trust Deeds,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 Alf,
HSBC will take into account up to 100% of rental income,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.
Thanks bbruham,
Appreciate your kind words,
No Gatsby isn’t family,[biggrin] he is a recent client,but more importantly I would class him as a dear friend,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.
Thanks SIS & Gatsby,
Regards
Steven & all at the YMCA,[biggrin][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 TwoSheds,
Yes, you can raise the deposit required from available equity in your residential investments,
As opposed to giving the lender additional security over the commercial loan,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 bjmaca,
St George Bank, have a no deposit investment loan product.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 Nicola,
HSBC will accept 50% of casual/part time income, 100% after 1 continuous year; this criteria will vary between lenders,There are lending institutions, including HSBC, who will take into account 70% to 100% of anticipated rental income when calculating serviceability,
Keep in mind, Your choice of lender should not be based solely on the maximum loan you qualify for.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.
My sincere thanks to you all for your kind words,
[blush2]
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 Rob,
To clarify, Of course these figures are incorrect, I’m well aware you can not get 100% finance at 6.79%,
Myydral is not asking for information regarding LVR, lender rates & fees, credit history etc,
To keep my explanation uncomplicated, I quoted the same figures used by Myydral in his examples of A & B to answer his question on how to calculate the final loan figure,
I hope I haven’t confused Myydral,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 Myydral,
Here are my figures based on a $200.000 purchase in NT,Value of property, $200.000
Transfer Stamp duty $6800
Mortgage stamp duty $5
Mortgage Registration $90
Land transfer registration $90LVR (excluding LMI) 98.5%
Funds required, $206985
Your contribution $10.000Loan amount $196985
LMI estimate $7138
Your final contribution $10.000 + $7138(LMI) = $17138
Fortnightly Repayments @ 6.79% P&I $590If you capitalise the LMI your final LVR will be 102.1%
And the final loan amount will be $204.123
Fortnightly repayments @ 6.79 P&I $611Hope 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.
Originally posted by MiniMogul:Hi Steven,
interesting thread. I have a couple of questions, i.e. how do your lenders feel about the smaller towns? like under 10000, and 5000? Will they still lend there but just at a higher LVR? Do they cross collateralise if properties are under 50K or just not lend at all? How would they feel about a town of 1500 that is 30k from a major city? And is all this available as a line of credit? And/or Lo Docs i.e. self employed?cheers-
Minijoy to the world
Hi Mini,
Populations of 10000 to 5000 are normally OK,
I am not sure about 1500, if you give me the details I will check for you, There have been instances of a lower LVR of 70%/75% to get around this issue,Yes you can cross collateralise to get over the $50K minimum lend, I do have access to another lender with a minimum lend of $30K but their rates are higher,
Yes a Line of credit is available,and Australian Trusts and self employed applicants are ok, but unfortunately I’m still to find a lender who allow Low Doc loans for non NZ residents,
Appointment of a NZ Power of Attorney is also required,Kind 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.
Good luck for tomorrow,
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 Hux001,
Have you tried the ANZ?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 NZ Mortgage Broker:Current interest rates are Floating 7.75%, Fixed 1yr 7.45%, 2yr 7.65%, 3 yr 7.75% 5yr 7.90%. Rates are subject to change. NZ rates in general are a little higher than Aust interest rates. Application fee $500. Lender will access 80% of rental income which is better than usual 75%.
There are lower rates available,
E.g. 7.25% to 80% LVR no fees, Trust is ok, 80% rental income, $50K minimum lend,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.
