Hello bigmark,
There are short-term private finance options. I have a business colleague who offers finance for 3-4 months terms at around 15-20% p.a. depending on risk. Usually she prefers 1st mortgages but can look at 2nd mortgages behind your existing lender as long as there is enough equity in your property. Obviously pretty risky if you…[Read more]

Apologies,
Pepper does charge a 2.5% LMI fee…

If you would consider living at the property then Pepper home loans would offer you a 100% home loan at 8.45% (owner occupier only). They charge a 1% settlement fee instead of LMI.

So all you need to cover are the costs.

May be your only option.

Yeah sorry,[blush2]That’s right. Just get a seperate LOC with a limit of your choosing assuming it can service and you don’t end up borrowing above 80% i.e a LOC with an $84K limit.

Hello DAAJ,
You can’t fix the rate on a line of credit. It is always variable. The reason is that a LOC balance is always changing depending on how much you deposit into the LOC and how much you withdraw (like a large credit card you simply have a limit i.e. 80% of the security property value). If a LOC was fixed there would be no guaranteed…[Read more]

Hi Newgen,
Don’t attempt to have all your loans cross-collateralised with a new lender and mortgage insurer. If you do, your total borrowings would exceed $500K and this can be difficult and expensive. (it would only assessed on a case by case basis – in other words other factors must be strong i.e. income, stability etc.

But the killer would be…[Read more]

Hi Ronkaye,
I am a mortgage broker on the Gold Coast. If you like to discuss it face-to-face, my time is free. I could check which lender would be most suitable for you for your circumstance.
Regards
MortMan
[email protected]

There is one lender at the moment that will offer 100% offset accounts on all fixed rate products 1-5 yrs. I.e 3 yrs at 6.85% with full offset. Very flexible product indeed at very !
Just email me if you would like to know more.
[email protected]

Allan,

Based on what an accountant told me, I think it must be a misprint, or the author is not clear in her writings. It should say something like:
2. You can’t use interest as a tax deduction if you are already living in the property yourself.

It’s like people who have a holiday house and live in it for 4 weeks of the year, therefore don’t…[Read more]

If people find it difficult to get finance on these and if no owner-occupiers can buy if they are under 55, then with this greatly diminished demand I wouldn’t be expecting much capital growth at all…

I think wrapping is fine as long as it is done ethically – sure we’re here to make money but if you do it at other’e expense you guaranteed a bitter life in my opinion.

When considering wrapping all parties must know exacly what they are getting into – i.e. independent financial advice is a must. It might well be a mutually beneficial…[Read more]

Hello Phobia, 2muchmoney and littlelot…
I also live on the Gold Coast and would like to join your club if you are setting it up. I have 2 properties and am looking at incresing this with some good ideas…please let me know my email is [email protected]. Or just reply and give me the details…
Mortman

I reckon if you can afford fluctuations in interest rates and your not absolutely 100% sure you’re going to stick to your loan and lender for the fixed rate term, then go variable.

Nothing worse than being stuck with an inflexible fixed rate loan that costs you heaps if you want to change anything. I had a mate who sold his property 2 years into…[Read more]

Hello Jerome,
What about increasing any existing property loans you may have and thereby release equity for ‘investment’ purposes? Just an idea.
Mortman

Hi,
I live on the Gold Coast and the market has been booming for around 3 years. As a Mortgage Broker I keep pretty close to many R.E agents and valuers. Just this week I have been told that some listings are overpriced and are sitting.

To give some perspective, vendors in the last 2 years have been putting premiums on their expected price and…[Read more]

Hello,

A good loan overall because you can separate the debt into sub accounts all under one pre-approved limit i.e. owner occupied debt, investment debt, personal credit etc and manage what you want to pay off first. Might be god for tax purposes but…

The thing I don’t like about the St George portfolio is that there is a $12 p/m fee for…[Read more]

The thing with busts is (if it is going to happen) is that they are short term. Historically the time over which property prices decrease is comparitively short i.e. 3-4 years.
So it’s important to get some perspective with this, think about your individual strategy.
Like shares if you plan to hold for the medium to long term, in a good location,…[Read more]

Hello,
I don’t know a broker in Emerald, however as a Mortgage broker in QLD I can give them some advice about what their options are.
Basically I will need to know:
What incomes are they on?
What type of employment have they got? i.e FT, PT casual or Self-empl.
How long have they been employed in their current role?
What funds do they have to put…[Read more]