Forum Replies Created
Hi Julian,
You should consider the long term implications of refinancing from one lender with a discount introduction rate to another lender with an introduction rate, The revert rate after the honeymoon period being the main consideration,I assume you would qualify for a discounted variable rate loan with better rates than the 6.55% revert rate,
Keep in mind, interest rates should not be the primary reason for choosing a lender, Your long term investment plan and choosing the lenders that will accommodate your investment strategy will play an important role,
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 HHH,
Most lenders have their own panel of valuers, and will not except a valuation organised by the customer,
Have you approached the Lenders/Brokers with your concerns, It may be worthwhile asking for an explanation as to why there is a discrepancy between the valuation you have obtained and the Banks valuation,You may be entitled to a part refund of the insurance premium when the LVR reduces to 80%, this may be subject to the period of time to achieve this and the lenders terms & conditions.
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 HHH,
Unfortunately, Bank Of Queensland and Citibank do not Capitalize LMI,
However, I know of at least 10 lenders who do, ANZ, St.George, CBA, HSBC, etc,
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.
Dave,
PurpleKiss has offered some good advice,
Also keep in mind the lenders LVR may fluctuate subject to the area and valuation of the proposed 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 HHH,
Quite a few lenders will allow LMI Capitalisation,
Can you tell us who the lender is?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 Dave,
The difference in repayments will depend on the loan amount, interest rate and the term of the loan,
Below is as an example on a $200.000 loan at 7% over 15 years
Interest only monthly repayments $1.167
Principle & Interest monthly repayments $1.795
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 Darren,
To offer any kind of constructive advice we will need some more information,
Are you currently employed, do you have any savings or a deposit, do you have a clear credit rating, etc?
Feel free to drop me an e-mail or contact me direct as you may not want your personal details disclosed on the forum,
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 Martine,
A refinance at this stage may not be of any great benefit to you; my main concern is the structure of your loans for future lending,
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 Brendon,
No problems give me a call anytime, and I will be pleased to help you in anyway I can,
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 Martine,
From the information you have given, it seems the bank has structured your loan to gain security of all your land over 1 construction loan, Have you signed the loan documents yet?
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 Martine,
Do you have a construction loan in place with this lender? I Need more information to help you further,
You need to talk to a good Mortgage Broker and have your loans structured correctly,
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 Karl & Rita,
Based on your figures you could refinance at 80% LVR, this will leave you with $26.000 less costs for a deposit on an IP,
If you require more funds another option may be to release more equity at a higher LVR, but in doing this you will incur 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.
Originally posted by Geronimo:Steven
What is wrong with brokers/originators charging a fee if there is value for money in the fee, and further services involved other than just sorting out a loan for the client? Services such as Mortgage reduction Monitoring, ongoing personal service, finance education on valuations, research etc
If the broker is just facilitating a loan through a bank then sure, the client should not be charged as commission is recieved from the banks.
One thing brokers cannot control is what happens to the client once they are ‘handed over’ to the bank after the loan is drawn down. You cannot guarentee then that they will recieve good service.
The question is, is there value for money in the fee, and can you get the same service and loan products elsewhere for free?
Brendon
Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
http://www.acutemr.com.au
[email protected]Hi Brendon, In answer to your question,,,
Yes you can get the same service for free elsewhere, From myself and I presume the other Mortgage Brokers who regularly contribute to this forum,
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 kalebball,
With an interest only loan, you pay only the interest on the mortgage in monthly payments, usually five to fifteen years, After the Interest Only period, you either refinance, pay the balance in a lump sum, or start paying off the principal.
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, like a lot of other brokers do NOT charge clients a fee for my service,
The Bank pays a commission to me after settlement,
I show my clients a commission disclosure form that clearly states the amount of commission paid by each lending institution,The actions of a few bad apples should not be allowed to tarnish the whole Industry.
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,
below is a link to the PI news letter which containes some information regarding P&I & I,O loans,
https://www.propertyinvesting.com/newsletter/Newsletter017.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 Ret,
I have clients in every state, distance is not a problem with phone fax & email,
However, if you require a mortgage broker in NSW may I sugest you contact Terryw (discover home loans) or Simon (mortgage hunter) both are well versed in investor finance,
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,
I would suggest taking out equity from your current investment properties to fund 20% deposits on future 80/20 lending, By structuring you borrowings in this way you are in fact borrowing 100%, and not necessarily all with the one lender,
As for best interest rates, this will depend on a number of factors and each individuals specific circumstance.
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 Gatsby,
I’m not sure why you are paying 8.5% is this a fixed rate?Current situation: $248.000 @ 8.15% interest only = $1684 per month
Proposal: $248.000 @ 6.37% interest only = $1316 per month
This is a saving of $4416 per annum,(United Homeloans) also wants to charge me $150 to them!
It’s not a lot but is that usual practice??No this is definitely not usual practice,
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.
At the moment I dont know of a Low Doc lender in OZ for NZ investment,
Try this link to Cairns Lockey in NZ,
http://www.emortgage.co.nz/
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.
