What State are you referring to.

Firstly you need to align yourself with an Aggregator as most lenders will not allow you to submit to them directly.

Many Aggregators require you to be Cert 4 licensed before they will take you or altenatively have 2 years industry experience.

You might want to try and team up with a mortgage broker in your area and submit your deals thru them as it is unlikely you will get Professional indemnity insurance starting out afresh.

You will need to look at joining the MFAA and probably someone like COSL to cover dispute resolutions.

Yes you are entitled as long as the Contract is dated betwen the 20th October 2008 and 30th June 2009.

Neither WBC or SGB are great lovers of UT structures mainly because they dont understand them.

Be even more fun when Wotpac own the Dragon.

Regretfully both lenders have centralised credit departments so building a relationship with the Bank will do you absolutely no good at all as the decision making is made elsewhere.

Mick

Good point for our NSW listeners but the property is in Qld.

In Qld it is 30 days after the contract goes unconditional subject to being prior to settlement.

Promise you not us.

We dont need to advertise our Vendor Finance.

Hi Citybuyer

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

I must of course declare a personal interest being a Broker myself but like to think i will give you a open view to enable you to make your own mind up.

A good mortgage broker will give you more than just the cheapest loan in town but look to work with you in structuring the loan in a manner that suits your circumstances both now and in the future.

Any Bank lender will of course tell you that their range of product is the best going around and certainly will not tell you to take your business elsewhere. A  mortgage broker  will look past the interest rate and look at the other factors of the required loan and make his recommendation after considering all of the client personal facts and requirements.

Another complication maybe the fact that you are looking at buying a CBD unit and this itself is not a desirable security for many lenders especially if the unit is small or a large complex. Many lenders will only finance a percentage of the overall units within the block and therefore a mortgage broker can look at all of these issues and advise you according.

Finally depending on the loan to value ratio the loan maybe mortgage insured. Remember the premium with each lender varies considerably and part of the MB's job is to assess the whole loan package including all of the associated costs.

As far as any charge i cannot speak for the whole of the mortgage broking industry but i personally do not charge for any of my residential mortgage broking services as i receive like many other brokers a commission from the lender to whom i refer the business. The client does not pay anything more for this service and I like to think that i add value to my clients loan due to my experience and knowledge.

Hopefully I rest my case lol

Sarah

Couple of other quick points:

1) Your Accountant is unable to arrange the Depreciation report so engage the services of a Quantity Surveyor.
    Someone like http://www.depreciator.com.au should be help you out.
   Your Accountant can certainly arrange the Tax variation for the 3 of you once the report is to hand.

2) Be careful in the way you structure the investment loan as circumstances change. I am assuming that all 3 of you are putting
   in an equal deposit (make sure that you do not use other security held in personal names for such a venture). Definately
    dont    pay down the loan even if your sisters are keen to do so as there are better ways to structure it.

Hi Sarah

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

On the basis that the property is an investment property i would suggest that you try and gear as high as possible so look at a 95% LVR and use the additional funds you have saved to cover other costs.

Assuming non of you own your own principal place  with a mortgage then definately look at an offset account which will certainly save you interest and reduce the shortfall.

I am unsure as to how you have purchased the property but will assume that it as Tenants in Common.
If this is the case then the income from the rent and interest expense from the loan will be split according to the Shareholding.

Each of you will then be able to make an individual claim based on your marginal tax rate.

Cannovale is an expanding suburb so think you will be suprised how easy the property is to rent.

Remember in addition to the interest / rent shortfall you will be able to claim you will also be able to claim Depreciation and Building Write off on the property as well as all the loan, mortgage insurance and mortgage costs generally. Depending on your individual incomes you maybe very suprised how little the property actually ends up costing you.

Certainly make sure you get a Quantity Surveyor to prepare a Depreciation report on the property prior to the tenants occupying it and lodge your Tax variation as soon as settlement has taken place.

Whilst i wouldnt disgard a Pty Ltd structure i certainly wouldnt use it on its own for what you are wanting to achieve.

And shareholder transfers would incur stamp duty as the company is likely to be considered "Cash Rich" and therefore a Unit Trust structure would be bettter.

There are also 101 other considerations when it comes to financing and whether any of you at any time in the future want to go and buy your own PPOR or individual investment properties.