Forum Replies Created
Clinton,
The issue will be the overseas income.
You need to get onto a broker ASAP who can get the research done and start the ball rolling for you.
There will be no additional costs if you use a mortgage broker.
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.
Clinton,
That loan is pretty standard. Most banks have a construction loan with those facilities.
Will you be settling on just the land first with the construction being organised later or are you buyine a house and land package?
You even have the depoosit for a LODOC if required.
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.
What is the situation that you find yourself in that you need private money?
I have some lenders but will need some info before I know who to refer you to.
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.
As Mel wisely pointed out you will need to ensure that this is your best option beofre yo utake it.
Perhaps there is a mortgage out there that will allow you to purchase the property on your own.
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.
Hey Monopoly,
Congrats from me too!
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.
Stephen,
I imagine there would be few people that would claim to be perfect as far as respecting copyright goes.
But to go on an author’s own forum and seek someone to help rip him off takes a special breed of person.
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.
Consider ANZ – they will allow you to borrow up to 95% (depending on postcode) and also borrow the LMI. This will leave you with more of your deposit which may come in handy with the reno!
Have fun.
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.
Be aware that you may be considering committing fraud against the commonwealth.
You may need to get legal advice here.
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.
I think savings are essential to get to step one. After that I agree with Rob and feel that any more than an emergency slush fund in the bank is not working for you unless of course you are deliberately timing the market and choose cash as a vehicle.
Anytime there is a PPOR loan I would hold the savings in an offset so at least you are earning 6.5% tax free!
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.
Don’t let the lenders take security over more than they need to! Of course they are happy to do this – it probably even means they get to refinance the PPOR too.
The way I structure my new IP loans is to pull a 20% deposit plus costs from another property. I use a split so it is clear where everything comes from.
I then take this deposit to a lender and take a new 80% lend against the new IP.
This way I have nothing cross collaterised so there is nothing to untangle should I wish to sell.
The others above have all described this method and it is quite a usual way to go.
Hope it makes sense!
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.
I personally would include the cost of the deposit. You could have a deposit ranging up to 99% of the property value and in this case anything becomes +ve.
If you have a PPOR loan then I would counsel against using anything less than a 105% loan for any IP.
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.
What prompted this?
What a bizarre concept that you believe 90% of the contributors here are retired public servants.
I would lock this thread except for one glimmer of useful discussion – that being timing as when to enter the market.
How about we be a little less emotive and ridiculous in our claims folks [biggrin]
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.
Traci-Lee,
This is fine. Yo uneed to ensure that it is listed as a split on your statement. If it is all one loan then you will need to pay down the whole loan, including both “borrowings” at the same rate.
A split is the best way to do it and your bank will set it up for you.
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.
I am reading about Stalingrad – is actually quite an interesting book.
I can get the authors details if anyone is interested.
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.
Maybe this is related to the High Court decision on split loans – what does everyone else think?
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.
– 66 B of the B
6 – 52 C in a P (WJs)
9 – 39 B of the O T
28 – 23 P of C in the H B
29 – 64 S on a C B
30 – 9 P in S A
31 – 6 B to an O in C
33 – 15 M on a D M CWould be:
66 books of the bilble
52 cards in a pack without jokers
39 books of the old testament64 squares on a chessboard
9 p ( another word for state I guess) in South Africa
15 men on a dead mans chestDoes this help?
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 got it immediately….. does that make me a dummy?
It had taken Dr. Duke well over a year himself, and he would always explain that the smarter you were, the longer it took to figure it out.
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.
Full LODOC/NODOC are available from 6.85%.
Sapphire are pretty cool but remember they are fully securitised loans.
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.
I would pay it into my PPOR and redraw it for the pergola. Ensure it is shown on a split.
Or use a LOC if you prefer.
As always seek advice from a professional.
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.
Yes I think this is what you are doing. The entire loan will be deductible. You can also borrow all costs too and not incur LMI on the new loan.
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.
