It is not really going to make a massive difference what happens to the book, due mainly to a couple of things that any change will incorporate. Anyone that can take on the book in this market will have funding to do so. andIf the book remians as-is, changes will be in line with the market (or close to it). The thing is that even if the most…[Read more]

Not to split hairs with you Richard, but if ANZ insure through PMI, thats not 'Self Insuring'. If ANZ insure through ANZ, that is self insuring. In  an instance where funders 'Self Insure', they will generally charge a Risk Fee as a substitute for an LMI premium. Risk Fee is usually 30-50% cheaper than LMI.

What you need is a simple Bridging Facility.  This will provide you with a loan that can incorporate all your purchasing costs and property value (of the new property), while you are marketing the existing one. Your capacity and servicing will be calculated on the end debt (ie After you have sold your property and put the surplus funds into the…[Read more]

I tried to look at it, and it's true. $12/year. CoolI wish the site, and it's 6 members all the best.

Unfortunately Matt, this in not true. It is certainly not case by case. The Office of State Revenus has fixed rules, that leave no room for interpretation. There is no 'Case by case'. Also, the quality of the answer is relative to the quality of the question. If you got different answers, you are not asking the right thing? I would also reccomend…[Read more]

The short answer is YES. It is OK to set up witht he Trust structure, as Trusts are not eligible for the grant. As long as the trust is the Title holder (or the Trustee a.t.f The trust), then there is no way you could have previously applied for the grant and thus you are still eligible. The same goes for the overseas property. The Australian…[Read more]

The EFM is a great product for certain situations, and has been thoroughly set up to be flexible and fair. In the above example, Richard, if you were to take a 20% EFM then Rismark will actually be entitled to 40% of the capital growth in value, and you rightly quoted they will also reduce the original loan by as much as 20%. The operate on a…[Read more]

Richard, CC had some massive securitisation issues late last year. Fortunately, a lot of the loans they wrote were 3 yr Fixed. Mid June, they issued a notice to all their existing variable clients notifying them of a 0.9% increase to Full Doc loans, and a 1.95% increase to their Horizon loans (which takes in Maxi 90% Lo Doc and Maxi 80% No Doc.…[Read more]

Nolapola, It sounds like a pretty specialised security, but not out of the question to get the finance approval on. Firstly, as an income producing Rural property, you can absolutely forger any normal residential mortgage. What you are looking for is a specialised financial facility based on not only the security itself, but probably the cash flow…[Read more]

Angela, If you would like to email me some basic information on your current rate, lender, when your existing loan settled and your income (both gross and taxable), I will be happy to provide you with some assistance. Have an enjoyable day.

Paul, Like Richard said, a quick call to the bank will alwasy help. However, if you had the property for more than two years, neither of the Two MAIN mortgage insurers (PMI and Genworth) will provide any rebate. The refund applies only within the first two years. Best of Luck.

I am a big fan of this forum, but I don't think I have come across a thread where so much bad advice was given in such a short time. Cash flow projections? NO Bank will lend you money. They will consider 80% of the value, less debts?James, For your own safety and financial interests, forget pretty much everything that was just told to you. You and…[Read more]

Matt, I understand what you are saying, but the discount is only a special promotion and may end at any time. Your point is valid though. Thanks for your feedback.

Richard and Shaun are right. Your broker should have been able to offer you a couple of different options. If you would like to find out more, just email me and I will be happy to provide you with an idea on how to solve your issue.

There are a few things you need to consider here. First thing first. If I am not mistaken, and you are in WA, then it is a legal requirement that the broker doing your finance is Licenced under WA legislation. Second, if this is the same property as the one in your 'subdivision costs' post, then 14 lots is going to be a bit hard to sneak in as a…[Read more]

LOL. Richard might have been a gardener in a past life. Batten down the 'hedges' must be a flash back of some kind. I believe the term you were looking for is 'Batten down the Hatches' , Rich. Anyway Angela, if you are looking for something a little more definite than 'still just about available', then I am also happy to give you a quote for some…[Read more]

Neil, Its great that you are asking for feedback, and I can only offer my opinion just like anyone alse. It seems that you are trying to structure a seminar to train Mortgage Brokers, not investors. What you want to generate is a room full of people that are keen to go out and purchase property, and come back to you for the finance. Your topic…[Read more]

If you are after additional options, email your contact information to me and I will speak to some of our private funders?mortgageplus2007@gmail.com

The main benefit of an interest only loan is that it gives the borrower added flexibility. With a P&I loan, the lender expects a small amount of the principal to be paid off each f/n or month. Each time this occurs, the effective credit limit of the loan is also reduced. Also, your minimum monthly commitment is higher. An Interest only loan can…[Read more]