My understanding is if the selling price for a property is over $500K, you will lose your first home buyer grant

Sorry,

Correction: Only for PROP. If this is an IP, you can still claim it next time round (provide is less than $500k)

HATE to say this is till not correct

Ok the Big C sorry i should have guessed.

Not the world friendliest organisation after they get you through the door and will certainly make you jump through 101 hoops before saying NO.

Still should be able to accomadate the suggestions i made initially.

At present it appears your current lender has the loan secured against the IP cross collateralised over your current PPOR as well which is a common trick tried by the Banks when you ask to borrow 100% of the IP purchase price and where it is not structured correctly.

If the investment loan was secured against the IP on its own it would mean that you could access the equity in your PPOR for your next purchase.

Fear not inexperienced mortgage brokers and Bankers alike have no idea so they recommend what you current have and this is when problems arise.
 

Hi there

Remember not every lender has the same criteria and some are a lot better when it comes to serviceability than others.

With carefully restructuring you may find that you can raise substantially more funds than originally though.
First thing i would be doing is getting your IP on a standalone basis.

An obvious case where X collataralising is working against you.

Would need more information to make a valued decisions.

Pisces

Rather than a Solicitor you would need an Accountant well specialised in this area with a Solicitor attached to his office.

Try Steve Hodgkinson who is a senior partner at Gold Business Group – Southport who has been my Accountant and does all of my HDT for clients.

Steve can be contacted on 5532 2855.

Tell him i referred you as most good Trust Accountants are not taking on new clients.

Why choose a loan that you need to refinance in a few years time.

Why not look for something that is competitive from Day 1 and has all the features you are after.

Only a suggestion.

To clarify my previous post "there are 2 other mortgage insurers" in addition to Gemworth, PMI and Prime.

Hi Clair

I fully appreciate the differing industry standards in Qld as we use a Corporate License with my partner as the nominated Builder and have done so for over 50 projects in Brisbane over the last 10 years  including the Nundah Bowls Club (55 Townhouses) and the Fortitude Valley Fire Station.

My response was in regards to your statement I am completing a house using an owner builder's license and that this inferred that the Building was almost completed. As such you were asking for a Builder to sign off on work that he / she could have never inspected as the building was complete.

Dont want to be negative claire but i think you are asking a bit much.

You are wanting someone to put their name and financial future on the line for a couple of quid.
I must admit i cannot believe any reputable Builder would want to take the chance. 

More importantly once the property is sold the potential buyer will buy the property on the basis it has been built by the particular Builder and I assume that you have no intension of disclosing to them that it was really an owner builder project.

I know my Business partner for one would walk a million miles rather than let someone else use his license.

Hi Cameron

Yes i posted that on an earlier post.

So much for the fact that securised lenders rates will not go up any higher than the RBA increases.