Forum Replies Created
Hi Indigo,
F.F is referring to the margin loaded onto loan repayments when calculating a customer’s serviceability, Westpac add a 0.10% buffer on proposed & current Westpac loan repayments.
E.g.,
$200.000 loan @ 0.10% buffer = $200 per month
$200.000 @ 7.32% = $1374 repayments per month + 0.10% buffer = $1574 per monthOther lenders simply add a margin to the SVR or discount rate when calculating serviceability, i.e. proposed or current debt @ 7.37% assessed at 8.47% 8.82% etc.
I hope this helps. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Dan,
St George currently has a nil application fee, this coupled with the lower rate and fees takes the gloss off the ANZ break free package, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Dan,
The offset is a good idea, ANZ will waive there $10 per month offset fee under there break free package however, based on your level of borrowing I think paying $295 per annum in fees for an offset and a discount rate of 6.72% is a bit rich,An alternative may be the St George pro pack @ 6.62% with an 100% offset and $132 per annum in fees. Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Calvin,
In WA you will be charged mortgage stamp duty on the increased loan amount only.
WA also has provision for Mortgage concession and transfer concessions that you may be entitled to depending on Gov. approval.BTW, Brokers residing outside of WA are unable to write loans in WA, but I’m happy to provide you with suggestions & help etc, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Gattaga,
The vendor/seller will be required to organise a contract through his/her solicitor.
Before you sign have your solicitor look over the contract, insure the contract contains the subject to finance, building and pest inspection clause. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Gattaga,
It seems you have the deposit but the issue is the lenders policy regarding genuine savings,however this should not be a problem, providing you have 10% deposit you may qualify for a 90/10 non-genuine savings loan, the 10% deposit can be a gift or savings held for 1 day etc. cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Sorry Richard I dint see your post before I posted my similar reply.
Great minds…. cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Calvin,
Shopping around is fine, but keep in mind any clown can recommend the lender with the cheapest rates. Correct structure should be paramount; the product with the lowest rates and fees means absolutely nothing and can end up being costly if it hinders your future goals.So with the above in mind, ask your broker/s why they have recommend a particular lender/product and how will it best serve your current situation and future plans, proposals containing a certain level of foresight should act as your barometer, I hope this helps. Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Originally posted by GeoffBeck:Gee wizz Steven, every team you’ve gone for losses. For my sake please don’t go for the Swans in next weeks grand final….
Cheers,
GeoffBI have lost interest Geoff; no Vic teams left in the comp, again!
But for your sake I’m picking the eagles, regardless if Hall plays or not., Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Doncossack,
At 80% LVR you have $176.000 available equity in the Ballarat IP and $94.000 in the Townsnsville IP, you could possibly pull out more at a higher LVR but you would incur LMI.BTW, you don’t need to fund the next purchase via Equity alone, I suggest you use the equity for deposits and closing costs on the next purchase, IE borrow 80% secured against the new purchase with the remaining 20% from equity. With this method you are borrowing 100% of the purchase price plus associated costs, cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Doncossack & welcome to the forum,
Unfortunately Australian based lenders will not except offshore property as security, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi ET,
You can access any available equity collectively,
Keep in mind this will effect your future borrowing capacity, i.e. if you as an individual apply for finance for a PPR, IP or a car loan etc, the banks will assess you as being liable for the whole debt on the holiday house, the same will apply to your brothers, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Congrats on your teams historic win Richard,
On a positive note I thought the coverage on SBS was very good & less commercials, I enjoyed Dean Jones special comments, now there is a player who was robbed by the selectors.Still have the AFL finals, and as the Cats are out of the running so I’m now barracking for the Saints to take the flag, cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Relliott,
I’m sure many forum readers appreciate your input and expertise, as far as I’m aware we don’t have a valuer on the forum so it would be an added bonus if you could continue to contribute and answer questions as you see fit & time permitting of course, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Avranjes,
You should seek specific professional advice from your accountant regarding this matter. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Avranjes,
Jhoper is correct,However in the finance sction you mentioned that you and your girlfriend have purchased a property in a HDT and you are renting it from the Trust,
you can purchase/own an IP and still qualify for the FHOG but under the circumstances I would suggest you contact the appropriate FHOG dept for clarification. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi One Step & welcome to the forum,
There are a couple of options available to you regarding the next purchase,
The 1st option would involve using your current savings as a deposit on the next purchase and borrowing the remaining 80%The 2nd option would involve setting up a split loan on your PPR and drawing the 20% deposit and closing costs from available equity and borrowing 80% against the new purchase,
Using this method you are borrowing 100% of the purchase price, avoiding Xcoll and maximizing deductible debt,
You should also consider parking your $100K in savings in an offset account attached to your PPR debt, this will minimize the nondeductible portion of the loan, I hope this helps, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Oxygen,
Due to the defaults listed on there baycorp file I would suggest a non conforming lender such as Bluestone & Pepper etc, the applicable rates will be subject to there level of credit impairment,They are probably doing the sensible thing by waiting and avoiding the high break costs, but without all the relevant info it’s impossible to say for certain, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Oxygen,
What interest rate is your friend currently paying with I.Star, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi ET,
Australian based lending institutions will not take OS property as security over a mortgage.
Property held offshore will be classed as an asset and any subsequent mortgage will be deemed a liability, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
