Forum Replies Created
If you fix your rates then it isn’t too much of an issue. I fixed mine at 5.89% for three years for settlement next week. I found it does give an element of peace of mind.
Looks like fixed rates are going up accross the board on Mon by 0.25%.
Fortunate for those borrowers who have their application in and rate locked!
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.
Think back to your high school economics. Remember the laws of supply and demand?
When there are more tenants than available rentals then demand rises and prices will rise.
If there are more IPs than tenants then demand is reduced and prices will be reduced to win the available tenant.
The landlords, unless they all get together and price fix, do not have much individually have much impact in manipulating this economy.
The market is not too fussed on what you pay for your mortgage.
As far as your lease goes you will need to read it or check with your PM as to what you can do. It is different in each state.
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.
Terrible stories about brokers. These folks give us all a bad name.
I have accreditation with over 30 lenders – poss more as I use some wholesalers that are always upgrading their lists – I am sure this is the case with most of the brokers posting in here.
We do tend to use the same few banks for 80% of business. In my case it is because they are often clearly better. For example if I have a client needing to capitalise LMI above 95% I go straight to ANZ, if a client has a postcode which is difficult to get through LMI then I use another lender. For a normal basic variable with low fees then there are clearly one or two that are the cheapest.
People wanting cheap fixed rates get recommended another lender first – and they pay nearly the lowest comission in the market! If someone needs immediate approval to attend an auction then I have another preferred lender.
What am I saying? Not all brokers deserve to be tarred with the same brush. There are often reasons you don’t get given a large choice – some folks will only qualify for a few lenders and in other circumstances the solution will be obviously one lender.
If you worry that your broker is steering you into something for his own benefit then touch base with me and in a 5 min phonecall I will advise you whether it is a suitable solution given your needs. I am sure the other brokers in here would be happy to advise in this manner as well.
Remember if you use a banker you are given even less choice and if they can’t help you they tell you to find something cheaper and call them back!
Hope this helps to tell the other side of the story.
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.
Mike,
Good tip – thanks.
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.
You ever had a card from a real estate agent? Don’t really mean much.
After my inspections I usually leave a cake or movie tickets behind if I am happy. Not much more expensive but means a lot more.
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.
Roxy,
Just took the liberty of sending you a property list from an investment group I hear from occassionally.
It isn’t a sales pitch or even an endorsement – just for info.
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.
Dino,
That is my philosophy too.
Years ago when we were expats in an Asian country we bent over backwards to make new folks welcome and help them out where we could. Our reason? So many folks were wonderful to us and we wanted to repay that indirectly.
It is the same with so many things in life and I try to always give a little more than expected. It can be fun to do nice things for folks and it always comes back to you.
So many times it is treated with suspicion, but that soon wears off.
What goes around comes around!
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.
Damien,
It is true and you will need to approach your bank directly.
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.
Kadab,
That could very well have been set up as seperate deals from the start.
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.
Thanks Terry and apologies to Picja. I thought he was referring to the ST George one!
Everything unusual comes at a price. 7.6% isn’t cheap.
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 is OK. You just need to move in before the 12 months is 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.
If you are OK with fraud then go for it.
I can’t believe a bank employee would encourage this.
Read the rulings at http://www.osr.nsw.gov.au. The FHOG is clearly designed for people buying their homes.
Sorry if I come across a little harsh – just annoyed at people who encourage others to take financial risks like this. You are the one who carries the responsibility – not him!
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.
Mel,
Can you drop me an email please?
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.
Picja,
Are you sure it is mortgage insured at that level? I think it might just be a bank fee with them carrying the risk.
Which lender are you referring to?
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.
There are some shockers out there as evidenced by the stories here. But when you find a good one and should something go wrong you will realise why you have one.
Especially if the property is not conveniently located nearby.
Sometimes it is best to pay an expert that works well with you. The difficulty is finding one! i think personal referrals are best for this sort of thing if possible.
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.
Mel,
Probably a great strategy in a quickly rising market.
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 chat with Bill a fair bit. He is definately on the up and up and I believe that he is at a stage in his life where he gets a lot of pleasure out of helping others.
I don’t know how many people even Bill can take on though!
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.
Mel,
Whilst these are called 100% loans they have exxy fees and the reality is you still need a saved 3% deposit to cover these fees. Rates are higher too.
Huey is spot on. If you have the equity then you can easily borrow 100% plus costs at cheap rates.
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.
Mel as always you are right!
The RC – I think this is wrong. When you purchase the next home you forfeit the CGT exemption on the first one.
It would work fine if you rented the second home but the minute you buy another home they won’t both qualify. Take a look at the ATO website for a full explanation.
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 Johnny,
Not sure I 100% understand your question but will take a crack at it.
A mortgage will reduce the equity in a property. A $200 000 property with a $80 000 mortgage will show $120 000 equity.
A mortgage will be about 6 – 6.5% depending on the features required. Some LODOCS will go to 7.6% or more but I do have one as low as 6.35%. I write a lot of professional package loans with a fully featured loan at around the 5.97 – 6.06% rate.
A second mortgage is pretty unusual these days. Perhaps a developer might take a mortgage over a parcel of land to 80% then will need funds to develop. He might approach a fringe type lender to fund the infrastructure with a second mortgage. The first mortgager has first crack at the security if everything turns to custard with the second mortgager getting whats left. Higher risk and pretty rare in residential investment circles these days. In fact most lenders will not consider a second mortgage.
Hope this helps.
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.
