Forum Replies Created
Hi Darjovu,
Think carefully before putting the family home on the market based purely on your current banks lending policy, the variance in max lending between lenders is huge, 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.
Providing your income can service multiple loans there is no problem, 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.
Unfortunately GE & Interstar do not have a no deposit product.
You will be looking at approx. 8.7% or 8.9% for 100% finance with a paid default and approx. 2.25% for LMI, and break costs in the 1st 5 years. It’s an expensive option, 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 Daniel,
There are lenders available who will lend 100% with paid defaults, however the loan is based on the lower amount of the valuation or contract price. 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 Robyna,
Perhaps consider a 100% offset linked to the new PPR debt, this may help reduce the non-deductible debt at a faster rate, 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 Robyna,
You should be getting .7% off the SVR (6.62%)Rates are important but unfortunately all to often the correct lending structure is overlooked. 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 Robyna and welcome to the forum,
You can increase the loan on your current PPR up to 80-90-95% etc, but this will be classed as non-deductible debt regardless of the security held over the loan, as it’s the purpose of the loan that determines deductibility.I would suggest you extract 20% deposit and closing costs via your current PPR with the remaining 80% secured by the new PPR, in this scenario you are borrowing 100% of the contract price plus closing costs and avoiding LMI.
BTW, based on your current level of borrowings ($465K) the interest rates quoted seem very excessive, 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 Voirin & welcome to the forum,
The Majority of lenders assess credit cards at 3% of the maximum limit, so this will have some effect on your borrowing capacity.However certain lenders will disregard credit card exposure providing you supply monthly statements showing the balance is swiped before interest is incurred, 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 Snowball,
If you decide to keep the IP you could access the remaining equity (currently $68.000 @ 80% LVR) cancel the LOC, set up a 100% offset linked to your PPR loan and park the $68.000 in the offset until required, this structure would help minimize the nondeductible debt, 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 Snowball
There are a number of options available to you,Option 1:
place the remaining funds from the sell of the IP into the LOC and withdraw those funds as needed for future investment:
keeping in mind all funds in the LOC is non-deductible debt. (IMHO this is not a good option)Option 2:
Cancel the LOC and set up a split loan on your PPR, use the $100K from the sale of the IP to pay down PPR loan of $200K. Creating a balance of $100K.Split 1: Approx. $100K non-deductible debt, P&I with 100% offset linked.
Split 2: Remaining equity from PPR, deductible debt, interest only repayments. (Use these funds for deposits etc on future investment)This option will allow you to immediately convert $100K of non-deductible debt into deductible debt.
As already mentioned, holding the IP and perhaps making use of available equity may well be another option, 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 Ikerr,
Your lender will carry out a valuation on your property to determine how much equity you have available,
The amount you access is generally up to you i.e. 60% 80% 90% etc keeping in mind LMI will apply if you borrow more than 80% LVR,
The next thing to consider is a split loan to proportion deductible and non-deductible debt.Regarding super, best to talk to an accountant, I believe it can be expensive to set up and maintain and may not be worth the amount of time & trouble involved, 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 Luke,
This link to The Self Storage Association of Australasia may provide you with some info,
http://www.selfstorage.com.au/industry.php
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 Jenny,
I agree with Simon, hopefully your broker is pulling out all stops to have this mix-up rectified pronto,
Best of luck with it all, 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 Rob & ky,
The FHOG will be available at or soon after settlement, some lenders will process the FHOG application on your behalf and use the funds to cover closing costs lenders mortgage insurance, application and or lenders legal fees etc,The criteria for length of employment will vary between lenders, 12 mths 6 mths 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 Snowball,
A couple of questions, is the LOC used for investment purposes?
Do you have any debt on your current IP? 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.
Yea Yea ok, make the most of it while you can Richard, he who laughs last…..
I think Lee better open the batting [blush2] 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 Rob & Ky,
Some lenders will allow you to use the FHOG towards the deposit, stamp duty or legal fees etc, however this will depend on the type of product you choose,
I think you will find it very hard if not impossible to get finance without employment, 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 JM,
Unfortunately you don’t have a lot of equity, there may also be issues regarding employment status.Option 1: A standard refinance at 95% and possibly an option to capitalize the LMI into the loan.
Option 2: Low doc refinance at 95% LVR (Probably not a viable option under the circumstances)
Option 3: depending on the break costs with your current lender it may be more beneficial to wait and build up further equity and refinance at a later stage.
Its very hard to recommend which would be the correct option without further personal details, feel free to e-mail or call if you want me to take a closer look at your options. 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 Margy,
I have a lender who may do this on 80% LVR @ 7.35%
Feel free to contact me if I can help.Also: 95% low doc is available on Studio and Serviced apartments above 38m2, 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.
I would like to see Shaun Tait continue on he looks very promising, his line and length after the tea break was excellent and his first test wicket the inswinger that bowled Trescothick was pure magic.
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.
