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  • Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 12:17 pm

    Count me in.

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 12:15 pm

    Picja,

    Give them a call mate – I did. The fee is not for LMI. These loans are not mortgage insured.

    Bet you a beer!

    They also advised me that the 2.5% mustn’t be gifted. We didn’t discuss the FHOG so I will take your advice on that one.

    Unless the St George lady got it wrong [;)] Give her a call on 133 555.

    Actually the fixed rates on this product are quite reasonable – check their website.

    Cheers

    Simon Macks
    Mortgage Hunter
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    0425 228 985

    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 11:41 am

    quote:

    I would re-finance the townhouse and inject the extra funds into your new house, remembering that interest on an investment is tax deductable but interest on where you live is not…

    hope it helps :)

    Jason.

    This is wrong. It is the purpose of the loan that determines tax deductability not the security. So if you borrow to put into your PPOR then no deduction allowed. Regardless of what that loan is borrowed against.

    Same if you had a home loan and drew $50K from it.

    If the purpose is a pool in that home or a car etc then no deduction. But if you use it as a deposit on an IP or to buy shares etc then it is deductable even though it has been borrowed against your home.

    One way to get around this is to sell the IP to your partner or to a trust controlled by you and borrow at 100% plus costs to do so. You will do this CGT free as it was your home. Borrow at the highest valuation you can.

    These funds can then go into your PPOR. You will incur stamp duty on sale but it may well be worth it and will be deductable.

    Don’t do it on my recommendation – see your accountant.

    But don’t borrow against the IP to put into your home expecting to be able to claim this interest!

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 10:34 am

    Scremin,

    Of course Stuart is right however if you are teaching at the moment and teaching when you return some lenders will accept the fact that you are in the same industry. Provided that there isn’t too big a break in continuity then you will not have too many problems and will not need 3 or 6 months.

    One particular major lender will only need three payslips and proof that you are permanent and you will be OK.

    But if all you are after is some reassurance then I cannot see you having too much trouble borrowing $80 000 at 80% as a teacher.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 7:16 am

    Weatherboard homes require painting every ten or so years depending on the quality of the paint.

    They also may need work on the stumps or piers.

    However if work is needed then it is not usually too expensive.

    Cheers,

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 4:56 am

    Mike,

    Well in a nutshell, all the expenses of owning the property inc interest are tax deductable.

    The rent you receive is taxed.

    Basically if it makes a profit then you pay tax on that profit and if you make a loss then it is deductable.

    This has been simplified a lot but I guess it answers your question.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 4:44 am

    Diclem,

    Email me.

    I know someone in Victoria who can help.

    Cheers,

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 10, 2003 - 12:40 am

    Peter,

    Harness the miracle of appreciation.

    As your home and the properties you purchase go up in value then you can increase the LOC or increase the IP debts to pay down the LOC. Wont happen immediately but it will happen.

    Be patient grasshopper.

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 10:33 pm

    Just trying to work out what to do for you.

    You tell me you don’t need advice. I am uncertain as to your question.

    I know that if you have a teaching job and a 20% deposit then it should be relatively easy to purchase a home in your price range. You should be able to take advantage of some of the better deals out there.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 9:35 pm

    Elysium,

    You are quite correct as to the wording of the legislation. I posted them same information as this up til very recently.

    That is until I spoke to a chap that had been audited and the interpretation of the legislation the auditors were using was a three month proof required including such things as changes of address, utilities in their name etc.

    He also had a relative who was required to repay the $7000 as he couldn’t prove this.

    I think you need to be very wary advising people to act intentionally outside the spirit of the act. I know I wont.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 9:28 pm

    If you are “self employed” with an ABN then a LODOC springs to mind. However it would be pointless to get one now as you generally need a qualifying period of two years in business.

    There are asset lends and private funds available, however you will pay a premium to use these.

    You can also buy with another person who is employed or have them go as co borrower – they must understand that there are certain inherent risks and responsibilities involved here.

    Cheers,

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 12:28 pm

    Hey guys,

    I am particularly good looking but I’m certainly not any sort of mortgage god!

    I am sorry but am reluctant to give specific advice without knowing your situation better, however…

    There are lenders that need three pay slips and confirmation that the job is permanent. Especially if you show continuity in the same industry.

    I think you might be confusing the two years with LODOC lenders. This may also be an option for you if you have 20% but it really is designed for the self employed.

    Certainly when you do find work I think you will be OK if you meet the serviceability requirements. ie the income is high enough.

    If you would like some more specific advice then please email me some more information.

    We worked overseas and are familiar with the uncertainty of moving back to Australia with no work in place.

    I must ask. $20K being 20% …where are you going to buy for $100K?

    All the best,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 7:16 am

    mmmmm… have a think about this.

    I think you would get every broker logging in to get on the list. There would be no way to discriminate. You might as well use the yellow pages.

    The current system lets you see the quality and depth of advice posted and lets a person choose a broker who has a style they like.

    Just my idle thoughts.

    Cheers

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 7:14 am

    Well they still haven’t called me back.

    Guess I am not their type [;)]

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 7:10 am

    It’s your money…

    What are your plans? I think that in this forum you should expect to be advised to save it towards your next property.

    Do you have a home? If you have a homeloan then putting it into an offset against it is a good idea.

    Best of luck,

    Simon

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 7:02 am

    Some banks will allow you to capitalise LMI so that the 95% lend effectively becomes about 97%.

    I think this is what Mel is referring to. I’d let her take a look and make some recommendations – all you have to lose is an hour of your time!

    I hope you find what you need.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 6:57 am

    ST George no deposit loan is available. However there is a 2.5% fee which must come from genuine savings. There is no LMI though.

    LMI may be claimed back when a valuation satisfactory to the bank shows the LVR has dropped below 80%.

    It is then claimed back from the bank.

    I have never done it but I have also heard that it is difficult to get. There is always the banking ombudsman if needed.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 6:47 am

    Battz,

    You might be referring to the St George No Deposit product.

    Interest rate of 6.87%

    App fee of $700 and $10 pm.

    There is also a fee of 2.5% of the purchase price. This must be genuine savings over six months.

    No LMI is payable.

    Must be within metro areas. They will lend in regional centres.

    Cheers,

    Simon Macks
    Mortgage Hunter
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 6:40 am

    Anita,

    How much are you needing to borrow?

    Simon Macks
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    Profile photo of Mortgage HunterMortgage Hunter
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    September 9, 2003 - 6:30 am

    Where is the property?

    Perhaps you could try a different property manager. Another idea is to drop the rent. It might be better to get $10 pw less that have it empty too long.

    I hope it sorts out soon.

    Cheers,

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

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