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oh ok
thanks richard
if they charge a higher rate, what do u think that would be?, or what would the lvr reduce to?
might be getting too much?
Postcode would be 4802
in terms of the short fall, wouldnt I make a contribution into the fund from income earned?, up to a max of $50,000 per year, which after the 15% contribution tax, would be $42500. That would be enough to meet the obligations of the fund.
do you set up SMSF?, if so, how much does that cost?
is 9.1% the lowest rate?…also is interest only available?
what happens if you set the fund up but cant get a loan?, is there any way of getting a pre-approval?
are there postcode restrictions?
yes, but non concessional contributions (ie those that are personal contributions and not caimed as a deduction) for the 2007-8year has been capped at $150,000.
that means I can put some of my savings into the super fund, add that to the $50k already in the account are there is the 20% deposit… i would then only require a 80% lvr loan…
in terms of serviceability, the ongoing employer's super contibution plus the money from renting the propery out would be used ???.. the shortfall being paid for out of my weekly income.
what are the interest rates that these lenders charge?
how much can u put into the fund per year?
do they lend for postcode 4802?
if the lender will lend at 85% lvr, and with $50,000 in the fund, that could mean i could borrow $283,000, giving a purchase price of $333,000, but nothing in the fund to pay for stamp duty, etc, and if you cant make much of an addiditional contribution, then it wouldnt work
awww bummer
josh
thanks Richard
is it harder to borrow funds in the Fund name?, like does the lender take into consideration ongoing employee super contributions, etc?, do they still do a credit check, even though its a fund?
is it easy to just put money into your super fund?, or do u make the contribution when you start the new fund?
are there maximum amounts you can borrow?
sorry for lots of questions
josh
what is the LVR reduced to?
are u able to use a cash deposit in addition to the $50k in super?
what is a non recourse loan?
thanks!!
ouch
thats really expensive, dont you think?
someone was telling me that they invested their superannuation money into property, they used what was in their fund as a deposit, and had the super payments paid into the loan account together with the rental money from the property, and that was enough to meet the obligations.
i think their accountant prepares an annual superannuation return, or something like that
is that possible?
i have about $50,000 in super
thanks
Josh
ok cool
how much would be LMI then?
I checked on the pmi website for postcode 4802, says max lend $750,000 for 90% loan, that would give a purchase price of $830,000…Am I understanding that correctly? or is there another mortgage insurer?
Hi Richard
Thanks for that. I am guessing it might be a better idea to use a 10% deposit and do a 90% lend, the LMI is too high on a 95% loan, or higher. What is the LMI on 90%?
In the past I have had a St George 100% loan, there was an equalisation fee, rather than LMI. Im not sure if there is a maximum lend on this loan?, but the interest rate was just the normal rate. I got this loan in 2003, I think there are more lenders on the market now that do these types of loans?.
Thanks
thanks for that
are 100% loans available for this postcode and at that level?
what would be the lowest deposit I could get away with?
