Hi Terryw,
I apologize for the delay in responding to your question; I have had computer problems.

Terry I never said using a trust would increase borrowing power, I said it would increase serviceability due to the tax benefits that arise from having investments set up in a trust, a point you now agree with.

Another point I would like to make is…[Read more]

Hi Dom,
Can I suggest you talk to a good mortgage broker, if you haven’t already?
Having your loans structured the correct way, will save you from problems later on,

I am in Victoria, but Simon is a bit closer to you, he contributes here on a regular basis and may be able to help you, his contact details are below.

Simon Macks
Mortgage B…[Read more]

Hi Terryw

I have contacted DaleG, Accountant, and Trust Guru, and invited him to stop by here, to help explain and maybe enlighten a few here with regards to some of the Trust issues discussed,

In the meantime I have included a link to an interesting discussion at the Somersoft Forum where DaleG regularly contributes, you may find this…[Read more]

quote:
Steve

So you are saying that trusts can save you tax. but it makes no difference in serviceability if you borrow through a trust or not because personal guarrantees need to be given. Infact it may even hinder serviceability by using a trust because you, as trustee, would be responsible for the loan, but may not receive any income from the…

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quote:
Steven, are you saying that setting up a trust affects serviceability? I have found that it makes no diffence as the lenders require personal guarrantees anyway.

Terryw
Discover Home Loans
North Sydney
[email protected]

Terry,
One of the advantages with trusts,apart from asset protection, is the ability to distribute…[Read more]

Hi Mike
To be ellgible for the ANZ Professional Package
you will need a gross annual personal income of $50.000 or joint gross income of $75.000
or a practising member of the following professions
Medical Practitioners, Pharmacist,Accountant,
Barrister or Solicitor,Surveyor,Architect

The ANZ Breakfree Package(cost$295 annual fee) offer up to a…[Read more]

Quote:
Hi Hot Rod

1 point eveyone appears to have missed is that it is a breach of the Property Act to cross collateralise the loan on a property which is subsequently sold under an Installment Contract.

Cheers Richard
[email protected]
http://www.fhog.com.au

Hi Richard
X Coll in this case is with multiple ips,
Example, (IP A) 200K loan commitment…[Read more]

Hi Hot Rod
Something else to think about with regard to x-coll
Is serviceability,
When you hit a particular lenders max lend amount,
Some reasons given by lenders may well include…
Lenders may feel you are to rent reliant to service the debt,
this can be a problem if you have a high level of mortgage insurance
attached to your loans, and a high L…[Read more]

Hi James
The ANZ Medical Practitioners Package has a LMI waiver with LVR up to 95% for house units & townhouses, conditions apply.

Some of the Pepper Homeloans packages (full doc & Low Doc)will go up to 90% LVR.
Regards Steven

Mobile Mortgage
[email protected]
Phone 0402483216

Hi Carrington,
If LVR is at 80% you may encounter mortgage insurance,
With a 20% deposit LMI should not be an issue,
Good luck.
Regards Steve

Mobile Mortgage
[email protected]
Phone 0402483216

quote:
okay Steve i understand that but which option do you think is better wait and save or go for LMI option?????????or anyone else that has a opinion

Hi Kristine,
I am afraid i cant answer that question, There are to many variables, there may be higher interest rates if you wait,but property prices may come down,and a lot of other issues…[Read more]

Hi Kristine,
From the information you have supplied I think you should have enough equity in your ppr to borrow more than $13K, This would be subject to serviceability,
option(1) $13K may get you a 95 percent lend, (that would be 5 percent deposit & 5 percent costs) but LMI would come in to play.
option(2) access more equity in ppr and borrow…[Read more]

Hi Myydral,
I would be happy to answer any questions you may have,
Regards Steven.

Mobile Mortgage
[email protected]
Phone 0402483216

Hi Mark,
Have a look at the MIAA web site http://www.miaa.com.au/
they offer on line education and links to other education courses that you will need to complete to gain accreditation with the MIAA and lenders,
If you need any more information feel free to contact me.
Regards Steven.

Mobile Mortgage
[email protected]
Phone 0402483216

quote:
[]I am so sad today i have waited 3 weeks to find out that i can not get the money i am after for a loan what should i do now any suggestions would be greatly appreciated okay this is my situatuion we have a joint income of 64,000 we have 5,000 saved for property we have 79,000 equity we have a credit card that is paid every month 3,000…

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With Regard to Baycorp Credit File,
you can also pay an annual fee of $30.00 (GST inclusive)and they will notify you by email of any changes on your credit file,
This can help minimise the risk of identity theft, and also keep you informed on the amount of hits your credit file has recieved.
Regards MM
.

Mobile…[Read more]

quote:
is it true that if you go for a loan and get knocked back that it makes it harder to get another loan???? ….is their a black mark on your name????….okay i am a little nervouse that i wont get a loan odviously as you can prob. tell….okay i have 87,000- 97,000 equity in my home where i live, and my partner and i have a joint income of…

[Read more]

quote:
I forgot something. In steve’s book he talks about buying power. He says that the fact that the houses you buy are positively, geared your buying power should increase as you can meet servicability requirements. But will the banks keep lending to you when you are buying in small towns?? And you still have exposure issues to contend…

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Hi Jay,
I agree use LOC to fund deposits on multiple IPS,
Keep in mind deposits of 20% or more will not attract Mortgage Insurance.
Regards MM.

Mobile Mortgage
[email protected]
Phone 0402483216

Hi Wannabe,
Good advice from rosspj, I would also like to add,
With your long term goals in mind it may not be wise to put all your eggs in one basket,
Regards MM.

Mobile Mortgage
[email protected]
Phone 0402483216