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Poitive, I really don’t care if YOU call him ‘Sugar Daddy’ mate.
Have a great New Year!
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 LtdAnd higher cost (in most cases). They are also riskier.
St George has this to say about the benefits of offset accounts:
* Every savings dollar is working to reduce interest expense and therefore the loan.
* Customers do not pay income tax on interest earned on savings and do not pay tax on the loan interest they save. So <the Offset Account> is tax effective.
* The discipline of regular repayments ensures the loan balance will reduce, unlike “line of credit” products.Like I said before, discarding the cheque book (which you can get on transaction accounts anyway), please tell me one benefit that a LOC provides that an offset interest only does not..
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 think I will call you amit.
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 LtdLine Of Credits are rarely needed! Only those wanting to be fashionable use them or those poorly advised. They have a cheque book – BIG DEAL!
They also cost more in most cases. What can you do with a LOC that you can not do with an interest only loan and offset account? The cheque book is a moot point.
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 LtdThanks for your input everyone! It is very much appreciated – hmmmmmmmmmm…
In any case, I finally got a set of calculators up and running on the website. I hope they come in handy.
http://www.mortgagepackaging.com.au/index_files/tools_calculators.htm
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 LtdProperty “Guru” (what is your name as I don’t feel comfortable calling anyone a “guru”),
Are those loans you state at 6.85% Low Docs, 95% LVR and pre-approved in 48 hours sourced in Australia?
The cash rate in NZ is 6.5% so I hope they are.
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 just hope you noticed that the rates quoted were for low doc and credit impaired at 90% LVR!!! They are good rates and set up in NZ – not here! Not sure what the best would be.
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 LtdSorry mate. NZ Finance is not something I dabble in a lot – YET!
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 have access to 12.20% for low doc at 90% and 11.20% for credit impaired at 90% in NZ. Unfortunately, I do not do standard borrowings in NZ as yet.
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 LtdAre you saying you want to pay more interest so you can borrow higher percentages?
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 LtdRegarding the 106% finance, their average loan term is only 18 months as borrowers use them as a stepping stone to get into a property. They refinance when they build up some equity. I think this 18 month term will lengthen with the slow down in the property market.
If you are a first home buyer, especially in NSW, you don’t need more than 100% finance. Also, if you are buying a property for around the $100,000 and can get the FHOG, the FHOG should pretty much cover the expenses.
Like Steven said, talk to a broker as there may be other, cheaper alternatives!
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 LtdHow long is a piece of string?
No-one knows the answer to that!
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 am happy to get someone to contact you to see if you qualify for the loan up to 106% if you provide me with your details so I can forward them.
They have very strict criteria so it is not easy to get approved and you will not be eligible if the property is out in the sticks.
Regarding sharing a property, very few lenders will do a second mortgage but the LVR will be very low – usually a maximum of 80% of the property value.
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 LtdBy the way, lenders use 75% of rental income for servicing like your accountant did but this reduced amount replaces all the expenses as well as vacancy. Your accountant included expenses on top of 25% vacancy. I would report him for manipulating you to earn commissions on managed funds.
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 LtdOriginally posted by Lucifer_au:I’ll add my bit (though it is the same) no if you are implementing a L/O you cannot claim FHOG, however your tennant can still claim rental assistance (where as with a wrap, to my understanding, they cannot).
Rgds.
Lucifer_auThat was not made clear in the above statement. That is why I asked about it. I understood this to mean that first home owners could not get fhog but could get rent assistance – nothing more, nothing less.
Maybe I should expand my thinking.
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 am over it obiwan.
<edited>
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 LtdAnd that applies to all Lease Options how?
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 LtdAnd he gets an upfront and trail commission on the managed funds and nothing on the sale of a property.
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 LtdANZ’s serviceability is much higher than most. There are more flexible lenders who will lend you more.
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 LtdRegarding point 4…
I am assuming you have some good equity in the commercial property. Together with the 10k, you may have a lot. In any case, the lending bit should not be too hard if you also have a decent income from work.
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
