PropertyInvesting.com | HomeLoanExperts | Activity https://www.propertyinvesting.com/members/homeloanexperts/activity/ Activity feed for HomeLoanExperts. Wed, 15 Apr 2026 01:23:42 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 e50e2141f987e347c48c8f087fd589de HomeLoanExperts replied to the topic Throwing away LMI and Stamp Duty. How much is too much? in the forum Help Needed! https://www.propertyinvesting.com/topic/4409944-throwing-away-lmi-and-stamp-duty-how-much-is-too-much/#post-4694362 Mon, 02 Sep 2013 07:51:53 +0000 Yeah that is a lot of LMI to make the investment work. Did he try getting a valuation on your home from another lender?

]]> 599600d5618bf1a38b438f9083a815ff HomeLoanExperts replied to the topic Mortgage insurance changes in the forum Finance https://www.propertyinvesting.com/topic/4409925-mortgage-insurance-changes/#post-4694272 Fri, 30 Aug 2013 01:50:30 +0000 Yeah guys we are going the same direction as Genworth in other countries.

Check out Genworth's premium rate card for the USA and you will see what I mean.

Both mortgage insurers are having problems with capital allocation. They both want to limit the amount they are underwriting but they just can't do it when they have big banks on their books…[Read more]

]]> e0adb85ea5566ae7317f55c17cd74523 HomeLoanExperts replied to the topic Buying off Plan - Mixed Development Res & Comm in the forum Commercial Property https://www.propertyinvesting.com/topic/4409887-buying-off-plan-mixed-development-res-comm/#post-4694130 Mon, 19 Aug 2013 03:11:21 +0000 Developments can be completed in stages with some sections registered before others. However with it being shops and units above them I really doubt that this would be the case. It would all be done in one go.

]]> 1894f6a6732aede3b82518355a768217 HomeLoanExperts replied to the topic Getting into vendor finance in the forum Creative Investing https://www.propertyinvesting.com/topic/4409871-getting-into-vendor-finance/#post-4694047 Fri, 16 Aug 2013 04:52:44 +0000 From what I've seen with my clients it tends to be the sophisticated investors that do very well from vendor finance. If you are good at negotiating and have a sound understanding of real estate and credit risk then it is a good strategy.

If you are time poor and inexperienced I would steer clear of it or find a good mentor.

Good luck!

]]> 8159a8fe02a3339d3f953375ded8dbf0 HomeLoanExperts replied to the topic Building defects VIC in the forum Help Needed! https://www.propertyinvesting.com/topic/4409873-building-defects-vic/#post-4694060 Fri, 16 Aug 2013 01:45:13 +0000 I'd say any normal building inspector would be able to do this and complete a comprehensive report. I haven't come across too many building inspectors that do a terrible job.

Unfortunately many people have issues with building defects. It's really important to keep an eye on the builder during construction and to make sure that anything that is…[Read more]

]]> ebf85b60e7ae0e76bbec0e1395c2f7fc HomeLoanExperts replied to the topic Credit card limit in the forum Finance https://www.propertyinvesting.com/topic/4409872-credit-card-limit-2/#post-4694058 Fri, 16 Aug 2013 01:42:43 +0000 Yeah it is a tough one as if banks stop payments that would take someone over the limit then this causes other problems. We often hear people complain that they had $10k in cash in their bank account and their bank declined  a $30 transaction on their credit card. Also a lot of customers get embarrassed when their card declines.

It would be great…[Read more]

]]> fad032bceed60447732346e9e461a78a HomeLoanExperts replied to the topic Selling 50% of my IP to father in the forum It's fine as long as you https://www.propertyinvesting.com/topic/4409868-selling-50-of-my-ip-to-father/#post-4694039 Thu, 15 Aug 2013 07:04:11 +0000 It's fine as long as you discuss your future plans and you are on the same page. E.g.

How long to keep it?

What happens if one person wants to sell?

Who is paying what?

The most common situation that I have seen where there has been trouble is where one person wants to sell, the other wants to keep it… but doesn't want to buy out the other…[Read more]

]]> d8eebc72d38df61ae29b02b28e32fb55 HomeLoanExperts replied to the topic Main Residence Exemption in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4409865-main-residence-exemption/#post-4694029 Thu, 15 Aug 2013 03:42:29 +0000 My understanding is that the 6 yr absence rule would still apply and that yes you can buy another property… as long as you don't move into it.

That being said I'm not an accountant. Hopefully someone else here is and can confirm that for you.

]]> 48285b6b980c2659a7b87c983ec068cb HomeLoanExperts replied to the topic good honest accountant in the forum Finance https://www.propertyinvesting.com/topic/4409823-good-honest-accountant/#post-4693862 Thu, 15 Aug 2013 03:39:41 +0000 We refer our clients to Lucas Lopez at Lucentor. He's good with small business, smsf & investment properties. We got him into our office recently to train all of our brokers in the tricky details on how tax works for investment properties, we were quite impressed.

]]> 95bac7a065ee8428da2bb6208550b301 HomeLoanExperts replied to the topic Multiple security substitutions in the forum Finance https://www.propertyinvesting.com/topic/4408408-multiple-security-substitutions/#post-4683593 Wed, 09 Jan 2013 03:23:22 +0000 Unless the loans are fixed it is best just to keep it simple and apply for a new loan on the new property. Trying to get the bank's backend system to allow it is more likely to be a challenge than their policy not allowing it.

]]> 9e4e310c74a6c2c8956b2f50c9eaca36 HomeLoanExperts replied to the topic Is this normal behaviour from a broker? in the forum Finance https://www.propertyinvesting.com/topic/4408291-is-this-normal-behaviour-from-a-broker/#post-4682646 Wed, 19 Dec 2012 06:48:08 +0000 We never give any recommendation without first having the entire picture and supporting docs. It is common sense.

