Brian

I think you are shopping in the wrong place.

Most of our customers are paying 5.05% with 100% offset on loans more than $250K.

Hi Brian

Firstly welcome to the forum and from what you also said welcome to Australia.

Not sure from where you originate but i am also a fairly new Australian moving from the UK 15 years ago.

Certainly with the information you have provided i think you will find most lenders will welcome you through the doors but you have to remember that you need a loan not only to suit your present circumstances but also to be flexible enough to grow with you in the future should you decide to purchase an investment property or indeed want to release equity for other investment asset classes.

As a rule of thumb in the current climate for every $10,000 you borrow it will cost you around $65 / month to pay back the principal and interest. So for $100,000 this will cost $650 / month.

In Australia you are unable to claim a tax deduction for the interest on your principal place of residence so you need to utilise as many strategies as possible to reduce the interest payable on your mortgage.

As for a decent mortgage broker unfortunately i dont now one lol.

Any other questions feel free to ask away.

A few answers for you:

We want to clear (we will need landowner signatures on the application to do this) and build a dam and establish a house site and build on the block. We will need the owners signatures on applications to do all of this. How can we go about this if we are not the landowners?  The Contract could be constructed in such a way that the Vendor agrees to sign and lodge all applications however you cover the costs. In the event that you do not settle however the vendor will have the benefit of your work.

Apparently the vendor keeps the titile in there name until all monies have been paid out. If this is the case, who pays the rates if the vendor is still legally the owner? Yes the Vendor certainly does retain Title to the property until such time as you pay the balance of the loan. In most Instalment Contracts i have done or prepared for clients you would pay for the rate and building insurance.

What happens if we want to sell? trying to sell somthing thats not even in our name ?  It is a good point and one most purchasers looking for Vendor FInance do not ask or realise. Whilst you are right that normally you cannot sell something you do not own the mechanics of such are that you will sign the sale contract with a simultanious settlement with the original vendor.
What happens if in 5 years time we want to refinance it with our bank?

Is it possible for us to purchase a vendor financed bush block, transfer title in our name so we can do what we want with the land and have a caveate placed apon the title for the vendors safety?  Yes it is possible but unlikely the Vendor would agree especially if the Vendor has a loan upon the property or wishes to use the property as security for his own borrowings.
Whilst this in it own right is fraut with danger for you you realistically are unlikely to ever now how he structures his financings. Not until there is a problem anyway.

Oh yes totally agree Terry but as you say "done correctly" is the main criteria.

Not

a good one

Oh yes totally agree Terry but as you say "done correctly" is the main criteria.

Not

a good

Mick not so easy to shop around these days as there are only 2 dominant players and for an off the plan property over 12 months that soudns about right.

Like anything insurers are worried about loosing money like everyone else.

Firstly good luck and this answer is not trying to sound flipant.

Realisically i dont think you have any chance of having funds available for settlement by the 6th April unless you have other security and a short term funding arrangement can be utilised.

If you need a high lvr or GR finance based on end debt valuation i think you have no chance in obtaining in such a short period of time and will struggle to get it approved full stop in the current commercial market.

Sounds like you are trying to obtain GR funding on something that hasnt been approved yet.

If i am way off the market please post additional details.

Allan

They are as good as the Broker they then send you off to.

Brokers can subscribe to the deal and offer to take a cut in commission and then bid on the loan deal. Like anything if a Broker is cutting his commission or payment he is starting to get desparate and do you really want to deal with a desparate Broker who has time to ring you back or answer your query etc.

I am assuming that the lvr is less than 60% as Anz wont do lodoc above this LVR.

80% is still available but you need to be quick as it wont last forever.

I am doing one for a client at the mo and there where only 2 lenders we could find still doing lodoc on HDT structures.

Hi Courtney

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

Certainly based on your income figures you appear to have sufficient serviceability to acquire a new IP or two.
I am assuming that your other $50K of loans are not secured against your PPOR otherwise if they are equity will be limited.

A good mortgage broker can crunch the numbers for you and devise a strategy on moving forward.

As my adage remains structure the loans correctly without cross collateralising them.