Forum Replies Created
Me too thanks!
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.
Gina,
Please get onto someone ASAP. Bridging finance isn’t as straightforward as a normal home 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.
Terry is right as usual. But things can be a little flexible if you can demosntrate that you are in the same industry. Demonstrates continuity of employment etc
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.
No.
It is the period when you can back out with no penalty if finance doesn’t work out.
You can also have a clause for pest and building inspections amongst other things.
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.
Diane,
Few questions there.
The job issue won’t necessarily be a problem esp if it is in the same industry and your employment hiustory shows previous stability.
I would recommend you have a pre approval in place before buying at auction!
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.
Penguin,
I had no savings at 19 either. Don’t worry about it but address it now. The sooner you build your wealth position the better off you will be when you are older.
PPOR = Principal Place of Residence = Home
LMI is an insurance payable when a loan is over 80% of the security property’s value. It can be quite expensive but does allow you to buy with a smaller deposit.
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.
Penguin,
At the very least speak to a mortgage professional and ensure that the funds will be available. If you decide not to go for a pre approval make sure you have a 14 day finance clause.
If you do get a pre approval you still need a clause – perhaps 7 days in case the property doesn’t value up and the lender doesn’t release sufficient funds.
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 at all. I know many people who fixed late last year for 5 years at 6.29%.
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.
I am actively seeking my next project.
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.
I bought last October. 5.89% for three years.
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.
If you do replace a kitchen then shop around a lot.
I was quoted $3500 – 4000 from a lot of places then eventually got the same thing for $2000 direct from the manufacturer.
Get a quote for redoing the doors and tops but do so direct from a small factory and you will be surprised at the savings. Don’t go to a kitchen showroom – they really bump up the prices!
Even the plainest melamine kitchen looks terrific if you splash out on expensive handles. I used the steel T handles and everyone comments on what a nice kitchen it is – even with the cheap doors.
Another tip if you use melamine is to get the 2mm PVC edging rather than the thin melamine edging. It is so much stronger and doesn’t cost much more.
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.
Gemma,
Looks like Larelle has pretty well given you the advice I would have typed out. Thanks Larelle!
Basically that $80K equity can be used as 20% deposits plus costs and then you source 80% lends with stand alone mortgages.
You seem to be in a good position.
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.
Gemma,
Do you have equity in other property or do your in laws have cash or equity?
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.
I have just found a lender who will lend money in Australia for NZ property.
This includes fulldoc and lodoc loans.
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.
These mortgage reduction guys are the bad end of our industry and the ones that give us a bad name.
If you ever hear of your friends contemplating paying these sorts of fees please stop them and steer them to a reputable broker who can set this up for free.
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.
Judi,
This is easier than you think.
You draw the $10 000 and use it as a 10% deposit and then secure finance with your lender or another lender on the second property. This will be two stand alone first mortgages.
Don’t forget to consider buying costs as well.
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.
Good news is that there will be no mortgage insurers involved so it wont be too difficult to be creative.
If your girlfriend was to be on title alone and occupy the home during the first 12 months she will be entitled to the FHOG. It is suggested that this should be for 6 months.
If she never lives in it then she will still be entitled to the FHOG when she does buy her own home.
If she is on title as Melanie suggests then she will be able to rent it for full market rent and then negative gear the property until it is sold.
Because the LVR is 50% then as long as she has a clean record we can gurantee a loan – even a NODOC in worst case.
I think the main concern is that the relationship and the agreement hold up. Many people express concerns about family disagreements etc. I know I wouldn’t hesitate if it were my mother!
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.
I agree with Yack. You would be a bit safer starting off with residential investing.
However I have a colleague who does commercial.
Email me and I will forward it to him.
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.
Bill,
Welcome to the forum.
What a detailed reply.
Did you know that this is an Australian forum? Whilst I would encourage you to stay you should realise that you may not get many calls[
]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.
Alf,
Really hard question.
I can only suggest that you talk to one for a while and see if he knows what he is talking about.
Probably the best way is to get a personal referral.
Don’t pay a brokerage fee.
BTW I am no good [:p]
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.
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