Hi Lizzy,I would try ANZ with that one as they self-insure too now. Good luck with it. Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044

Hi Showbiz,As Simon indicates she would be committing mortgage fraud if she failed to disclose her car loan. Something she would be well advised to avoid. Furthermore, the bank would detect the loan on her credit report anyway and she may get in a whole lot of trouble (not getting a loan would be the least she had to worry about). Regards,Cameron…[Read more]

Hi KPI,Is there any reason you can not use the whole property as security prior to the sub-division coming through? Kind Regards,Cameron PerryDirectorPerry Financial StrategiesLevel 13, 30 Collins StMelbourne VIC 3000Ph (03) 9662 1999Fax (03) 9662 2044email: cameron@perryfinance.com

Hi Mark,Some interesting observations, but I really do think your a little pessimistic about the Australian market, particularly with the Melbourne "boom". A lot of the growth in Melbourne has been in the high end suburbs, which I would think would have come from increased prosperity resulting from strong economic growth more than anything. Of c…[Read more]

Hi Breammaster,Have you done any work on the property after settlement? If you have you should be able to have it re-valued higher, but may need to provide some details on what you have had done to the property. If you haven't had any work done it is still possible – during the height of the WA property boom we had a property valued 20% higher…[Read more]

Hi GalRabbit,

You can actually borrow up to 100% of the value of your property for the taking out a deposit if you wished, although this may not be the most advisable thing to do. Certainly doing as much reading and research as you can will only help you in the long run.

Kind Regards,

Cameron Perry
Director
Perry Financial Strategies
Level 13,…[Read more]

I can second Michael’s recommendation for Chris Lang’s book. Chris also has a free e-book you can download off his website at http://www.gal.com.au. This will give you a good grounding on how commercial property works. There are a lot more variables to consider than residential property.

Kind Regards,

Cameron Perry
Director
Perry Financial…[Read more]

Hi Ronald,

Your best bet might be a private lender to come in with a second mortgage over the current loan. She would probably be charged rates in excess of 20%, but as long as the loan was for a short period and you could negotiate very low upfront and exit fees, this could be a viable option. she would need to be pretty sure that the property…[Read more]

Hi Rav,

If you are not a citizen or permanent resident you will need to obtain Foreign Investment Review Board approval. Go to http://www.firb.gov.au for details of what this involves. In terms of borrowing, if you can justify your income, you could get a regular loan at 80%, or a if you need a low doc, you could get one at 60%.

Kind Regards,

Cameron…[Read more]

Hi Paul,

Only a couple of the banks will look at leasehold property and you would most likely be looking at a maximum LVR of 50-60%, depending on the location, tenant, length of lease etc. What sort of commercial property is it? You could probably get a higher LVR through private money, but this would be far more expensive. I hope this is…[Read more]

Hi Pwinne,

Here are some questions that would need to be answered for myself or any broker to talk to you about loan structures

Is the 1900 per month in rent the only income you have?

What are the current loan amounts and property values?

Is your current PPOR unencumbered?

How much deposit would you be willing to put down for the new…[Read more]

Hi Snowflake,

The loan for the new purchase could be in your name with the parents going guarantor. However, in terms of accessing the parents’ equity in their existing home, there is no way of doing this short of selling the property or taking out a loan against the equity (this loan would need your parents to be on it). I hope this is helpful.…[Read more]

We deal with one lender who does serviced apartments to 95% provided the building is below 10 storeys and the apartment is greater than 50sqm. However the rates are around 9% so you would need to decide if this would be economical for you given the affect the rate would have on yield.

Regards,

Cameron Perry
Director
Perry Financial…[Read more]

Hi Adrian,

If you want to have a look directly at some funds, three large ones are Mariner (US Offices), Gallileo (US shopping centres) and GPT’s joint venture with Babcock and Brown (everywhere everything). Here the websites:

http://www.gallileofunds.com.au

http://www.gpt.com.au

Hope this is helpful for you.

Kind Regards,

Cameron Perry
DIrector
Perry…[Read more]

Hi MKC,

A number of banks provide foreign currency loans, however, typically you need to be earning the currency you take the loan out in. While the low interest rates can appear attractive, you need to remember you are effectively playing on the volatile foreign currency markets if you take out one of these loans. So while these loans may be…[Read more]

Hi Boatie,

Your doing pretty well with your fixed rate products in todays market. Without knowing your situation in any detail, the rate you are paying for the variable rate product may be a little high, but rate is not hugely important for a reno deal where you will be selling shortly. I hope this is of some help to you.

Kind Regards,

Cameron…[Read more]

Hi Lyndon,

What product are you currently in? As Elka said, you should be able to switch to interest only quite easily. The CBA switching fee is $300.

Kind Regards,

Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044

Hi Matt,

In response to one of your questions, as you have a good income, yes it is possible to buy an apartment in Docklands with little or no deposit. In fact you may be able to borrow up to 106% of the loan amount, which should cover all purchase costs and may even put some money back in your pocket.

As to what I would do, I think that the…[Read more]

Hi Grant,

If you have 20% equity in the land at the moment you may be able to borrow up to 95% and use this to fund the subdivision. Otherwise, if you have fixed contracts in place and can substantiate all of the costs of the subdivision (engineering, surveying etc) and can service the debt, then you should be able to get a loan against end value…[Read more]

Hi Thames,

I assume your talking about the western side of the peninsula. The yields are vey low on this side, as there isn’t a huge rental market and property prices are pretty high. However if you have a look on the other side there are some pretty good yields available. I bought a property at the start of the year in Somerville, which is…[Read more]