Forum Replies Created
Hi Wilandel,
Personally at the moment I would not fix, but it depends on your level of exposure, and your own comfort level, and the SANF (sleep at night factor,)
Have you considered fixing a portion of the 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.
Do I borrow 100% of amount for new properties using equity in IP? Should I use equity in my home to fund further IP’s????
Hi Di,
The answer to the above will depend on how many IP’s you intend to acquire,If you want to have a substantial property portfolio, then you may want to consider drawing maximum equity, with a split on your PPR loan,as the Loanaranger has already suggested,
You could also have these funds parked in an offset attached to your non-deductible portion of the split loan until required,
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 geo:Hey GP,
I also believe that borrowing in NZ is the way to go although you can do it here but Im a bit hesitant – too many scammers.
They shouldn’t see any servicibility problems with you not earning income in NZ – only in Australia. This is absolutely fine. All you need to do is fax your lender some statements from your employer and you should be right to go.
Also, I find it rare that your lneder would want more than the IP as security. As long as you provide some payslips from your job, then all they should take is the IP.
The application process is more involved than faxing some statements from your employer
Geo, NZ lenders will look at all GPs commitments, Keep in mind GP will be drawing equity from OZ assets to use as a deposit with NZ Lenders,
Any australian borrowings will have an effect on his levell of serviceability with any NZ lender,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 GP,
Unfortunately Australian-lending institutions will not except NZ property as security,You have Two options,
(1) Purchase the NZ properties outright with finance raised from Australian lenders using any available equity you may have,As you are probably aware, If you decide to implement this method the amount of NZ IP’s you acquire will be limited by the amount of finance you can raise against your Australian assets,
(2) Use the equity available here in OZ to fund multiple 20% deposits with NZ lending institutions, 80/20 lending,
This method will enable you to purchase more property using OPM (other people’s money)
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 Nell,
There is no need for the Bank to take security over your PPR,
I would suggest you access some of your existing equity from lender A for use as a deposit with lender B,
This will minimize the amount of security each lender has in your portfolio,I also agree with your accountant regarding non-deductible debt, do you have an offset attached to the PPR loan? Feel free to email if you require any assistance,
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.
Ray,
I would suggest pulling out maximum equity now,Looking at it from a lenders perspective, If property values were to fall in the future, you may find your curent level of equity has also reduced,
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 Helena and Ken,
The FHOG can be used as a deposit, However a lot of lenders will require 3% to 5% in genuine savings,There are some lenders who will except gifts if you do not have the required funds to complete the deal,
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.
Luke,
This situation highlights the negative impact of applying for credit with multiple lenders,This problem can be avoided by enlisting a good Mortgage Broker, who will assess your situation with their lending panel before submitting the application,
Liz seems to be quite knowledgeable, and she is in your State,
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 Luke,
Applications for Credit are held for Five Years.Bankrupt and defaults are held for Seven Years,
And Directors information is held for 10 yearsRegards
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 Luke,
You may have some difficulty removing hits on your CRA file, unless you can prove the information on your file is incorrect,Unfortunately, information is held on your CRA file for Five years,
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.
Gatsby,
Sincere thanks for your kind words,
Its all part of the service that one should expect and receive,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.
Hi Rouquin
I can help you with NZ finance,
Drop me a line or feel free to call me with the details.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 Gatsby,
Im so Sorry to hear about your Dad,
Take care, Talk soon,Steve.
[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 The Mortgage Adviser:Does anyone really care about the piece of paper that states one person’s opinion of price on it???
I have had valuations come up short and, instead of the client having to come up with more funds, I picked up the phone and discussed it with the valuer. I mentioned a few comparable sales that I had discussed with the client and the valuer increased the valuation.
Rob
Rob, in answer to your question,
I would hazard a guess that people do care about that piece of paper with one person’s opinion,
Especially when that person is a valuer, and it directly effects how much they can borrow,Are you also suggesting that some valuers do not look at comparable sales, unless prompted by a mortgage broker?
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.
Rob,
I stated the comparison rates on the Initial Rate for both lenders, and quoted the step down rate on the Macquarie product,
As I said, The Macquarie Bank Saver Express is a good Low Doc 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.
The Macquari Bank Saver Express is a good Low Doc Product
7.30% (CP Rate 7.35%) reverts to 6.50% 80% LVRSuncorps Ready Access Low Doc package at 6.97% (CP Rate 7.08%) 80% LVR is ok with a strong application,
$250K Minimum assets required, and they don’t like doing addbacks,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.
Congrats to you Kay,
well done,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.
Here is another link for those who may be interested,
Fish 4 Homes, a property search site in the UK,http://fish4.co.uk/homes/index.jsp
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 Glenn,
This is the downside to having all your loans with the one lender, Xcoll,I would suggest you talk to a Mortgage Broker and see if some of the security can be released,
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 staffreid129310:What to do when your broker tells you that lenders get very nervous when your property portfolio nears the $1 million. Also tell you that 4 properties in one town is enough and won’t finance anymore there. Is this the same for all? Any ideas on how to get around this?
Staffreid,
A common problem I’m afraid, but the solution can be as simple as taking your business elsewhere, your Broker should be able to assist you in finding a more accommodating lender,I would also suggest you spread your loans with multiple lenders,
Good Luck,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.
