Moosehead wrote:
Hi Richard… couple questions from your posts -You say most loans in Australia aren't securitised – this surprises me as I would have imagined a lot of the debt would be in the housing market and secured against property?  Similarly business debt would be secured against assests?  Or do you mean that when the loans are a…[Read more]

Hi Chewboonhoe,As Wade says, you need to get some legal advice with this matter. Queensland has some funny laws with purchase contracts, but if you have an unconditional contract I would have thought that was it.  While financing the property with one month shouldn't be a problem,  I read your mentioning of one month to mean that the title on t…[Read more]

I have to concur with Richard here. Although we are both brokers so the charge of bias is obviously hard to refute,  I've got to say the sweeping generalisation Hutch has made based on his own personal experience is very unfair. Having said that, while RAMS aren't a particularly good lender for turnaround times, six weeks until verbal approval (if…[Read more]

Richard,This is the case with ANZ but not with NAB their rates are set regardless of P&I or IO.Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044

Hi JSawtell,If between $500k and $1m it is 2.68%.Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044cameron@perryfinance.com

Hi Hannah,Why don't you just add an extra variable facility on top of your fixed facility against your existing property. This shouldn't be a problem at all and would save you breaking your fixed loan. Under almost  no circumstances should you break your fixed rate under the current environment as another rate rise soon looks almost inevitable. I…[Read more]

Hi Post Enterprises,Try ANZ, I know they have offices in Vietnam.Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044http://www.perryfinance.com

Hi bjb007,Is the person self employed? If they are PAYG then a couple of payslips would usually suffice. If not, as long as the drafts are accountant prepared then they should be ok, particularly if you are putting in 20% deposit as mentioned. You have plenty of options if you do not want to show financials. I suggest you speak to a good broker…[Read more]

Arranging an overdraft of $15,000 wouldn't be a problem, which could then be increased to $30,000 after 3-4 months. This could be one solution for you, but you may need to do the primary loan as a development loan (rather than residential construction) if you can't demonstrate the full funds to complete up front. Otherwise as you indicated in the…[Read more]

I see, but unfortunately there is no way to get around guaranteeing a loan for a property you own short of relinquishing ownership or at least total control of the trust to your partner.For low docs, the interest rate will depend on a few factors, including how long you've held an ABN. If you don't currently hold an ABN you would be looking in the…[Read more]

Hi t803815,Do you have any equity in other property? If so, you could possibly draw on this.  Also, what is the shortfall for the 20% of construction costs? If it is not too much, a good option might be to take out an unsecured overdraft for the project. If the shortfall is signficant and you are able to get a loan for the construction costs, th…[Read more]

Hi Mike,If you are both on the title and both guarantor's then servicing for both of you can be used. Are you sure that you can't service taking both your's and your friend's situations into account? Why is it that you don't want to be a guarantor for the loan? Also, why is it you are wanting to avoid low doc's? If you have at least a 20% deposit…[Read more]

Hi Brizza,How long has this "she" been working in her current job? If she is PAYG and has been working in her job for a decent amount of time she could get a loan, but she isn't going to be able to borrow much with no deposit and a car loan. If her parents were open to it, a family equity style loan with a parents guarantee may be one solution.…[Read more]

Blue Heeler, My earlier point related to the situation where you had a 20% deposit. Once again, this is all a moot point because the product is not available for investment, but nonetheless you suggested taking the equity mortgage product, putting the 20% deposit into an offset account so you are paying interest on 60% of your loan. Lets say the…[Read more]

Blue Heeler,No offence, but putting aside the fact that the product is not available for investors, it would be bordering on insane to take an equity share loan when you have a 20% deposit. You have to give away a large percentage of the capital growth which could well equate to an astronomical amount, particularly if you sell after holding the pr…[Read more]

Hi Scruff,You need to get yourself a good accountant.Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044email: cameron@perryfinance.com

Non recourse loans are available on freehold properties through the commercial arms of most of the majors at 65% max. These loans are typically used for syndicates or unit trusts with a number of unit holders. However, the issue is generally the servicing as for non-recourse loans, the rental income is the only income that can be taken into…[Read more]

Hi Supertedd,As Wayne says, you need to make sure the facility you are in does not incur high deferred establishment fees. It is also preferable that you aren't paying LMI or, if you are borrowing over 80% that the LMI you pay is as low as possible. You should speak to your broker about what you're trying to do and see if they can come up with…[Read more]

Hi BJ,Does your PPOR have an offset account? If so, you should be paying everything you can into the offset account or straight into the loan so that you're PPOR repayments are as low as possible. As Duckster said, the key is paying down the PPOR debt as quickly as possible as it is not tax deductible. Kind Regards,Cameron PerryDirectorPerry…[Read more]

Hi Dobby,One drawback of a unit trust is that it will make it exceedingly difficult to fund your deal as a residential loan. If you used another form of trust, company or your individual names you should be able to get a residential loan for your project, which would greatly reduce costs. Kind Regards,Cameron PerryDirectorPerry Financial…[Read more]