Why Rams?? they won’t help with “serviceability” issues; they are however a lender that offers a range of low-doc products including 80% LVR, accountants letter only etc….but that won’t help in your case- sounds like your broker is firing blank shoots.

If serviceability is an issues and your wanting Low-doc then i can only think of two lender that will do this; and one of them is part of our private lender ( an international financial institutions) – Last time i used them it was something like 2 years fixed rate of 7.20% ( Low-doc) – this will be your serviceability rate; all another rate loaded at SVR + 1%.

$40,000 is not a lot so…the acceptance of the loan with this lender will depend if your overall financial and if you can service the loan at 7.20% sensitivity rate ( normal sensitivity rate is ~ 9.10%)

Lastly with a income of $40,000 is this after tax or before? and if after- how much deduction did you claim back that year?

Since settlement is mid jan- and x mas is the most busiest time; i suggest you act quickly – shoot me an PM/email and we can work on the file if you like.

Regards
Michael

I always encourage all my clients to get the strata, building and pest ( especially the strata report)- you be spending ~$250 per report only…imagine buying a place where the sinking and strata fund is in the red ….god help you.

Regards
Michael

1. ask agent – they legally can’t lie…but they will sure “fluff it up”- they will make a funeral seem like a party!!
2. Ask for sale contract- there could be certain development control in the area that could affect the price
3. go to the building and have a chat with the building tenants /owners- ask them what they think of the place? noise problem? plmubing problem? etc…. Local knowledge is king!! my last few IP i bought; i would literally go down to the nearest coffee shop or Pub and have a chat with the local.
4. Get a strata report- will cost ya!
5. Look at how much the strata is and compare to another building based on size.

Regards
Michael

Why use your parents unencumbered property as security/guarantor when you have equity in your IP?? it doesn’t make sense to me; the risk are much higher and not needed in your case.

OTP as Jamie mentioned; has it’s benefits and risk- so def do some research + make sure you are stable enough in terms of your job and lifestyle in general to make sure there is not a significant change in your financial when it comes to 2013; some common problems that cause finance to fail with OTP.

– Marriage break down
– Kids
– Job change
– LMI rejection
– Financial stress
– New credit cards/ liabilities

With OTP the MAX LVR is 90%; but i would only encourage a 90% LVR if your situation and job is quite stable.
Also lastly if you go ahead with this; consider a deposit bond rather then using your own funds.

Regards
Michael

For a simple question + request as yours i would say it is…
It’s not like it;s a complex question.

But my feeling is the Fin adviser don;t see the $$$ benefit in doing this deal so he/she is dragging it along till he has nothing else better to do ( as they make more money from advising and selling life insurance and super products lol) , Not morally or professionally the right thing to do! but we do live in a cruel world!

To be honest Peter; if all you want to know is how much you can afford financially because you want to upgrade your PPOR; then any good broker would be able to work this out with you. it’s a question we Brokers get ask all the time ” can i afford to buy this place/upgrade?”

Because really you know how much your outgoing is, you know what you spend your money on and how your lifestyle is like…so with a bit of common sense + planning and number crunching and advice from a banker/broker/Fin planer or accountant ; you will get there.

Regards
Michael

it sounds like your asking one of the follow?

1. How much you can afford to buy?
2. Where and what to buy??

Regards
Michael

+ late for settlement = 10% interest penalty (pro rated daily)

Early for settlement = you can push it forward if you wish….

Regards
Michael

As terry mentioned Nov- Dec is the busy months+ low on staff

2 days for valuation
1 day for Pest and Building
2-5 days for Bank final approval ( depending on the bank; some like suncorp are running on a 7-9 days timeframe right now 0.o)
2 days for letter of offer to be received from bank
1 day to full fill LOO + insurance ( Depending how experience you are with LOO and reading contract; if you need your lawyer or broker to help you out with the form then it may take another 2-3 days…)
2 days Mail
2-3 days Confirmation

Now your already on the 18th day…and this is based on no hiccups + 18 WORKING days = ~22-23rdnd day..

If your a FHO i would suggest go for normal settlement. If your an experiecned investor then 30 day is fine…i wouldn’t go under 30 days given it’s close to x-mas

Regards
Michael

Good luck, you be waiting for a while…
By the time it’s +VE, property prices would have gone up.

Was there a reason you wanted to wait till it’s +Ve?

Regards
Michael

You probably heard it before- it does depend on your situation and financial, one random suggestion just from the top of my head

– Declare new place as IP-so rental to service the new mortgage…this allows you to hold the mortgage ( and since your place is unencumbered ; it be 1 mortgage only? ) while you have time to sell the place your currently in. This should work given you will end up with one mortgage from start to end.

P.s The NAB staff actually have to ASK and apply for a 6month bridging finance with the credit team…if she/he didn’t put a request in- it goes to the standard 3 month….so maybe it’s a simple matter of ASKING lol
Should have mentioned this earlier; but given it’s 10pm forgetting little info like this is forgivable.

Regards
Michael