Hi Phil,
This is very strange, as it sounds like you had a construction loan in place when you purchased the land,
did you get unconditional approval on the construction loan from the bank?
Regards
Steven
Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi James,
Was the different amount from the same lending institution?
The lending criteria from one lender to another can sometimes be substantial, this may be the cause of the vast difference in the advised amount,
Regards
Steven
Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Chris,
I forgot to mention, if you are entitled to the FHOG you may be able to use it to fund costs on a 100% lend.
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi James,
You said you would purchase in NZ using Australian property as security,
I have arranged funds for my clients here in Australia at 80% LVR with the NZ purchase as security,
The process involves the following:
Applying for the maximum funds required in Australia,
Upon preliminary loan approval, purchase in NZ subject to finance approval, (this is based on lenders valuation of property)

As for matters regarding accountants and trusts,I think the points raised by Mini are valid,
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Simon,
Do you have a redraw facility on the apartment loan? If you don’t, a refinance with a LOC or redraw may be an option, Six Months growth may provide enough equity for your deposit on the new property,
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi LJCooker,
Based on the info you have supplied, and assuming you can service the loan, you should be able to borrow 100% with a major lender, I will need more information to help further,
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Richard.
Some lenders will take 100% of commission as acceptable income, Current pay slips showing 3 months history or an employer letter,
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Dom,
With $63000 income and 80% of $800 per week rental income on 4 IP’s, and discard your credit card and any dependents you may have,[] and calculate your current loan repayments at 7%, I think based on serviceability you will be struggling with a major lender, However,the Rams, The Rocks and the Citibanks of this world may approve the loan,
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Noosa, and Welcome to the forum,
Your understanding of a LOC is correct, However, this may or may not be the correct product for you as this May depend on how many properties and the time frame in which you intend to purchase,
E.g.: if you intend to purchase only one IP in the next 12 months then maybe a loan product with a redraw facility may be more cost effective, as a LOC may attract a higher rate and fees,

I, O loans can be of benefit when serviceability is an issue, Or if the portfolio is highly neg.geared,
Commercial property may look like an attractive investment as outgoings etc are often included in the rental agreement, however commercial loans may attract a higher interest rate and there are other issues,
Kind Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Phil,
The answer to your question will depend on a number of factors,
A lender will determine your borrowing capacity based on some of the following,

LVR of the loan,
Is Mortgage Insurance required,
Annual repayments on loan,
Primary purpose,
Credit history,
Savings,
Benchmark rate and debt service ratio
Rental income, some lenders will allow 80% and other lenders will only allow 60% of gross rental towards income,
Credit cards, 2% or 3% of the maximum limit, e.g.: $10.000 limit on credit card @ 3% = $300 per month, regardless if you have a balance of $1 or $10.000
Number of Dependents,
Living Expenses,
The size and amount of cars owned,
Other loan commitments,
Rates and Insurance,
Locality of property,
Type of property,
Valuation of property,
Acceptable Income: this will vary between lenders, Full-time, Part time, (Casual 25% to 100%) overtime, interest, Maintenance, family payment, commission, Self employed addbacks, Superannuation,
These are just a few points a lender or Mortgage Broker will look at when calculating serviceability for a loan application, Hope this helps.
Regards
Steven

Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.