Dear Josh,

To purchase properties you need to be able to demonstrate to the lenders that you can service the loan (naturally). To do this you have to show them that you have enough income after expenses. You therefore need to try to increase your income and reduce your expenses – here are a few ideas:

1. Purchase cash flow positive properties,…[Read more]

Dear RPBROWN,

The answer is that it depends on which lender you speak to and what type of work you do (full time, contract, casual, self employed etc etc).

Assuming you work full time, most would ‘prefer’ for you to have been working for 2 years plus for the same employer, however many will accept 6 months, and some even 3 (partly dependant on…[Read more]

Dear Julie,

Just did a little bit of research for you, just looking at the major lenders at this stage.

Reference casual employment most say 12 months, however Westpac suggested:

12 months current Employment, however will accept minimum of 3 months (not on probation), if working in same or simular indutry in previous 12 months

So there are…[Read more]

Dear Andrea,

As has been said, you can get 100% loans for investment properties. This implies that you do not need a deposit but as Bridge says you would still need monies for the closing costs:
Property Stamp Duty
Possibly Loan Stamp Duty
Your Legal Costs
Lender’s application fees
Plus the fees for a deposit bond if you used one.

You could as…[Read more]

I think you’ll find that an equity home loan and and equity line of credit are the same thing, just called different names by different people.

Neil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
tel: 0430 500 848
e-mail: [email protected]

Apart from the fact that the LoC gives you access to just that credit, which you could use as a deposit for another property or to pay for renovations etc.

Neil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
tel: 0430 500 848
e-mail: [email protected]

Be aware though, that though you can get 100% loans for investment properties as Terry says, whether you get an 100% loan for an investment property or owner occupier, you still need enough $$$ to pay for:

Property Stamp Duty
Possibly Loan Stamp Duty
Lender’s Mortgage Insurance
Lender’s Application Fees
and your own legal fees.

It might be an…[Read more]

Dear SK2,

My response to whether you should go and see a mortgage broker, or better still get them to come and see you would be whats the harm?

I appreciate that I am a mortgage broker so I am likely to say that, but most of us don’t charge you for our services, and get paid by the lender when and if you decide to pursue a loan through…[Read more]

Dear small_time,

Sanjiv provides some very good advice.

Reference the 100% loans that he mentions, be aware as Sanjiv has implied earlier in his e-mail, that although you can with some lenders borrow up to 100% of the purchase price you will still need funds to pay for the closing costs.

Many of my clients assume that because they can borrow…[Read more]

Dear Queen,

Sounds deplorable to me. Common sense (and decency) would suggest that the costs should have been outlined to you.

What stage are you up to now?
Have you managed to get any sort of resolve?

I was interesed to read the discussion about whether you as a property investor, i.e. using mortgages to buy property for business or investment…[Read more]

Dear Steve,

the three things I’d be interested in is:

1. Advice as to whether I spend my search time searching locally or globally

2. News on where major infrastructure projects are happening/ planning to happen (that might affect rental demand) e.g. new highways, rail lines, building of new unis, hospitals etc

3. Summary of major economic…[Read more]