Hmmm….  I think all mortgage brokers have been asked not to disclose the full facts.  I had someone call me last week and ask if he could buy a home and claim the FHOG. But his defacto has already received it in QLD.  But he said that was in a previous relationship and it wasn't fair he couldn't claim it. Yes, she was going to be on the title…[Read more]

Hi Paul,  If you are going to fix then it is a good idea to access the equity you need for renovations at the same time. You could have the existing loan fixed and then a LOC or an interest only loan with offset for your renovation.  Fixing removes the flexibility and you don't want to get stuck and then not be able to borrow what you need.  The…[Read more]

Hi Lila, Is the loan secured to both properties?  If you split the loan and don't cross-collateralise then your mortgage insurance premium will be lower. The lower the loan amount the lower the premium. 

Hi Sandtrackers,The Property Investor Network meetings are available again and our next one is on Tuesday 20th at 7pm at the Perth Convention Centre. It's free to come to the meetings, there is no hype and hard sell and there is free information on our website that may be helpful for you.  We have a speaker each meeting that covers one area of…[Read more]

Hi RyanJD,If very important that if you use the current lender you don't allow them cross-collateralise the properties. They may tell you this is how it is done and yes that's true in bank world but it's not the only way and you need to protect your position and keep the flexibility to change, sell or refinance in your portfolio without getting &q…[Read more]

Hi Property Info,Westpac also has 10 yrs Interest only with an offset account.Brokers can negotiate with banks for you and as we are often doing this can advise you on what likely interest rate discount you may receive.  The LVR, loan amount can impact the amount of the discount and it depends on the market.The banks are pricing, offering…[Read more]

Hi,Sounds dangerous and yes if you have it right is sounds like a scam.  Be careful. If you are going to buy and hold just do some research in good metro areas.  Kind Regards,Tracey

Hi WinnY,You don't have to inspect the property (although personally I would if it is in the same area as I live).  Your brother can make a verbal offer and the agent can come and visit you both after hours to sign up the paperwork.  Yes, agents can do this to sell a property.  If all property could only be sold during office hours when most pe…[Read more]

Hi Noobie,Why don't you give Stuart Wemyss from ProSolution a call.  I believe his firm is financial planning and mortgage brokers and he is well regarded in the industry.  He used to come onto the forum a bit so you may see some posts from him.  He regularly writes for API magazine.  I think he has a few specialist brokers working in his off…[Read more]

Hi,I saw some brand new apartments a couple of weeks ago called Southpoint apartments.  I think they were in O'Connor or Samson.  I was thinking Kewdale, Bentley, Cannington, Hamilton Hill and the newer areas down around Success.  There are definitely new or almost new apartments in Success for around $310K – $320K.  Right near the train and th…[Read more]

Hi Housegoodies,I believe that the warning is about the type of housing in Balga as there is a lot of government housing.  Typically areas like this would have lower capital growth. You would need to be very careful choosing the property and check out what is next door and behind too.  There is a lot of sub-division going on in Balga but I doubt y…[Read more]

Hi William,I originally thought that there would be no more low docs after 1 July.  Perhaps that will be after 1 Jan 2011.  I think it will definitely slow things down in the low doc market as brokers will be asking for BAS statements and bank statements now.I notice that you have licensed finance broker on your post.Probably in your signat…[Read more]

Hi Mrs Property,There are some free spreadsheets available on http://www.propertyinvestornetwork.com.auHope this helps.Tracey

Hi DGE,It is possible to consolidate the LOC into the home loan.  You may be able to restructure this within the same lender and reduce the interest rates across all accounts.  Interest rates have just increased though by 0.25% with most lenders so the rates will be higher than these you have listed. If you did this direct with a bank you may f…[Read more]

Hi Peter,What state do you live in? Are you looking for a new property or one that you can add value to?I may be able to refer you to someone and I am sure there are a lot of other people on the forum that can make recommendations too.Cheers,Tracey

Hi Kim C,I agree with the points Richard has made.  You didn't mention if you live in the area or not but have a look at the suburb as a whole and even contact the existing tenant to ask how things are going with the property.  There may be other owners/tenants in the building that you can talk to.Most people are happy to answer general qu…[Read more]

Hi Wealthyjvd,There are quite a few requirements to become a mortgage broker.Cert IV Financial ServicesMFAA membership (and an existing MFAA to mentor you)Professional Indemnity InsuranceCOSL MembershipAccreditation with the lendersSequal accreditation (if you are doing reverse mortgages)ASIC registration and  licence (this year ASIC is starting…[Read more]

Hi Moose,There are quite a few problems with some builders at the moment.  They had a huge rush with the end of the First Home Owners Boost and it appears a fair few of them have signed up too many new customers and cannot deal with the demand.I would request the deposit back.  Speak to the manager of the sales person and request the refund.You ca…[Read more]

Hi GOM,Thanks for the question. Yes, It is possible. I have contacted the bank and double checked this prior to making this post by way of requesting a question answer format which I am pasting below.  I have asked questions which I think will cover what most people would want to know.The bank's reply is in red.  I have not changed the word…[Read more]

Hi Richard,I think you have misunderstood my post but no harm done.  I don't want to have a disagreement.  I didn't say it's impossible to do 6 units.  I was replying directly to the original post to let them know it is possible to do the 4 units at 80% LVR at resi rates with Commbank.  Just trying to help a fellow investor who may need help  [Read more]