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The property is located in WA therefore the Vendor would be required to have a Credit License to offer such a facility.
Given the Vendor is a local state authority i do not think any form of VF is likely.
Richard Taylor | Australia's leading private lender
I am with duckster as long as your income can evidence serviceability to qualify for the loan then there will be no issue in borrowing from your parents to bridge the deposit shortfall.
Richard Taylor | Australia's leading private lender
My apologies i have reread your original post and stand corrected.
Neither of you will qualify for the Stamp Duty concession as both of you have owned a residential property previously one of you owning a previous PPOR and the other a previous IP.
Richard Taylor | Australia's leading private lender
Paul
Regretfully the lending scenary has changed and lenders look at risk V reward and the 3 "C"'s of residential lending.
Character – credit report
Cash Flow / Income – post living expenses, credit card repayments etc etc
Collateral – Security itself and location.You wont find a standard lender to accept the deal given the information you have provided.
Maybe a local private lender but the rate of interest wont be too attractive.
Richard Taylor | Australia's leading private lender
If you purchase as a couple you will not qualify for the Qld stamp duty concession.
Might be away around it by buying in her name and you act as Guarantor but many lenders wont like that despite the obvious relationship.
Richard Taylor | Australia's leading private lender
No worries Fish let us now how you go with them.
Richard Taylor | Australia's leading private lender
Hi Fish
To be honest the way it has been structured i think you have absolutely no chance at all.
Sounds like CBA have done a good job in tying up your securities well and trully.
Maybe look to refinance and structure correctly. Starting again will be beneficial for you maybe not the Bank.
Richard Taylor | Australia's leading private lender
Spudway where is the property.
I dont think you need to be paying anything like that.
Richard Taylor | Australia's leading private lender
Terry i dont think they accept pensionable income on lodoc but i think you might have a chance on full doc with some lenders.
Richard Taylor | Australia's leading private lender
Duplicated post
Richard Taylor | Australia's leading private lender
Hi Jerome
These will vary from State to State so for most of the Govt related costs try the office of state revenue website in your State.
Mortgage Insurance is a single premium cost based on a sliding scale dependant on a number of factors which can include loan amount, LVR and in some cases whether the loan is principal & interest or interest only. If you want tell me the figures relating to your deal i can do a quick calculattion for you.
Application fees will vary from lender to lender and again depends on numerous factors.
Richard Taylor | Australia's leading private lender
Unfortunately many lenders are being inundated with applications and taking a while to assess them.
In saying that i dont think CUA would be one of those receiving a truck load of new deals so think it is merely an excuse that the havent a clue. After 6 weeks there is no excuse assuming everything else is equal.
Richard Taylor | Australia's leading private lender
Heh Rob good for you and welcome to the forum.
Hope you enjoy your time with us.
Richard Taylor | Australia's leading private lender
Banks dont hate Studio Units they just reduce the amount they will lend against them.
Richard Taylor | Australia's leading private lender
Hi Complexs
Firstly welcome to the forum and I hope you enjoy your time with us.
Initially i suggest you contract a mortgage broker and see your options when it comes to your capacity and the varying loans out there in the marketplace. Are you intending to buy this property as your owner occupied property and claim the First Home Owners Grant or buy it for investment ?
Once you have established the numbers decide on the type of property and a few suburbs that you interested and then start to get to know them a little better.
Talk to local agents or look online as to what is selling and the approximate prices (or alternatively contact a buyers agent and give them a list of your requirements – Of course they will charge you a fee for their services).
Get a few recommendations as to a local solicitor and then once you have found a property make an offer through the agent subject to finance and maybe a building & pest inspection. The property will be valued by your Bank so at least you wil have an ideas to what they think it is worth in regards to a valuation for mortgage purposes.
Read and digest information and other posts on the forum and you will be suprised how quickly you start to get the hang of things.
You have made the first step already in deciding you want to do something and thats more than majority of people ever do.
Richard Taylor | Australia's leading private lender
There is a regular meeting down in Salisbury once a month for property investors with the BIG (Brisbane Investor Group).
Sorry havent got the contact details to hand but did a couple of presentations to the members a few years back.
Richard Taylor | Australia's leading private lender
Without being funny if i dont now where it is how can i decide whether it has any value at that price.
Richard Taylor | Australia's leading private lender
As Terry has pointed out you need advice however just remember your mortgage broker unless she is a licensed financial planner is unable to give advice about the offset account.
Richard Taylor | Australia's leading private lender
Which town or suburb are talking about ?
Big difference in what we pay per site between Ascot, Brisbane & Townsville
Richard Taylor | Australia's leading private lender
Hi Samblers
Good to see we have another Pom on the forum so i am not outnumbered by the locals.
Hate to say it is as easy as using your $50K as deposit for an IP and borrowing the balance especially if you intend to make this acqusition tax effective and structure the loans correctly.
I am certainly not putting down your mortgage broker who is probably a very nice person but if they havent experience in having investor clients or is not a Financial adviser the advice you are given could end up cost you a lot more in the long run.
Depending on the type of property you purchase would initially determine the entity you would use whether it be a Discretionary Family Trust or individual names, joint tenants / tenants in common.
Then you need to see the structure of the debt and whether you are prepared to have the loans cross collateralised.
Personally I would do this as a last resort and you can read my previous comments on loan crossing.
As i say it is fairly straight forward if you know what you are doing but they tell me the same about brain surgery and I would never attempt that myself.
Richard Taylor | Australia's leading private lender
