Forum Replies Created
Fecility,
Wraps had everything to do with it. It was the reason for their cautiousness. If you had not told them, you could have got away with a standard 80% Low Doc.
Robert Bou-Hamdan
Mortgage Adviser
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI hope you have a decent deposit plus the fees if you want to settle on this property. I don’t know where your unit is situated, but most off the plan units have decreased in value in the last year.
Also, it is the lenders discretion whether they will go on current market value to work out the LVR. If they want to see the ‘hurt money’ and go by the contract price, you will definately need the deposit plus costs.
Regarding the FHOG, you need to live in the property for six months to be eligible. Why not wrap it to someone else and use their FHOG and save your for another day?
Robert Bou-Hamdan
Mortgage Adviser
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdGroova,
I don’t think being a valuer is responsible for your friend’s investments. The lenders will still value the property regardless.
Robert Bou-Hamdan
Mortgage Adviser
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Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdPaul,
I was referring to a blatant lie by Rick. This goes to honesty and integrity.
A good way to save the VFA is to get someone in charge who is not a “spruiker”. You need your average every day mum or dad investor who is involved with vendor finance to be the figure-head. That way it will give it a more realistic look and feel.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHi Andrew,
Basically it works by using the income from your new property to support your ability to repay your debts. Each time you purchase a rented investment property, three things happen:
1. You increase your assets
2. You increase your income
3. You increase your liabilitiesNumber 1 has to be more than number 3 and number 2 has to be enough to repay number 3 as well as your general living and other expenses.
The lenders will discount the rental income and only use between 70-80% in most cases. Some lenders will use the lot. Other lenders will even allow for deductibility of investment properties to improve your ability to service.
Basically it comes down to knowledge about how to structure your investment portfolio. Finding a GOOD mortgage adviser who also invests will help a lot in this situation.
Good luck.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdUse covered calls and covered puts with stop loss orders then!
On a different note, this thread is in support of having a separate SHARES & OTHER INVESTMENTS category.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdJulia,
That is a bit over the top don’t you think?
When we post here and give advice and link to our websites or promote our contact details, as you also do, it would be considered by many that we are endorsed by PropertyInvesting.com when there are no challenges to what we are saying or doing.
These linking words are very common on the internet and the majority of people totally understand that it is the website owner who is marketing their business. If you incur loss or ever get sued over a linking word from one of your posts because someone thought you endorsed the product, send me the bill and I will pay it. It just won’t happen!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYes he can do the lot from Australia.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI am really sorry about that Chris. I have to get the programmer to change that one. It is beyond my skills. It will take a few days. I never noticed a scroll bar did not appear if your screen was small because the whole thing fits in my screen.
I will let you know as soon as it is done.
Sorry.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdIt does not matter how much you know about valuing a property as the lenders will still use their own qualified valuers. You do not need any education in how to value a property to dispute a valuation. All you need to do is show comparable sales that support your case if there are any. A good valuer would have already looked at these.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThere is a new attachment to the site as of today. A downloadable excel-based LINKS page has been included so you can use it separately. It is at http://www.mortgagepackaging.com.au/mp_links.xls
What page or pages are you having trouble with scrolling? Some pages are not very long so there is no need to scroll. Let me know and I will fix it immediately if there is a problem.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI still see no benefit in paying interest in advance to decrease tax when you can buy another property or two and increase income. Why lose the use of every dollar when the maximum you can save is 47 cents (if your structure is bad) in each dollar?
By the way, you can have your tax apportioned weekly, fortnightly or monthly so you can use it to make more money. This is a more effective strategy in my opinion!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdOptions are an advanced and high risk strategy best left to more experienced investors. Wait until you have much more experience and can afford to lose your whole investment before attempting these.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdYou ask the Council for their development plans and what restrictions are on your land.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThey can NOT pull the loan!
Also, a wrap does not have to be disclosed if it was not in existence at settlement. If it came into existence later, as is always the case, so what if you tell the lender? They have no recourse at all if repayments are being made and title is still in the name of the borrower so they have lost nothing.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdA tip or buying business that sell produts such as a retail outlet…
Always ask to look at the past few years PURCHASES!!!
Sales figues can be boosted in the months before selling a business by getting family and friends to come in. Purchases are harder to forge as receipts would need to be created. Sales figures can be determined from looking at te puchasing receipts.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThe ‘Cash Flow Positive Calculator’ does NOT allow for currency exchange risk. You may find that you could be buying a negative property especially if our dollar increases or the Canadian decreases.
Good luck!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdTerry,
I think most people would find it pretty hard finding a second mortgage that exceeds 80% LVR.
Felicity,
Don’t present the deal to the lenders as a ‘Wrap’ and you will have no problems. Also, 80% LVR is pretty standard for low-doc. Were you saying 80% OF 80% being 64% LVR of the purchase price or was that a typo? I have never heard this being asked before from any lender.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdOr find a National firm who can undertake the work in all States for you.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdSorry Phil. I had a long day that day I posted. I will shout you a drink when we next meet to make it up to you!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
