Forum Replies Created
Hi fjficm,
I agree with the points made by Aceyducey,
Why not use the funds available in the LOC as a deposit on a 80/20 or 60/40 lend etc,By implementing this method you could increase the amount of properties in your portfolio,
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.
Steven,
thanks for explaining, am i right in thinking that this offset would be a handy place to keep the extra cash borrowed until needed for payments on props i put in trust?lifeX,
Well done, You got it in one.
An offset can hold any spare funds, Wages/rent etc,
And very useful when offsetting non deductible debt, as in a loan over your PPR,
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 mrsimba2
Before you make any decision, You will need to calculate your ability to service a non income producing loan, and the effect this will have on your future investment plans,Keep in mind the $7000 FHOG and the $250 per week you are currently paying in rent,
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 a link to the PMI location wizard for NZ and Australia,
You can search via Suburb/Town or Post code,http://www.pmigroup.com.au/LocationWizard.asp
The Location Wizard is a guide to determine whether a location is eligible for Lenders Mortgage Insurance,
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 LifeX,
An offset account is an account attached to another loan account,E.g., you have a loan of $100.000 at 7.00% and you may have $20.000 sitting in a 100% offset account
In this scenario You are now only paying 7.00% interest on $80.000,Hope this helps,
Regards
Steven[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.
To add to Simons post,
I would also consider having an offset attached to the owner occupied loan,LifeX,
Interest on a LOC will be deductible if the funds are used for investment purpose.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 Wallflower,
The cheapest loan may not always be the best option,
Keep in mind the decisions you make now may have a negative affect on your ability to service future lending,I also fail to see how any lending institution can predict the amount they are willing to lend to you in the future,
After all, any future lending will depend on the amount of income available at that time to service such a loan,
The amount of proposed rental income will no doubt be one of the deciding factors in determining your future borrowing capacity
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.
Hi Hux001,
Contact ANZ or Westpac in invercargill NZ,
They can organise finance for Australian investors,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.
You could also contact Westan and MiniMogul,long time well respected members of this forum,
Both are based in NZ and Source property for Australian investors,
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 all,
There are lenders BASED here in Australia and NZ, who will lend to non NZ residents for the purchase of New Zealand Property,
and the New Zealand property is the security over 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.
Hi Barry,
Have a look at The NZ Property Talk site,
The local knowledge available on the discussion forum may be beneficial,
http://www.propertytalk.co.nz/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 Rags2Riches
I agree with wejons1, If your lender is holding you back with regards to your investment strategy, then take your business elsewhere,
I would also suggest obtaining a copy of your credit file; it’s free and very handy to have,
Here is a link to Baycorp Advantage with further information.
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 Rufus,
The Max Loan amount on NZ security for Non NZ residents is 80%There are lenders based here in Australia and in New Zealand who will lend to non-NZ residents for the purchase of NZ property, with the NZ property being the security over the loan.
You may also purchase NZ property outright with funds/equity from Australian property etc, or use this method to raise the required 20% deposit on a NZ investment 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.
Shawn,
You cannot use Australian property as security over a NZ purchase,
However you can use NZ property as security, hence the 80% Max LVR,80% of the proposed rental income on NZ property can be included when calculating serviceability for a NZ investment loan,
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 PP
I will need some personal information to be of any further assistance,
Feel free to give me a call or send e-mail,
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 Rachel,
The OZ rates are variable,
Here is a link to NZ property talk,
http://www.propertytalk.co.nz/
On this page left hand side near the bottom is a live data feed of NZ lenders interest rates,
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 PP,
What is the post code? is it an 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.
Hi PP
Some of the major lenders will do low doc at 70% LVR and higher,
The Max loan amount will depend on the security over the loan,
Is this loan for more than one property?There are some very good Low Doc products available at the moment,
I suggest you ask a Mortgage Broker to explore all the options that are available to you,
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 Rachel,
I have a couple of lenders here in Australia who will finance NZ investment property,
Max LVR is 80%
intrest rates range from 7.10% to 7.25%There are NZ based Banks/lenders, ANZ, Westpac, etc who will also lend to non NZ residents,
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 John,
I think the max LVR is 80% for a non NZ resident on NZ property 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.
