Forum Replies Created
The best software for wraps is at http://www.loanalert.com.au
Very professional team and great support.
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.
Take a read of this thread.
http://www.somersoft.com/forums/showthread.php?t=12331
Cheers
Simon Macks
Mortgage Broker
[email protected]
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.
Sorry mate,
You will be creating a new loan on the amount you draw from the IP. The purpose of this loan is for your PPOR so non deductible.
However if the money was in offset you would be OK as you are not touching the original loan.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Travel.
I backpacked in my thirties and I wish I had done it ten years earlier when I was young and single!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Not entirely liddelk,
I personally had my last loan reduced to 27 years because of my age!
It was a beautiful rate so I didn’t mind at all.
I have personally assisted a person in their late 70’s with a 25 yr term.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
That was indeed the case. However some lenders no longer discriminate and will offer full term loans to everyone.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Spot on James,
Furthermore some lenders have us order the valuations on their behalf.
There have been a few occassions when I have accidently left this valuation where a client can catch a glimpse of it…..
cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Hi guys,
Basically we work with mortgages every day. We are on the customers side and are able to quickly ascertain which style of loan and then which lenders may suit a particular client.
I am really finding that whilst a bank employee might know their own products well they really don’t have a grasp on the market as a whole. This is where ab brokers experience is invaluable.
Lastly, most of us don’t charge for our services even if we do a lot of work and the client decides not to buy! This is part of the industry we are in.
Many people are frightened of the thought of brokers. There have been a few stories in the media that makes the industry seem shady. Whilst there must be some bad apples I can assure you that nearly every broker I have dealt with are just honest mnen and women making a living! Having said this you need to make sure you feel comfortable with your broker as he will be asking some personal questions about your incomes and debts.
Lastly a broker really only handles the application process – at no stage can he access your loan or somehow manipulate things to steal from you.
All the best,
Simon Macks
Mortgage Broker
[email protected]
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.
If your deposit is large enough then you may qualify for a LODOC loan or a NODOC loan where you wont need to substantiate income.
Many lenders offer these with all different requirements. Best to speak to a broker who specialises in this area to see what your profile fits.
All the best,
Simon Macks
Mortgage Broker
[email protected]
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.
If they own the land then you wont need a deposit.
Construction finance is just like normal loans except the bank releases the money to the builder at set stages after inspections.
Just talk to a broker and you will find it is very straightforward to set up.
cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Unfortunately most banks wont disclose the result nor give you the report.
If you use a broker the broker may get a copy or at least find out the valuation.
In my experience most valuations come in at the purchase price.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Lenders do consider completed values.
Do they currently own the existing land? If so there may be no need for any deposit.
If not you would be best with a 20% loan however less is possible with LMI.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
How does 6.85% sound?
Simon Macks
Mortgage Broker
[email protected]
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.
Penguin,
I think he explained it badly. After 5 years you still owe the whole amount but most lenders then revert the loan to a P&I loan and you pay it back as normal.
It doesn’t need to be repaid at that time – although you can if you choose!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Kenshin,
There can be quite a large fee.
If rates have dropped and the lender is making a profit on your high rate there will be a big fee to switch.
If rates have gone up and the lender is making a loss on your low rate then there is no fee. Some lenders even pay you!
Hope this helps,
Simon Macks
Mortgage Broker
[email protected]
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 absolutely convinced that to buy well you need to develop a strong relationship with a few agents. By all means contact more but take the time to cultivate a few that you get along well with.
This way you will know what is coming on the market. Remember that it takes a few days for a property to be listed and the address wont go to the general public until the agents agreement is signed to prevent people from negotiating directly before the comission is protected.
If an agent trusts you he will let you know what is coming on before it does. In addition he will know your style and also that whilst you make low offers you are serious. He will communicate this to the vendor and who knows maybe the need for a sale is urgent? Many low ballers have a shotgun approach and make the offer before they have even thought seriously, just to test the water so to speak.
What do you think?
Simon Macks
Mortgage Broker
[email protected]
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 will never really know if the agent submitted the offer. Often it is in the way it is worded that influences the vendor. For example the agent can mention in passing:
“Oh and I had a ridiculous offer the other day of $XXX and we both know you will get more than that. Couple more folks are looking tomorrow and I am sure it will only be another week or so before we get full asking price.”
Whereas you would prefer something like:
“Well we finally have a serious buyer looking at the property. He has offered $xxxx. I know it is less than you wanted but the market seems to have flattened out somewhat. I really think you should seriously consider this offer.”
Some food for thought.
Simon Macks
Mortgage Broker
[email protected]
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 have just alienated many of the experts who provide willing advice.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
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.
Highest LODOC is 80% if you want to avoid LMI then around 75%.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
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.
Basically it is to protect the lenders. They see some regional areas at higher risk of devaluing. To reduce this risk they require that they “own” a lesser amount of the property so if it has to be sold they have a greater chance of recovering this money.
You can reduce the minimum deposit with mortgage insurance however the mortgage insurers are also particular about the postcodes they lend to.
Hope this helps.
Simon Macks
Mortgage Broker
[email protected]
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.
