Hi goosehead

I think from reading your what you are trying to achive you are referring to a security substitution / portability of loans.

Yes depending on the lender you certainly can but they be better ways around it.

Obviously without further information it is difficult to give you a more detailed answer.

At the moment about 10 minutes.

Last deal i did with them we had a call from their Credit dept within 8 hours saying that due to the fact they had increased their interest rates higher than the RBA official increase they had hardly received a deal and therefore was approved immediately.

Only reason we had to use Westpac was the client had a fixed rate home loan and this was an investment LOC otherwise we would have refinanced the deal elsewhere.

Simply any lender worth their salt wouldnt.

Property can be in Joint names loan can be in joint names with only 1 income taken into consideration.

There are lenders out there who dont care less if you are on probation.

Sounds to me like your mortgage broker has got confused over the deal or maybe it is the first one he/she has done.

Just tell him to get it approved and move on.

Hi Plummer

No it is not a mistake many institutions do not like lending to Trust structures. It is all about understanding what they are doing.

Get your Mortgage Broker to give you some additional options because you should be able to get the combination of a competitive rate of interest, low fees and flexibility under a Trust structure even with a Corporate Trustee. 

Maybe your Mortgage Broker is slightly inexperienced in this field.

I have completed over 180 wraps here in Qld over the past 14 years but wonder how you financed the deal to onsell in the current climate as no lender will knowingly lend where the property is being onsold by way of an instalment contract.

We as a Company (First Home Owners Group Pty Ltd) had an arrangment with a couple of the major Banks however your average investor would not be able to forge such a relationship.

The Buyer (wrappee) is responsible for his / her Stamp Duty and it is payable on the Instalment Purchase price payable 30 days after the Contract becomes unconditional.

Of course depending on the sale price and the status of the purchaser they maybe exempt if it is a First Home.

Doesnt quiet work like that.

Dont forget you can only usually access a maximum of 90% of the current valuation so in your example $350K x 90%
= 315,000 less existing loan of $256,000 = Access to $59000.

Also bear in mind that most loans these days are also Credit scored in additional to using a numeral based calculation and the combination of the 2 will produce the lending result.

Equity release is a common strategy and one i have used effectively to get where i have today.

Remember Rome wasnt built in a day so a skillfull Mortgage Broker is one who can work with you and show you how to best utlise both your income and equity to achieve the desired goal.

As long as the property available for rent then you are entitled to claim the deductions.

Never needed one but have been on the other end and funded one.

Worked fine in this case but often timing can be an issue.

Person lending the money wants security and this cant be obtained until settlement however funds usually needed up front to show deposit for the loan from the main lender.

Kinda chicken and egg issue.

Couple of ways around it if you have other equity, savings etc.