Be very careful of debt consolidation companies.
What they will do is place the ppeople in a Part 9 Agreement which is a form of bankruptcy. A lot of the companies don’t inform the people of this, they just say it is not bankruptcy, but you get to pay say $100 wk with no interest.

Before you wrap though, why don’t you take out some of the equity to use for deposit’s on other properties. Instead of having one wrap you could have two,three, four etc… depending on how much the property is valued at?

picja@eftel.com.au
cheapest rates

Also, make sure you go with a couple of different lenders.
Do not use the same lender that has your mortgage on your PPOR for your IP.

picja@eftel.com.au

The problem you are facing is noted with a few lenders. Anz and Westpac are also noted for this comment.
Lo Doc’s is a good way to overcome this hurdle.

But the problem you are facing is not the only problem you COULD be facing. This is also highly important for new investors.

In regards to what Melanie suggested;
Spread your loans around!

This…[Read more]

Stuart,
Are you sure with Suncorp, don’t they only lend min 60sqm?
Also, suncorp you need $250k min assest
Min 3yrs Self employment in current buisiness.

St george 6.57%
Max 65%LVR
App; $750 then $10p/m
Min 2 yrs Self employed

A No Doc loan may be suitable for IP’s 65% max LVR rates vary from 6.8% no ongoing, application $600.

Lo Doc
6.84% if…[Read more]

Mx Borrowing with Liberty is $270000, this is assuming they are only a couple with no children and the $60k monthly repayments are only 3%. Still need deposit, generally 10%.

Best to get the debts down

Non-conforming lenders are lenders who look outside the square. For Example, they will lend to people with a blemished credit history(1 day out of bankruptcy), take different incomes into consideration(pensions), generally have a more flexibale servicability (they lend more)etc…
They lend when and where the banks won’t.

picja@eftel.com.au

There is one bank that will accept 5% no genuine savings.
There are a few other lenders who will accept it. You’d probably get away with it in this instance with most lenders, as most lenders have a 10% no genuine savings product.

Also, St George have a 100% loan where all you need is FHOG to cover costs, but is dependant upon…[Read more]

I agree with Stuart.Out of those mentioned Liberty would be the best in regards to interst rate, exit fees, etc…

But you might want to try these as well

La Trobe Home Loans
Paramount Mortgages

La Trobe will give you the cheapest interest rate etc.. out of all mentioned.

picja@eftel.com.au

I’m with Southern Cross Telco
no contracts
no monthly fees
no connection fee

Can buy phone off them for about $300 or $30 per month

Then, you just pay for your calls

Rates are 20cents per 30 seconds anytime day or night

This is a business phone

Are you sure the 3 mortgages are from banks?
I’ve had a client wanting to refinance 3 mortgages down to one. The way it was, was
1st Mortgage to a bank
2nd Mortgage to another company, not a bank, who specialize in 2nd mortgages.
3rd Mortgage to another company, not a bank, who will lend to nearly anyone.

The total of the mortgages only added up…[Read more]

Hi All,

I’m a mortgage/finance broker, with a National company with Construction homes,Land Development and Real Estate Agencies combined.
Never bored

The Nab will lend if they have a branch in the town. Heritage is very good with difficult areas. Ther might be a couple of others that will assist, like Stuart said at 80% LVR.

This is a good debate. It is also a debate amongst solicitors as well. Some will do it, some will not. The ones against believe it is fraud, the ones for, go on the fact if the property value’s up then there is equity there, and to be used.

There are different approach’s for it to work. I will mention though, it always comes down to the vendors…[Read more]

Firstly; I consider, Liberty to be the best in the non- conforming market. They have the cheaper interst rates and fees. (A lot of lenders have recently lowered rates to compete against Liberty). Also, very smooth to settlement.

The other lenders are generally only used in certain circumstances. For-example, Ge will do difficult areas. Bluestone…[Read more]

All he needs is a no-doc loan like Stuart said. Max LVR is 65% Therefore max loan amount is $260000. Interest Rates vary,one of the cheapest would be 7.29% with no- ongoing fees and only 1-2 months repayment exit fees. Application fee $600

If he has calculated the risks

picja@eftel.com.au

First sounds like a good goal everyone is trying to do.

Secondly, the banks will take your rent into account, however a lot only accept 75% of rental income, of course though there are lenders who will take 80, 90 and 100%, however most are only 75 or 80%. The NAB take 100% if rental agreement in place, but they do not do Lo Doc Loans at 80% LVR.…[Read more]

Generally how it works is you can self certify your income, but your required a 20% deposit each time, then there is not much of a limit.

If you desire, i can assist you with all needs. Loans and wraps,rent to buy and a very exciting new product being released in the next week, that I’m sure everyone will like to hear about.

picja@eftel.com.au

First off, Don’t go with Bluestone, other lenders are cheaper interest rates in the non-conforming market. Bluestone is generally the dearest and has the highest break fees.

Secondally, you’ll find it pretty hard refinancing with a conforming lender (ie Homepath)due to the late repayments with all of your current loans. They generally won’t want…[Read more]

As mentioned previously; you must intend to live in the property within 12 months of settlement. To be eligible.

However, it does not state, how long you have to live in the property for! You may live in the property for 1 week and you have satisfied the criteria.