Hi Mark

Coming in late in the conversation so will keep my comments brief.

Firstly Anz mortgage insurer will not approve an application where the deposit has been complimented by a personal loan so go down that track at your peril. Trouble is once you have lodged the P/L application it will be too late as your CRAA will reflect this and lenders that credit score may decline the deal on the spot.

Secondly whatever she tells you the lady at the local branch cannot approve the loan and will have no sway with Credit. She sends the deal to the same Credit office as we Brokers do.

Finally i will assume she gave you a LMI quote and told you how much they will capitalise and how much you will have to come up with.

Must admit if i was tight on deposit Anz would be the last lender i would be approaching but everyone to their own.

Cheers

Yours in Finance

Terry see what a 4 letter word can do to you.

You have just been relegated to back to a "wisdom of other" badge with that statement lol

Bit like snakes and ladders.

Cheers

Yours in Finance

Hi Kerryn

Firstly welcome to the forum and I hope you enjoy your time with us.

I will only answer 1 of your 3 posts lol

Firstly $80K is not the minimum amount you need to purchase a property inside your SMSF although you would be suprised how many branch lenders would have no idea how to a deal inside a SMSF as it is a specialised Credit area with most lenders and many treat it as a commercial application.

In regards to security location some lenders do have post code restrictions (others by the way do not) <edit>.

In answer to your other questions:

1) Yes a SMSF can be started with a maximum of 4 members all of which can be unrelated. If each party put in 20K there is no guarantee a lender would advance funds as it is not quite that simple. Serviceability criteria when buying in a SMSF is totally different to normal residential / commercial lending.

2) Any asset that generates an income when you are in Pension phase is Tax free under current legislation. This also goes for any asset that is disposed of. In saying this before you rush out and buy a block of 8 units on 1 Title there is a few other considerations.

Cheers

Yours in Finance

Kath

What sort of structuring advice are you looking for.

Remember an Accountant cannot give structured loan advice unless he is licensed to do so and most are not.

That is the domain of us Mortgage Brokers.

Cheers

Yours in Finance

Astro

Sorry i have to disagree.

I certainly have always adopted a buy and hold strategy but also believe in paying down debt like it is going out of fashion so i can quite comfortably live off rental income. Of course i understand when starting out or indeed if you have non deductible debt this is not a financial wise or accepted method but for me it worked very well.

My lvr sits at just under 13% of an $18.5M property portfolio and we will probably discharge the balance of the loans within the next 24 months of less.

I am looking to buy again inter state for a change and have 3 children who can carry on the business when i call a day for the second and final time.

No i don't sell books, organise property funds or do Tv appearances. Everyone to their own but that is just not me.

Cheers

Yours in Finance

Wayno

I wrote an Ebook on the subject last year so shoot me an email if you would like a copy.

Cheers

Yours in Finance

Exactly Jac

And you got service with a smile for that price.

Cheers

Yours in Finance

Unless appropriately licensed a Mortgage Broker cannot provide Tax , Legal or Financial advice only Credit advice.

I cannot see why your Broker would only arrange a loan based on the Accountants advice.

Sounds to me like he may not have too many of these before.

Cheers

Yours in Finance

Sorry Zan this is not correct AGAIN.

The question related to a Pre-approval and how much creedance you could put on such a piece of paper.

There was no mention of the security property which at this stage in the game has not been located.

With many lenders the mortgage insurance looks at the entire deal on offer fully assesses the credit worthiness of the applicants and signs off on the deal.

There is no double dipping or changing its mind in regards to the applicant.

Lenders with DUA don't have to even show the mortgage insurer the deal so if the lender is 100% happy and it satisfies all of its lending criteria the deal wont even get referred.

Of course the misconception is that if a loan is declined by one mortgage insurer you can go to a lender with DUA who uses the same insurer and slip the deal past them. Hate to say that wont work but there 7 or 8 insurers across the country so if might be a matter of horses for courses.

Cheers

Yours in Finance

A SMSF can have 4 members who could be totally unrelated.

Cheers

Yours in Finance