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  • Profile photo of RudigaRudiga
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    @rudiga
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    February 3, 2010 - 3:50 pm

    I dont understand why you just dont go through another major bank, as the LVR is under 60%.

    How would say Westpac, Commonwealth, St George, etc know that Special Agent has been declined by ANZ?

    I understand they could see that an application was lodged with ANZ on their Credit Report, but my question is how would these big banks know if he/she has been declined by ANZ?

    Profile photo of RudigaRudiga
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    October 21, 2009 - 6:21 am

    funny thing is what your saying there is pretty similar to what is happening to a friend of mine. thats why i raised the question.

    he had finance approved for owner builder, and has just put down the slab. now he needs more money, he went back to the bank and not only did they say no more money, but they said now they can only go to 60%.

    i like the part about the wives :)

    Profile photo of RudigaRudiga
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    October 21, 2009 - 2:04 am

    cool thanks

    dont know why banks dont lend more.
    think about it, owner builder houses costs less to build than licenced builders, so really the end product which is the house will be worth more.

    does that make sense……….or am i missing something

    Profile photo of RudigaRudiga
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    September 17, 2009 - 7:14 am
    Qlds007 wrote:
    In saying this of course the lenders attitude is that you would still be completing your Business Activity Statements even if you Tax returns are not upto date.

    that line just pretty much answered my question………thanks

    Profile photo of RudigaRudiga
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    September 17, 2009 - 4:58 am

    if they do it like that, would it be Cross Collaterised?

    Profile photo of RudigaRudiga
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    September 17, 2009 - 4:54 am

    isnt a Low Doc loan for someone who cant provide financials, and cant prove their income to a bank?

    i dont really understand. if a person can provide their BAS statements, doesnt that show what their income is?
    so why wouldnt the person going for a Low Doc loan, just go for a Full Doc loan?

    or am i not getting something?

    Profile photo of RudigaRudiga
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    August 26, 2009 - 3:39 am

    oh ok, sort of understand haha

    sorry for getting mixed up

    Profile photo of RudigaRudiga
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    August 26, 2009 - 2:01 am
    Qlds007 wrote:
    >Whatever anyone on the forum tells you no lender will allow these days a 10% second mortgage as proof of your deposit provided by the vendor so unless you have actual real savings you will have an issue.

    so what your saying is if you have a LOC on a property of say $50,000 with one bank. The other bank wont allow that LOC to be used for the deposit on a new Investment purchase???

    Profile photo of RudigaRudiga
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    August 17, 2009 - 7:57 am

    you should be able to increase your funds with Macquarie if you are an existing customer, in fact i know 100% they will.

    one of my best friends just increased his current Macquarie loan by a further $120,000. and it was no problems.
    although he still had to give payslips, application form, etc but it was done quite easily over the phone with Macquarie.

    Profile photo of RudigaRudiga
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    August 13, 2009 - 4:37 am

    what is the difference between;

    – Discretionary Trust
    – Unit Trust
    – Family Trust

    or are they all the same?

    Profile photo of RudigaRudiga
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    August 4, 2009 - 5:56 am
    Qlds007 wrote:
    In essense the saving is identical but from a Tax perspective they are a miles apart

    yep understood the whole tax part…………but you just cleared the whole saving interest part for me, thanks again

    Profile photo of RudigaRudiga
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    August 4, 2009 - 1:51 am

    ok cool, thanks for that

    so essentially they both work the same way in reducing your mortgage……..thanks again

    Profile photo of RudigaRudiga
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    August 3, 2009 - 7:26 am

    so what about an Offset account on a PPOR…………is it better to put surplus funds onto the loan account, or into the offset account?

    or does it not matter?

    i ask in terms of reducing your mortgage quicker

    Profile photo of RudigaRudiga
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    July 27, 2009 - 5:01 am
    Terryw wrote:
    Jadlak

    What you could do is to set up a separate LOC. Use any property that has equity, it doesn't matter which.

    You then use this LOC to pay for all investment expenses. ie you borrow to pay expenses such as rates, insurance, water etc etc. This will free up your cash to pay into your offset account on your PPOR. It may free up a few thousand per year. Not much, but it all helps. you then pay the interest on the LOC each month – but don't pay it down. Net result is the same interest in total, but increasing tax deductions.

    Taking it a bit further, you could borrow a bit from the LOC to fund the interest on your investment loans if you have a shortall. This will free up more money.

    Then further still you can start to capitalise the interest on the LOC so that you can divert more funds to your offset.

    And, even further, you can put all rent in your offset and use the LOC to pay the investment loans in full.

    These are dangerous strategies and you need to work them out with a good tax advisor or you could get caught out by the ATO. But it is possible to do. Capitalising interest is allowable and borrowing to pay business expenses is allowable – even if you have enough cash to pay for them. You just need to avoid the ATO classing it as a 'scheme'.

    Terry, that is an excellent reply….thank you very much.

    Its exactly what i do……i use my LOC to pay for the repayments of my Investment loans, rather than my own cash

    Profile photo of RudigaRudiga
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    July 16, 2009 - 4:20 am
    Qlds007 wrote:
    Course i have no problems in telling you.

    NAB thru their 4 Star Brokers and Collins do a 95% No Gen Savings amongst others thru their approved introducers.

    cool thanks for that.

    never heard of Collins, and i suppose people have to make sure they use a broker who is 4 star with NAB

    Profile photo of RudigaRudiga
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    July 15, 2009 - 6:30 am

    im going to ask who Richard, but i have this feeling you wont tell me

    Profile photo of RudigaRudiga
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    July 15, 2009 - 5:17 am

    Suncorp also do 95% dont they?

    Profile photo of RudigaRudiga
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    June 19, 2009 - 2:53 am

    speaking of NAB, what is the difference between;

    – NAB
    – NAB Broker
    – Homeside

    or are they all the same?

    Profile photo of RudigaRudiga
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    June 17, 2009 - 8:49 am

    so confusing……i dont know how you guys keep up with it all

    Profile photo of RudigaRudiga
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    June 17, 2009 - 3:52 am

    it seems you guys in the East are way behind us in the West…..as usual :)

    All brokers are fully licenced in WA, well meant to be anyway.

    so does that mean they already fit into the category of being compliant and allowed to give advice, etc?

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