Forum Replies Created
70 -75% may be possible. More if you have equity elsewhere.
You need to use a broker.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 need to reside in the property for 6 months. You need to move in within the first 12 months.
See the details at:http://www.mortgagehunter.com.au/first-home-owner-grant.html
Click on your state for more info.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Alan and welcome aboard,
I am sure this will be very useful for those of us investing in the UK.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Stuart – you are right [blush2]
I was describing a P&I loan.
Sorry folks for the confusion. Thats the second mistake I have made this year [eh]
However do ensure you know whe to use offset vs redraw. I have seen peoples errors cost them a lot.
Sorry again[blush2]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Same thing. Any extra you pay off the principle ahead of schedule is available to redraw.
Be very careful with redraw. Can have significant tax disadvantages.
Investigate offset as well.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Check out ING Direct. High interest and no fees. Many of my clients use this to save a deposit in!
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes. Your repayments will be set on the original loan amount. You can apply to vary them.
The interest levied will only be on the outstanding amount. This means that the loan repayment will have a higher principal component.
If you want to just pay interest on the outstanding amount then may I suggest a Line of Credit (LOC).
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Have a look at a LODOC LOC.
There are probably a number of options however it is hard without knowing your specific details,
kind regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It s ll possible however you can not change the debt around to maximise deductibility.
ATO deems that the purpose of the loan determines deductibility.
So if you borrow to buy the new home then no deduction – even if you are borrowing against the IP.
Hope this makes sense – can be a tricky concept first time round.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
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 concur with Steve.
It is vital that you structure this for tax effectiveness – it also is important to determine how long you will own your home for and what you will do with it should you move – ie sell or rent it.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Let me venture to suggest that a broker would know more about ANZ mortgages than would a teller at the uni branch. The are also likely to recommend any beter lenders which your ANZ teller wont.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I wouldn’t recommend xcoll or even a refinance if not necessary.
Can you increase the existing debt to cover a 20% deposit plus costs – then you could go for an 80% construction loan?
Would be cheaper methinks.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I would prefer to talk to you before I give advice – however you need to establish 6 months savings – sooner this starts the better.
All depends on your figures and goals as to what I’d recommend.
Regards,
Simon
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Here in NSW it is the Local Environment Plan and it specifies the land uses etc.
It may well have a different name in Victoria.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You need to get a copy of your council’s LEP. This document will tell you what is permitted by the zoning of your block.
Alternatively call the duty planner and run it past him – they are very helpful in my experience.
Regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Derek is right. Give a broker a call and see where you stand with your figures.
It will be obligation free.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What a wonderful story!
I hope we haven’t created a monster here [blink]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Bennido,
The next step is to admit that moving wont be without cost so perhaps they could give you what they can and you will consider staying after you do the sums…..
[happy3]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The best way to go is to find a better fixed rate out there – http://www.cannex.com.au and then threaten to refinance to that institution unless they match it. I have used this tactic successfully for clients in the past.
Of course you need to be prepared to move if they say no ….
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The issue isn’t 18 or 19 years old.
It wil probably be your limited income that makes your broker earn his pay. Tho living at home with no expenses will help a bit.
All the best – I love seeing younger people getting into stuff – wish i did at 18!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
