Steve and Sharon,

I am in Newcastle and visit clients on the Central Coast.

Please let me know if I can be of any assistance to you.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

One of my preferred strategies is to draw a 20% deposit plus costs from your home. Split it off from your home loan so it is shown seperate on the statement.

We then borrow 80% against the new property with the same bank or a different one.

Unless you need the flexibility I am not so keen on the LOC. It costs more and is sometimes too available – like a credit card in the wrong hands[]

You need to check with your broker or mortgage advisor if this strategy suits you.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

No I don’t.

It is after 9am now – a quick call to a solicitor will resolve it.

Please post your advice!

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Sunshine,

Rural properties are a whole different kettle of fish. I am no expert in this area but I do know that the banks apply a shading figure to the valuation to allow for the higher risk exposure.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

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 varies considerably between states. A solicitor or conveyancer will be able to give you a quick answer in the morning.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Good question.

I get many folks who when hearing what I do just ask me what is the best mortgage?

Like asking what is the best car? It all depends on the situation and what you want the mortgage to do.

You can get out of a five year fix loan at anytime, however if the current var rate is well below what your fixed rate is then there will be a penalty fee associated with that break. Sometimes it is still worth paying it.

Be wary of honeymoon rates. I rarely use them. It can usually be shown that, whilst there might be a saving in year one, these are more expensive than a good discounted rate in subsequent years.

Good luck with your search!

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Mortgage Choice is a franchised system. There isn’t anything good or bad in that.

When you select a broker the individual is more important than the company that he markets through.

Best to use a broker that has a good reputation or that is referred to you by someone you trust.

Good luck with the search,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Bill,

With my student rental I have a mature student in the largest room at reduced rent. He is my house nazi. He collects the rent and keeps the place running. I also plan to have a cleaner come through weekly doing just the common areas.

I think your idea has merit but you are sacrificing the highest renting room in the house.

People are motivated by different things and you may well find someone mature who relishes the responsibility in exchange for a cheaper rent!

Give me a call if you want to chat about how the student market is here. I also would be keen to find out more about the Armidale market!

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Bill,

Is that the complex being built in Melb atm? If so I have a client looking to buy there so will give you a call.

Thanks,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments 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 don’t get one from this forum I have a colleague in Melbourne I can strongly recommend to you.

Email me for his details.

Cheers,

Simon Macks
Mortgage Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.