St George No Depsoit loan will do 100% (up to $600k) with no genuine savings.

Cheers

Stu

Just ask him the question – i.e. what does he plan to do? What will he do when he retires? Who knows, he may be entitled to a good pension which will allow him to continue making the repayments.

Most lenders would look at the applicants asset base. If its stong then age is less important.

Cheers

Stu

St George and Citibank will consider doing 70%. That’s about as high as you can get.

Cheers

Stu

Yes, there are many things you can do in terms of increasing your borrowings but you should always ensure you can afford the debt.

The road to riches is not a short one for 99.9% of people. It takes years. If you choose to take high risks in an aim for getting rich quicker then be prepared to suffer the consequences.

Anyone educated and licensed…[Read more]

But who’s going to give you the line of credit in the first place? You still need to prove serviceability?

This strategy is very risky and stupid. What qualifications did he have? Did he even know what he was talking about?

Yes, Simon was correct. The interest expense on the new line of credit debt what not be tax deductible.

I put this advice…[Read more]

That may be true but you have to weigh up the pros and cons of the estate and tax planning benefits trusts offer. In my opinion, the trust (with corporate trustee) wins. Good luck.

Cheers

Stu

It’s hard to say.

The interest rate environment and government money market management policies have changed since the late 80’s and early 90’s. I beleive the government (RBA) is better at managing the interest rate market.

I’m not sure why you assume we’ll be in an upward trend. Nothing suggests we are going anywhere at the moment. But who…[Read more]

Here is the media release I did: http://www.prosolution.com.au/articles/fixed.pdf

Assuming you can get an interest rate = standard variable less 0.50% (and everyone can by using a basic variable) then there is no time when any fixed rate borrower was better off (over the past 10 years).

Cheers

Stu

We did a study – no fixed rate borrower has been better off in the last 10 years (compared 3 and 5 year rates to variable over the last 10 years). The longer the terms the more the fixed rate borrower ended up paying.

The rate may look good but it is very likely that you will be worse off.

What happens if the property appreciates in value and…[Read more]

Is it too much to suggest getting rid of one of the kids??? You’ll still have one. Just keep the favourite. I’m sure they’ll understand. [biggrin][blink]

(can you tell that I don’t have kids yet?)

Cheers

Stu

The bank will order the valuation themselves and they will choose a valuer from their panel. You will have no say in the process.

However, if you feel the value is too low then you can ask the bank to discuss this with the valuer. You will have to provide strong evidence (i.e. recent sales of comparable houses) to support your estimate of value.…[Read more]

Actually Aceyducey it is very unclear if a bank has a duty of care to the borrower. There is a lot of evidence that they don’t. Hence, they can sell less than fair market value. Let’s not forget – they are a motivated seller!

Kay – I have tapped your house and wired your brain. I know everything you do and think about. Luck for you that I don’t…[Read more]

Mel

The law stipulates that there are three prerequisites that must be fulfilled before the lender is allowed to take possession and sell your property.

1. There must be a default (either through non-repayment of principal or interest or not fulfilling another provision contained in the mortgage contract);

2. A notice must be served to the…[Read more]

I have just written an article about this. Due for release in the Sept issue of API. It’s about debt mgt, what to do before you borrow and what happens if things go wrong.

From my research people have plenty of opportunity to manage their finances once they get into trouble to avoid the situation where the bank forces them to sell. The whole p…[Read more]

This would be very difficult.

1.LVR too high.
2. You don’t have any equity in the property (until it’s built).
3. Exit strategy? How will Mezz lender get their money back? They are a short term lender only so you either need to refinance (pre-approval) or sell the property (pre-sell?).
4. Loan is very small and there not much money to be made f…[Read more]

Mezzanine is noramlly used in addition to normal “prime” finance through a 2nd mortgage (or similar). It is really used instead (or in addition to) equity.

So what is your LVR? Or is this a general question?

Cheers

Stu

. Can a broker speed up the loan process? Yes, but so can bank staff.
. Can a broker get me a bigger loan size? No, bank staff and brokers use the same guidelines. However, brokers can use a combination of lenders to extend your capacity.
. Can a broker negotiate a better “deal” for a loan? I mean here things like reduced application and other…[Read more]

Yep, agreed.

http://www.fpa.asn.au/
http://www.cpaaustralia.com.au/
http://www.icaa.org.au/

Cheers

Stu

I will leave this for Derek to answer because I didn’t read the post. I was just replying for Derek to provide you with an idea of what I think. For example, if you said… “I need investors, here are my contact details” then I would have deleted it. However, if your post was a question about how to attract and find investors then that would be ok…[Read more]

Hi Calron

Advertising opportunities or properties is not allowed. This also extends to looking for money partners/investors. It is against the forum rules. No one else advertises like this (and if they do the posts are deleted). This forum is here to swap information only.

Steve has made this decision (probably due to the legalities). Also, I…[Read more]