Forum Replies Created
That sort of approval sounds like a ‘Clayton’s’ approval – the approval you have when you don’t have an approval.
Settlements do not always take place as expected and transactions sometimes fall over at the 11th hour. I would not like to be the Council allowing someone to do something to my land without my permission whether it increased value or not. I may not like what they did.
FYI, not all renovations or changes to land ADD value. Some people undertake some stupid moves!!!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Female, you apply to the lender in the country you want or secure the funds against Australian property and buy overseas without a mortgage.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
I need the same thing. I want someone with intelligence!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Seeing 100 properties would take a long time. Making offers on 10 would lose your credability if they are all accepted and you do not proceed. Arranging finance on 3 will see your credit history in a little mess. Buying 1 is never a certainty as your friends are finding out.
There are no hard and fast rules. Also, if I arrange finance on 3, I buy 3.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
When you say mobile home, what do you mean exactly?
I can’t see a 100% lender using a mobile home valued at 33k as adequate security in a hurry. Who did you discuss the 100% loan with and at what interest rate?
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
THERE ARE A LOT OF SHEEP!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Unannounced, as I said, I tried to get one going in Sydney once through this website but there was not much interest. Maybe it was just me.
I believe there is already one going in Brisbane and some in other cities.
I think I will ask Steve.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
The only difference between 100% finance and a smaller loan to valuation ratio is that you are borrowing more and the interest rate is a little higher. Also, it is harder to get 100% finance. If you can find a positive property with 100% finance, you are a champion.
As Richmond said, throw some numbers our way.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
DOCEP is doing some good things regarding licensing but they are taking things a little far regarding the requirements. Waken, if I was wrapping a property as the purchaser, I would be lodging a caveat on the property to ensure I can have a go at getting some of my money or equity back. A good legal adviser would inform their client of this.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Alistair,
I am not certain under which Council you operate, but the three that I deal with all require registered owners signature on any application to make changes to their property.
Remember, the property is still legally the vendors’ until settlement. What you are suggesting is crazy! I am interested to see what you define as “notify”…
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
What are the legal requirements for non-residents purchasing property in Canada?
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
You should sit down with a broker and do the numbers. There are various different options available. A lot will come down to how much deposit you have and your income.
As an example – and “I am not recommending you do this” as I do not know your personal situation – it would be cheaper to use your deposit to pay out a more expensive personal loan to reduce your liabilities and then, if you do not have any more deposit, take the more expensive 100% home loan to purchase the property and refinance it when you have built up some equity. This gets you into the market.
You really need to discuss all this information with a good mortgage adviser to see the best way to go for you.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Yes you can get interest only loans with an offset account. I usually recommend these loan types before a Line Of Credit as the LOC is usually more expensive.
Regarding your comments about drawing the loan back up, I think I understand what you mean. If you mean the loan amount will increase back to the limit if you use it all, that is correct. It is the same thing that happens with the LOC.
The ONLY differences between a Line Of Credit and an Interest Only loan with 100% Offset is that the LOC is evergreen (lasts forever) and you get a cheque book. These differences have never been a problem for my clients.
To the question of tax deductibility, it does not matter which loan you use… if the funds are not for investment purposes, they are not deductible. A LOC does not mean all the funds used are deductible. You can organise split loans or utilise other structuring techniques to track what portion is deductible and what is not. A split (new loan portion) is the easiest.
I hope this addresses your concerns.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Education is the most valuable tool available. Regarding the cost, it is free online or from a library. Seminars are good learning and networking events so attending the odd one here and there can be invaluable. You can also learn from joining clubs and groups of like-minded people.
I tried once on here to start a monthly meeting of like-minded people but had no response. Maybe my arm-pits smell too much or something similar. The idea was to bounce ideas off each other and to share resources to all help each other get ahead.
Maybe Steve could start a similar group for each State. If it was a PI.com endorsed group, I am sure most would attend. Think of the marketing opportunities Steve!!!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Regarding the LOC, it is automatic that the loan would be paid down quicker if income is greater than outgoing.
Regarding loan structure if you change your PPOR to an IP, there is no need to change the loan. It is secured against the property, not the use. You will still own the propery and the lender will not say a word if you keep making your payments.
I think the not claiming depreciation applies when you lived in the PPOR for 6 months or more and you get the 6 year capital gains tax exemption. Claiming depreciation may cause issues with this.
All the above being said, you should regularly have your loan structure looked at and pricing compared to new products.
I hope you make the right decision regarding your property.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
All Sorts, the idea is to generate income from using the equity that exceeds the interest expense. You only pay for what you use so having the money sitting there waiting for the right investment will cost nothing.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
How about requesting 18 months rental history?
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Showing you someone else’s offer is a breach of the Privacy Act. The agent would probably be showing the other buyer your details. As I am a “mercenary” (thanks wayneL), I would use this in my favour.
I would inform the Agent of their Privacy Act breach and that I was considering making a formal complaint about it. I would then offer $100 more than the other buyer if I still wanted the property and tell them that if the other buyer was shown my offer or told what it was that my decision about making a complaint would be made.
There is a good chance my offer would be accepted and the ‘Dutch Auction’ should be well and truly over!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Firstly, I should qualify my Tassie comments by saying my opinion relates to long-term (more than 5 years).
Booty, what I mean is that a lot of investors need to see and touch things before they buy. They cannot bring themselves to buy sights unseen. As many of them cannot travel, this restricts their investments in property to the area where they live.
It is a personal preference thing. Sorry for the confusion.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
I assume you bought this property off the plan. Congratulations on your increased equity. I think you may need a little more growth to use it to get another one unless you have a small loan secured against the property.
Regarding books, there are so many to read. I would try Steve’s books.
https://www.propertyinvesting.com/resources
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
