oh yeah for sure, i only meant like my close friends and family.well thats good then……thanks

just to clarify, i only used the LOC for the deposit and fees such as stamp duty.or did you mean its a problem if you use a LOC for the whole purchase?

Qlds007 wrote:
Did you purchase the IP using a LOC in its entirity or only to fund the deposit and acqusition costs ?If you did you may have an issue and suggest you clean this up immediately.

why is that???that is exactly how i got my first INV property, through a LOC on my PPOR house.everybody has told me thats the right way of doing…[Read more]

Thanks Richard, but i sort of dont understandyou say the only way of safeguarding myself is by splitting the portfolio.isnt that what i am going to do if i do 2 separate loan applications?or again, isnt it that easy?

ok…im starting to sh*t myself now as i have 2 INV properties cross collaterised with Westpac and have so for a few years now.So after reading all the negative comments about cross collaterising, i decided to investigate on how to get them removed and separate.spoke with a Westpac guy and he said i need to refinance the current debt, and do 2…[Read more]

god_of_money wrote:
Not such a free lunch Rudiga

huh?

Qlds007 wrote:
Sorry to disagree guys but that is not the case.Gifted deposits are ok and there is still one lender who will go to 95% LVR and does not require any form of genuine savings as long as you have job and residential stability. Any external debt they want to see the loan statements but all else is sweet.It is 95% less LMI and the…[Read more]

what a brilliant reply and posti didnt realise the extent of how bad it is……….from your post, it seems like there are so many people out there working and advising without a proper licencegood onya wealth4life

yeah true, but property investing is long term and i dont intend on selling any of them soon

excuse my ignorance, but what exactly is Cross Securitising?I think i know what it is but reading this post i think maybe not.i have 2 INV properties which i believe are cross securitised with ANZ. can someone please tell me if the following is cross securitised?I had an INV property with fairly low LVR of about 30% with ANZ. i then purchased…[Read more]

do you think over time banks will increase back up to 95% and even 100%…..if so when do you guys reckon when?it must be so hard for a first home buyer now, especially when the grant comes down to $7,000

OK………..i just been told by my broker that banks are not doing Low Doc's for Family Trusts.can someone please help……..which bank will do 80%, 70% or even 60% for a purchase in a Family Trust.And it needs to be Low Doc.my broker has pretty much said he cant help………..which is always good to hear….not

is a Hybrid Trust the same as a Family Trust?reason why i have purchased an off the plan INV property which is settling in about 4-5 months.I bought it in a Family Trust name and i was hoping to get 80% as a Low Doc.should i be worrying???

Thanks for that, thats what that Broker was telling me as he said he just uses his experience, i might stick with him.I dont work in the finance industry but i'm really into it and fascinated about loans and structures, etc. as i have a few mortgages spread out over a few lenders.when i did speak to a few brokers, they raved on about their…[Read more]

but isnt that factored into the Comparison Rate?

Thanks for that Richard…..much appreciatedso really, having an Offset linked to a IO loan is pretty much the same as having a Line of Credit loan. its just either having 1 account or 2 accounts if there is an Offset.people have been telling me a Line of Credit loan should never be used for a OO or even INV loan. but it pretty much works the same…[Read more]

Mezzanine…..oh no!!!!I'm having Westpoint nightmares

First time poster and user, and this topic is real interesting to me.Richard, your rationale is excellent….and agree with the IO way to go…however have this question.What your saying is For EG, I take out a $300K IO loan on a OO security with value, lets just say $350K….has an offset attached to it.In 3 years i decide to move out to another…[Read more]