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Every day is a holiday and every meal a feast at my place!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I guess to an outsider this is all Newcastle – but Toronto and the surrounding towns are actually in Lake Macquarie. an area I am investigating myself.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Chief,
I am in Newcastle and am pretty up to date with the local market.
Prices seem to have levelled off and vendors are opening up to offers more so that they were. Although I do hear that things are picking up a little atm.
Some of those suburbs you mention are pretty rough. I wouldn’t put my mother in them (Mother in law would be a different proposition I think [biggrin]).
Certainly buying a unit closer to the water would give you reasonable growth prospects in my opinion.
What does the MIL want? A house or unit?
If you are local please give me a call and perhapswe can have a coffee.
Yorker – We have no suburb called South Newcastle – which areas are you referring to? Southern suburbs adjacent to the CBD or the entire area south of Newcastle right down to Lake Macquarie? Certainly the whole Hunter region has had great growth in recent years.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Do a search for Off the Plan or OTP.
Many people did well during times of high growth. I think you need to be cautious now. There are reports of people having to settle and finance properties worth less than they paid a year or two ago.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I only advised my site as it has the different state offices listed for you to check.
This is the elegibility criterion:
ARE YOU ELIGIBLE?
To be eligible to receive the FHOG, the following eligibility criteria must be satisfied:
Each applicant and their partner must not have received a grant under a First Home Owner Grant Act 2000, in any State or Territory of Australia;
Each applicant and their partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000 , in any State or Territory of Australia;
Each applicant and their partner must not have owned and occupied a residential property, either jointly, separately or with some other person on or after 1 July 2000, in any State or Territory of Australia;
Each applicant must be a natural person (not a company);
So if you don’t own property in Australia then it should be quite clear that you are still eligible on this grounds at least.
I would call to check,
Kind regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mark,
You probably wont have to travel too far up or down the coast to find something in that price range as an investment.
Howeber, you will probably find you can borrow a lot more if you see a mortgage broker.
Like most other brokers, I can run a spreadsheet with quite a number of banks calculators and I always find there are lenders who will go a lot higher than NAB.
This might even make Sydney achievable.
All the best to you and your family,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Sounds to me like you have thought this through and perhaps have a decision all but made.
If you sell and buy well you may be even better off than you imagine.
Just don’t get caught up in the trap of signing the new contract and having to accept a low offer so as to not lose the new home.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
As far as I am aware there is no problem with owning property outside of Australia.
Just call your relevant state office to confirm.
They are all listed at:
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I agree with Maximus. Just take advice from people who are where you want to end up.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
So if I use the LOC to purchase new investments, then this is ok to claim deductions? As I close out my existing investments according to my system rules I can then move this money to my home loan. Obtaining the result I wanted but over a longer period.
I would suggest that you need to first repay any borrowings that funded the purchase of these investments then direct the remainder into your home loan.
Otherwise it is a proven strategy if I understand it correctly.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Factor in SD exemptions, CGT exemptions and the FHOG too.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
As I mentioned in the reply to your email:
You won’t get a mortgage on a loan this small – $50 000 is usually the
minimum. I don’t think it would be worth it either. I would consider a
personal loan or even a credit card to cover this purchase.The fees charged to open a commercial property loan would probably be more
than the additional interest charged on a credit card or personal loan –
Personal loans are around 9% and credit cards a little higher.All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You will have a lot of trouble getting an Australian Mortgage secured by Canadian real estate.
Do you have property here to borrw against?
Perhaps a Canadian lender might do it?
Maybe you can take a personal loan to start the first few and the use built up equity to fund further property in Canada?
Just some ideas.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
This is the thing with negotiations – you will never know. I guess you have three options.
Accept her offer and reduce by $15000.
Negotiate to something more acceptable.
Call her bluff and tell her the price agreed is final and that you will put it back on the market.
Is a hard call and I wouldn’t dream of advising what to do. I do know that some buyers try it on as a matter of practice fully intending to buy the property regardless.
Let us know what you decide and all the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Good point. There are exceptions for spouses with some lenders.
Surprised I overlooked this – sorry. That’s my second mistake this year [blink]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Many people have explored this strategy after reading articles and books from the US.
We don’t operate like that here in Australia – thankfully. The owners have to receive fair market price for their home if it is repossessed.
They are sent to auction and advertised as a normal auction with the words mortgagee sale or such.
This means they attract the bargain hunters and often sell for more!
I think a better strategy might be to look for homes that have been on the market too long and make low offers.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
One of the main benefits to being able to go one on title and two on loan was in the case of a youngster buying their first home.
To improve their serviceability the parent can go on loan as well. But if the parent went on title and they have ever owned a home) then the youngster cannot use the FHOG. If they occupy the property they lose it forever.
This is where I did a number of loans like this.
Sadly this loophole is now closed.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I do agree that our gene pool could do with a little more chlorine in it.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Joe,
Regardless of the lender they require that your income is stated.
LODOCs were designed for the self employed to submit a loan that didn’t need to be supported by two years worth of trading records or tax returns.
Some LODOCs only need a new ABN to get through.
In any case – overstating your income to get a loan is fraud. I trust that you didn’t need to do that [cap]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
As far as I am aware the title needs both names. At least with all of my lenders it does.
Sometimes there are ways to achieve otherwise using guarantors etc. I cannot advise without knowing specifics.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
