Yep some will consider FHOG as genuine savings…but the LVR for construction will be max out at 90% LVR…less if it’s a rural area ( depending on the location/postcode)

Whats the postcode?

Regards
Michael

It sounds like your broker have never fought or argued a valuation before…it’s not common but if the difference is large and you have proof of comparative sales in the last 3 month…then your broker can request with the valuer to revalue the price.

Going to a different lender may help, but make sure you order Val first before you do a credit check with the new lender ( this will save on the amount of credit inquires you could potential build up)

If you want flick us the address and i can do a bit of search on comparative sales for you.

Regards
Michael

ferdinandch – Hi again! firstly sorry for this late reply; i been busy Franchising the business ( very exciting!!) and also had a flood of loan application …but today is my “propertyinvesting forum” day

I have done a 16 page loan personalized recommendation for you ( explains everything you need to know): but i will just add the “summary of each one here” if you want the full recommendation with pretty pictures ahah email me.

Conditions applies, but we can work thru that for you.

But there are a few ways around this.

—Note—-
1 year employment is fine as long as it’s full time and not contracting, part time, causal etc..

—-Interest rate—
Range from 7.1-7.2 % ( NO LMI)
Range from 6.75 – 7.2 % ( with LMI payable)

Applying for an NO LMI product, doesnt mean it;s more expensive…all it means is that lender have a higher rate compared to the market in general.

—Note—-
It;s not all about rate, look at flexibility, long term goal for expansion and wealth creation and lastly fees.

Lastly as i mentioned, drop me an email or give our office a call and we can go into a bit more details + give you the personalized detail quote.

Regards
Michael

Top stuff Jamie!

Regards
Michael

This will be a double post-

MrsC – I’m currently buying a block of 4 units myself…slightly different too you as it’s under one title.
With your one, since it’s 4 sperate title then you WILL need to go to separate lenders – as most lenders have a policy where they will not take in more then 25-30% of the total risk in one building…even if it’;s a small block of 4….so most likely 1 -2 title per lender; this strategy provdies the bank prorection and also gives you protection and diversification as well.

Terry- aggregation of stamp duty is allowed in NSW and QLD…BUT from what i understand from my lawyer and from the numbers i done- aggregation of stamp duty is MORE expensive then separate purchases? and thats the reason why the Gov as set aggregation of stamp duty in the first place.

IE purchase a $500,000 NSW property stamp duty = $17,900
Purchase a $1,000,000 NSW property stamp duty = $40,490

Regards
Micahel

It depends on the area. some Mining towns has max 70% …some at 95%-

Give us the postcode and i can give you the list of max LVR with some of the top lenders.

Note: mining towns where banks will lend openly at 95% = normally means a safe town

Regards
Michael

unfortunately there are no easy answ or solution.
Even if he place this loan into a mortgage debt refinance structure and the interest rate WAS at the standard rate of 7%- the loan would be over 30 years…so in effect his monthly repayment would be less but over a long period of time he would have paid a higher interest and amount.

16% on a personal loan is normal for a “unsecured” loan.
It’s possible for him to apply for a secured personal loan and using a 2nd car, boat, or part of the home as security – rate would be around 11-14% for 5 years.

Regards
Michael

http://www.ubank.com.au/ub/web/home

6.51% – internet account – NAB platform and part of NAB.

– Paid monthly
– Can redraw anytime ( not a term deposit)

Regards
Michael

ferdinandch – i have saved this tread to my fav…and i will answer your question on Thursday- sorry really busy right now with the amount of refinance and new loans coming through.

Regards
Michael

Name – Michael Chan

Live- Sydney NSW

Property investor/ Finance Broker- enjoy helping and educating my fellow investors on how to achieve the great Australian dream sooner; which is to own their own property ( Some IP would be a bonus ^^)

Regards
Michael