Forum Replies Created
I don’t like your chances getting either a person loan, a second mortgage or a credit card with a bad credit history. As has been said, without knowing more details, we cannot help you.
Robert Bou-Hamdan
Mortgage Adviser734,000 / 925,000 only totals 79.35% LVR
If the valuations stack up and serviceability is not an issue, you should have no problem getting a loan at 6.62% p.a. across the portfolio. Some good structuring will also avoid having to cross-collateralise.
Robert Bou-Hamdan
Mortgage AdviserThere is certainly better options. Another lender will allow you to borrow considerably more than St George. They are not the best regarding serviceability.
To help you better, we need to know current loan amounts, security value, purchase price of new property, etc.
Assuming you can service the loans on your current income and rental income, it should just be a matter of restructuring your loans.
Robert Bou-Hamdan
Mortgage AdviserDo you have a web link to the actual WISE craft?
Robert Bou-Hamdan
Mortgage AdviserJust to make you feel comfortable, even if it settles a few days late, it won’t be overly expensive as long as you don’t have any time is of the essence clauses or other wierd clauses in the contract.
Robert Bou-Hamdan
Mortgage AdviserIt is not a real issue for you. You can buy anywhere but cannot chose any broker you want. A broker who is not registered in the ACT cannot legally write your loan.
In WA, a broker has to be licensed or they cannot legally write the loan for a WA resident.
Everywhere else is ok as long as the broker complies with the relevant laws – eg: Finance Broker Agreement in NSW and Victoria
Robert Bou-Hamdan
Mortgage AdviserI prefer loans with offset accounts as opposed to a LOC. It provides a lot more flexibility and is usually cheaper to obtain and maintain.
Robert Bou-Hamdan
Mortgage AdviserJay, I changed accountants a few months back and have not discussed this situation with the new accountant. I will get onto it for sure. I will be paying zero tax next year!!!
Robert Bou-Hamdan
Mortgage AdviserYou have to borrow the cash and use that.
By the way, what is the property value. People mistakenly think that the value of their home less the amount owing on a loan is what they have as available equity. This is not the case.
Robert Bou-Hamdan
Mortgage AdviserMortgage insurance waivers on 95% LVR loans usually only apply to professionals starting out in their field fresh out of university. I have never heard of one being provided to an experienced operator. The idea is to give them a start in their career.
I think you will either have to pay the mortgage insurance or pay a higher interest rate with lenders who do not require mortgage insurance. The mortgage insurance is cheaper.
Robert Bou-Hamdan
Mortgage AdviserI think he was using the Train Station PLUS a Westfield policy. It is pretty hard to go wrong in this situation. Even with the numerous units going into Hornsby, I still think this is a good area to look at.
Robert Bou-Hamdan
Mortgage AdviserI think your biggest problem is the amount of deposit you need. Unless you have substantial cash behind you, there is no real point looking for a longer loan term. In answer to your question though, there are lenders who will consider longer than 15 years. The deal has to be pretty strong though.
Robert Bou-Hamdan
Mortgage AdviserI should have chosen my words better… I mean that there is no contract regarding property dealings unless it is evidenced in writing. I guess the court considered the scrap bit of paper as sufficient evidence in writing.
Robert Bou-Hamdan
Mortgage AdviserThose books you mention emphasise my point. There is no chapter included that tells readers how the sucker title of the book got them to buy it and that is how the author is getting rich.
Does Resiwealth hold an AFSL Licence or are you a Financial Planner? What qualifications do you or your organisation hold to provide wealth creation advice?
Robert Bou-Hamdan
Mortgage AdviserEverything has its place. The idea is to have a balanced portfolio that enables continued growth across all sectors. Have some in property, some in shares, some in cash, etc…
There is an old saying…
Don’t put all your eggs in one basket!!!
This is especially true when investing.
Having said that, there is also the ability to diversify within a sector. For example, you can buy property in different areas, States or countries, you could buy different property types or you could buy into property funds.
Robert Bou-Hamdan
Mortgage AdviserYour post outlines the benefits of using a mortgage adviser / broker. All the majors offer good ‘profesional packs’. The main feature linked to these is the discounted rate linked to the loan amount.
The usually bells and whistles are included such as offset, credit card and discounts on related products such as insurance.
Any decent mortgage broker will be able to source a good pro pack for you.
What particular features are you looking for?
Robert Bou-Hamdan
Mortgage AdviserBank valuations do sometimes come in above market value but your should be happy that yours came in at purchase price in the current market. Often, even when the bank believes a property is worth more than what you paid for it, they will not tell you in case you want more money. This reduces their risk exposure by keeping your LVR as low as possible.
Robert Bou-Hamdan
Mortgage AdviserI would like to know why he is not being sued by all those he attacks.
Robert Bou-Hamdan
Mortgage AdviserI have been advised that I cannot claim anything on my land until I actually build the investment property. I have not pursued it since. If this is wrong, I will be very upset as I am owed a stack of deductible interest.
Robert Bou-Hamdan
Mortgage AdviserI am just not a fan of anyone who calls investment information a ‘secret’. It implies that by attending a seminar or buying a book that they will be provided with such increbile information that no-one else has (except the millions who buy the book or attend the seminar) which they can then go out and get rich in a week.
When was the last time you saw a seminar advertised as ‘Sensible investment strategies for sensible investors’ or ‘Making sense of it all’ or even ‘Creative ideas for creative investors’??? I certainly don’t know of any seminar where a ‘secret’ has ever been revealed.
Does Resiwealth hold an AFSL Licence or are you a Financial Planner? What qualifications do you or your organisation hold to provide wealth creation advice?
Robert Bou-Hamdan
Mortgage Adviser
