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October 1, 2009 - 1:02 pm

Hi Bernard

Yes for Nodoc 75% Max lvr and the rate is ugly.

80% Lodoc available but the Rural part will scare most lenders and mortgage insurers off.

90% No Gen Savings is fine but you will need financials.

All boils down to the Post Code and what you can show.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 10:09 am

Dont worry guys a representative of Park Trent will probably complain and have your posts edited shortly.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 10:06 am

The SGB special ends tomorrow.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 6:34 am

With that amount of equity there is a lot options available so if your own current Bank doesnt offer you what you want I would be getting your Broker to try another lender.

However in the meantime as Terry has mentioned it is probably more important to restructure the current loan to maximise your savings. Interest only with 100% offset is the way to go until you have a new non deductible loan.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 6:31 am

Given that they dont offer an Offset account i wouldnt have taken out the loan with ING in the first place but given that you are
already committed as Terry all depend on your perception of short and merium term interest rates,

Richard Taylor | Australia's leading private lender

October 1, 2009 - 6:29 am

Hi Eddie

Around 100-120 a week at the moment.

Might have to close the doors and catch up on some work shortly.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 3:08 am

No dramas Paul hope it was useful.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 3:07 am

Hi Denis

Yes sure. Drop me an email and be happy to assist.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 1:15 am

Probably but wont be done at residential rates.

Richard Taylor | Australia's leading private lender

October 1, 2009 - 1:14 am

Hi Denis

I would be deciding that now as most lenders will not do 95% unless you are an existing customer so you need to decide now and do your saving with this lender.

By the 95% Interest only maybe not be achievable in the current climate and also need to look carefully at St George so called 100% offset account

Richard Taylor | Australia's leading private lender

September 30, 2009 - 4:55 am

Think the mortgage insurers might have something to say about that but i agree in some ways Credit is getting easier and in others ways > 80% lvr it is almost impossible.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 12:55 pm

Hi Pranay

If you funded the deposit by way of a redraw you maybe too late to claim the interest as a Tax deduction.

I think i would be speaking with your mortgage broker rather quickly as you should have cancelled the redraw and taken out a new loan to cover the deposit etc.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 10:25 am

Andy i agree but still hard to finance depending on the actual size.

I have a couple in a large block which I own in Taringa and I wish every unit in the block was a 1 bedder rather than 2 bedder.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 8:59 am

Yes it will reduce your expenses on your ppor by offsetting some of the expenses but unfortunately will open up the PPOR to possible Capital Gains Tax issues.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 8:04 am

Financing small units on a high lvr is almost impossible these days so need to be careful when you come to sell the property as other buyers will have the same issue.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 7:22 am

Anywhere from 4.67% to 5.5%.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 7:19 am

I think you will have Related Party issues there but would check with your Accountant first.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 5:16 am

Steve Hodgkinson is a partner with the Gold Business Group at Southport and has been my Accountant for 15 years.

I have recommended Steve to literally dozens of forum members and have had nothing but praise for his services.

He can be contacted on 07 5532 2855 http://www.gold-group.com.au/

Tell him i sent you as most quality property Accountants are not taking on new clients.

He is an ocassional forum member when time allows.

Richard Taylor | Australia's leading private lender

September 29, 2009 - 5:10 am

I assume the property is not a residential property otherwise the fact that you are affiliated with the tenant (I assume you are a Director or similar of the Company concerned) may breach the SISA. 

Richard Taylor | Australia's leading private lender

September 29, 2009 - 5:05 am

Hi Regina

Ok point taken.

I think i would be getting them to contact Centrelink first and see what effect this will have on their pension entitlements as they will be increasing their income.

They would still be better in you buying the property off them even if the lodoc 60 loan was placed in your name solely and leaving a 2nd mortgage on the property rather than vendor financing the whole deal.

Either way they need some proper advice first.

Richard Taylor | Australia's leading private lender