Forum Replies Created
Hi Wayne,
Based on the info supplied you can borrow the required $260K with major & main stream lenders at discounted rates,
If you provide me with your e-mail address I would be happy to e-mail you a pdf file attachment with a lender matching summary report and a maximum borrowing summary report, 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.
No need for low doc at this stage, keep in mind most lenders use a different debt serviceability ratio.
Based on your figures your maxed out with a few lenders, but by my calculations you do qualify with other Banks/lending institutions when taking into account the neg-gearing on your current portfolio.I would suggest you borrow 80% on the PPR with the remaining 20% and stamp duty etc via equity in your Merriwa 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.
That’s good news Linar,
Good 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.
Thanks for the info Ozi,
The IT chap reinstalled Vet and a new router and it seems to be working ok at the moment.We were previously using Zone alarm without any problems, however we did find parts of an old pesky version of Norton’s on the system that I thought had been completely removed a couple of years ago, very strange.
Thanks for the links; I’m hoping the Vet updates and patches will put a stop to any potential hacker activity, 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.
If the property is unencumbered and you intend to sell then why not wait until the house is sold and use the funds as a deposit on the new purchase, your mother could also gift you the deposit for your investment property. 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.
Following on from Shakes comments, you also need to consider the effect this will have on your individual future lending/borrowing capacity, e.g. you will be assessed as servicing 100% of the loan you have with your brother and visa versa, 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.
Thanks for your help Abby,
We have changed to a Belkim router and all seems to be working fine for the moment, touch wood.
I suspect the D-link router may have been conflicting with our system and VET, 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.
asdf comments are spot on, 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.
You have to be careful here, going on title with your mother will effect your FHOG eligibility,
It will also dramatically effect your borrowing capacity over future loans, i.e. from a lenders point of view you will be assessed as servicing the whole debt attached to your mothers property.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.
The revert rate on honeymoon rates is a killer, in your case you plan to sell after 12 months so this may or may not be an issue, if for what ever reason you don’t sell then you will be stuck with a much higher rate after the honeymoon period expires.
An alternative may be a discounted variable rate for the life of the loan currently approx. 6.62%, with lower break 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.
You may get 70% with the ANZ,
You can still get resi rates in a PTY, keep in mind If you’re purchasing in a Trust or a Company you will require directors guarantees.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.
No problems with siblings, There is a swag of these 100% products on the market at the moment including 105% etc,
No deposit, no deposit with no gen savings, no deposit with paid defaults, no deposit with fries & coke etc etc.Watch out for break costs and the LMI (mortgage insurance) as this will vary greatly between lenders and in some cases between a lenders particular product suite,
Insure your Broker is not wet behind the ears and has access and knowledge of all these products or you will pay dearly.Here’s a tip, you mentioned a personal loan, some lenders may attribute the repayments on this as a form of savings/budgeting, and this may put you in the ballpark for a 100% gen savings loan with lower LMI and rates.
Also, remember your closing costs need to be accounted for, i.e. stamp duty legals LMI app fees etc, there are 106% etc loans available to cover this, but if you are entitled to the FHOG then this may cover the short fall on a 100% 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.
In short the answer is no, but depending on the lender and the mortgage insurer you may be entitled to a part refund. 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 Lightning,
Here is a link to a media release from the MIAA titled “demystifying mortgage insuranceâ€; I hope this helps, cheers.
http://www.miaa.com.au/pdf/050804_lmi.pdfRegards
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 believe the NAB is 80% based on end valuation.
BTW, 80% Low Doc is available for owner builders, 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.
Congratulations Dazzling,
Myself and many others on this forum enjoy reading your posts and appreciate your views & input, so in the words of Billy Joel “don’t go changing†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 Krupta,
There is an interesting discussion currently underway regarding this subject, below is the link to it.cheers.
https://www.propertyinvesting.com/forum/topic/16349.htmlRegards
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.
The rate reduces after 3 years, the break costs are 2.5% in year 1 2.0% year 2-3 and 1.5% in year 3-5,
If you are looking to reduce the rate before the 3rd year period or refinance in a short timeframe then this product is probably not the best option, due to the DEFs. 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 Mitcheos,
Unfortunately mortgage insurance will apply over 80% LVR.
Depending on your circumstances an LOC may not be the best option, especially if non-deductible debt is involved, need more info to advise on correct lender/structure etc, feel free to call or email. 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 Dev,
Standard finance at a lower rate may be an option, providing your current income is sufficient to service existing debt and the proposed new loan,Providing your financials on a Low Doc application will have no effect on the interest rate, the rational being if your financials were up to date and sufficient to service the loan then there would be no reason to use a low doc product.
However, certain lenders will reduce the rate on there low doc products after a prescribed period of time, the proviso is usually a good repayment history and or providing financials, 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.
