Forum Replies Created
Have you managed to locate one?
I would be happy to discuss the services that I offer with you. I specialise mainly in property investors (and have another broker that works for me that handles first home buyers etc).
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Perhaps you could look at a honeymoon rate – there are some excellent 12 month honeymoon rates available at the moment – this way your interest would be low while the loan is not tax deductible. Once the 12 month honeymoon is up you can (with most lenders) switch to a different product for minimal cost so you have benefited from the honeymoon rate but also not paying a high rate afterwards.
As Terry has mentioned i would also recommend setting up an offset account as opposed to paying $$ off the mortgage so that when you turn it into an investment property you are able to claim the loan off your tax.
Hope all that makes sense.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]hi Morty – how did you go?
I would be happy to help you.
We have very high service standards. I always make sure that loans are submitted the same day we take the application (unless it is a night appointment of course then it gets loaded the following day). We also update you with progress reports whenever anything is updated on the loan.
I have a testimonials folder if you want further references!!!
[blush2]
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]If they are a mortgage broker ask them to give you some comparisons of other products to theirs – they should be able to do this. There are some excellent interest rates around for 100% home loans (if that is what you are doing) and also some competitive fixed and introductory rates at the moment – definitely shop around.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]hi there – I am with Plan Australia and my cousin uses FAST.
The reason I chose Plan above FAST is that they provide a lot more support, software and other things for a new brokers. I think FAST is probably excellent for highly experienced brokers but Plan offer a lot more ie:-
– regular lender training days
– they will give you your own website – see mine for an example
– compliance team – if you want to advertise something you can send your ad to their team who will tell you if you can or cant use it to comply with government requirements
– fantastic software that allows you to do product / interest rate searches
– CRM management softwareGive me a call if you have any further questions – happy to help
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]hi there – i have 3 different clients that set up these type of deals on a regular basis. I am happy to put you in touch with them if you would like me to? If so send me an email or phone me and we can take it from there.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Have you found out everything you need to know – if not let me know and i will email you some information if you like.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I can honestly say i have never heard of it.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]A no doc loan could be a good alternative for you. YOu dont declare any income simply that the loan wont put you into financial hardship.
Most lenders will go to 70% of your property value and some will go to 80% if you have had an ABN for more than 2 years. There are also some that will go higher on a low doc (where you state an income but if you go above 80% the interest rates tend to jump up a bit)
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I agree with Terry – you rate might not be the best but it certainly isnt terrible and its going to cost you quite a bit to change. Another option may be to go back to the same lender and see if there is any product switch available – for a small fee you might be able to swap to another loan type with a more competitive rate.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I had the same issues twice with clients recently. One of them I got around by using an uninsured product through a lender called Stellar Finance (but they will only go to 70% uninsured) – the other one I got around because the client was insured with RAMS through PMI so we put the application through Stellar with Genworth instead of PMI – it’s a pest isn’t it. I have got the same problem with another client at the moment and this invester has already stated an income with PMI and Genworth so I think I am going to have to put them through a non-conformer for 80% or maybe try Westpac who do their own insurance.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I dont know of any books on the subject however if you contact an experienced broker they should be able to give you the details you require.
Things to keep in mind:-
– No doc doesnt require you to state an income at all – simply that you can afford the loan
– Low doc requires an income declaration and depending on the lender some also require verification from an accountant.
– Keep in mind that most lenders charge lenders mortgage insurance for loans above 60% however there are several good ones that dont up to 80%
– Interest rates are very competitive as long as you dont borrow more than 80% of the property value (or use equity in another property)Hope this helps but feel free to ask me any other questions you may have.[biggrin]
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]If you only need 80% LVR then i would suggest you go the “no doc” option on your declaration. This is where you dont state an income at all – simply that you can afford the repayments. No income, asset or liability verification is required. Interest rates are now very competitive for No Doc loans and this doesnt tie you into any income declaration at all. [blink]
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I am fairly sure that I have seen someone on the forums that is actually from the investors club so it may be worth having a look to see if you can find them and ask them the questions direct.
I handle loan enquiries for my area for clients purchasing through the investors club.
My understanding is that they receive a commission similar to if you were purchasing through a real estate agent (instead of going through an agent you are going through the investors club) and I am also of the understanding that they receive a commission/kickback from the people they refer business to.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Most lenders have bridging products these days based on their standard interest rates for a home loan.
Some lenders also have “end debt” bridging loans which is where you are only required to pay the payments on what your end debt would be once your existing property is sold. This can be very helpful for your cashflow position while you are selling your existing property. They will allow this for 6-12 months depending on the lender. If you havent sold your property in that time then you are then required to make payments on both properties.
I would recommend you go to a broker who can shop around for the finance on your behalf as there are a wide variety of interest rates and products available for bridging purposes. It may also be worthwhile sticking with your existing lender however a broker can advise you on which lenders would best fit your scenario.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Which state? the stamp duty varies from state to state.
NSW would be :-
$5490 for stamp duty on the purchase
$1500 – $2000 legals (should be able to do it a bit cheaper but depends on what searches/inspections you decide to do)
$769 mortgage stamp duty (depending on the amount you borrow)
$1000 – allow for adjustment of rates/other variables ( just in case)This is just a rough guide. I recommend you also borrow to cover any shortfall on rental income to the loan repayments for the first year just in case.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]Good point with regard to resale. As Terry mentioned the lender may also require a flood certificate from council. Some councils will not issue them for certain flood zones (eg. Port Stephens Council will not issue flood certificates for Salt Ash) so i would also make enquiries with the council in regards to what they will and wont issue.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]With the amount of equity you have in your property you should have a selection of lenders that you will be able to apply through. I would recommend approaching a broker who can do some shopping around for you and come back to you with a selection of lending options.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]I definitely recommend you keep them seperate – most accountants prefer it that way too because it allows them to keep the profit/negative gearings aspects seperate for tax time too.
If you need to use the equity in your existing property there are ways of structuring the loan to keep them seperate too.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]No, i am not qualified to give taxation advice. I am a mortgage broker only so therefore would recommend that clients seeking financial advice regarding structure for taxation purposes seek advice from their accountant. I often call their accoutnants for them and discuss structure for the client. I do know of a few brokers who are also qualified as financial planners but I honestly dont know how they would keep up with all the changes in 2 industries.
Anita Marshall
Advanced Finance Solutions
http://www.advancefinance.com.au
[email protected]