You wouldn't go to a doctor and ask them to prescribe you something without first asking them to investigate your symptoms. We can't give accurate, quality advice without the entire story. It is counter productive and is a waste of…[Read more]

]]> 4dbd0fe26da112400dc781d02521745e HomeLoanExperts replied to the topic Company titles in the forum Finance https://www.propertyinvesting.com/topic/4408260-company-titles/#post-4682370 Mon, 17 Dec 2012 22:30:16 +0000 A couple of lenders can go up to 95% for company title however you must meet very strict criteria. Clear credit, 5% genuine savings minimum, 2 yrs + in job, must be a purchase, must be in a capital city and the valuer must like the property that you are buying. Otherwise 85% is the max

]]> 526538609e3f1f1273a82b670e3dbcba HomeLoanExperts replied to the topic Finance Approval in the forum Finance https://www.propertyinvesting.com/topic/4408264-finance-approval/#post-4682415 Mon, 17 Dec 2012 22:28:38 +0000 Technically they can go to $2.5m at 95% however good luck getting anything actually approved at that level! We have done a couple just under $2m at 85% or 90% however we haven't tried our luck for any higher LVRs around those loan amounts.

]]> f374f455860e3a5f682bd18c9f00c33c HomeLoanExperts replied to the topic Will a lending institution take an independent prop valuation? in the forum Finance https://www.propertyinvesting.com/topic/4408088-will-a-lending-institution-take-an-independent-prop-valuation/#post-4680895 Thu, 06 Dec 2012 02:04:29 +0000 Hi Maree,

If you use one of the major valuers then you should have more lenders willing to accept the valuations. They need to be reassigned to the lender before the lender can accept them and those valuers must be on the lenders panels.

You can ask the valuer which panels they are on before you order a report. FYI that doesn't mean that those…[Read more]

]]> 1028574848b02f9a7125972eb0cedc9b HomeLoanExperts replied to the topic Lending to a trust in the forum Finance https://www.propertyinvesting.com/topic/4408143-lending-to-a-trust-2/#post-4681454 Wed, 05 Dec 2012 22:12:48 +0000 CBA are not great for trusts anymore.

A few pointers for CBA trust loans:

They will take income from directors of the corporate trustee who are guarantors.

They will not take income from beneficiary guarantors, except in exceptional circumstances.

They no longer like to do the loan in the name of the directors and have the property in the…[Read more]

]]> 151551037058bd89cbacdb7f9fb16ac4 HomeLoanExperts replied to the topic Investing in Broken Hill in the forum Help Needed! https://www.propertyinvesting.com/topic/4408216-investing-in-broken-hill-2/#post-4682021 Wed, 05 Dec 2012 22:05:18 +0000 Last I heard of Broken Hill was that it's days were numbered. Personally I wouldn't invest somewhere that may be a ghost town in 10 – 30 yrs time.

Some banks specifically have restrictions on lending to Broken Hill, that tells me all I need to know.

If you are going to invest there then assume the value drops to $0 over 30 years and if your…[Read more]

]]> b6df77c33495d2d4ab2a35d827c1d212 HomeLoanExperts replied to the topic First step to buying a property in the forum Help Needed! https://www.propertyinvesting.com/topic/4408217-first-step-to-buying-a-property/#post-4682029 Wed, 05 Dec 2012 22:02:27 +0000 I couldn't agree more with Shahin. Know where you are going and you are much more likely to get there.

Once you know where you want to go then talk to a mortgage broker to figure out what is possible and what you will need to do to get there.

There is one thing that you can start with that certainly will not hurt. Open a savings account and…[Read more]

]]> 5739fab9eaeceb5ca006f2c644c2d1af HomeLoanExperts replied to the topic Strategy needed in the forum Help Needed! https://www.propertyinvesting.com/topic/4408227-strategy-needed/#post-4682093 Wed, 05 Dec 2012 21:56:02 +0000 As a general rule pay off any non-tax deductible debt first. I'm assuming you don't have any of this since you have $20k in offset.

Then pay off your most expensive debt. So if one of the loans has a higher rate then this would be the one that you offset with your funds.

Buying a PPOR is a personal decision. Of course you need to think about it…[Read more]

]]> 36827de0a4498964c27f83227e1c08c4 HomeLoanExperts replied to the topic Macquarie Bank in the forum Help Needed! https://www.propertyinvesting.com/topic/4408213-macquarie-bank/#post-4681998 Wed, 05 Dec 2012 00:13:36 +0000 Macquarie pulled out of the mortgage market a few years ago however their existing customers were always on relatively good interest rates. The exception being their customers with low doc loans who did have their interest rates increased.

My dealings with Macquarie recently have been good and it really looks like they really want business and…[Read more]

]]> 090188d207618be6c20f97ae66710eae HomeLoanExperts replied to the topic Refinancing a "seniors unit" in the forum Finance https://www.propertyinvesting.com/topic/4408140-refinancing-a-seniors-unit/#post-4681432 Thu, 22 Nov 2012 05:09:27 +0000 If it is housing for people over 55 years old, it is torrens title / strata title (NOT LEASEHOLD) and is not part of a "retirement village" being a specialised community living style development then it can be financed with some lenders.

If it is leasehold then it cannot be done unfortunately. We managed to finance one leasehold property at 30%…[Read more]

]]> 01951a1b40bc4590cad28788867e6449 HomeLoanExperts replied to the topic Equity from a approved DA in the forum Finance https://www.propertyinvesting.com/topic/4404217-equity-from-a-approved-da/#post-4651763 Mon, 25 Jul 2011 04:07:54 +0000 Hi Adam,What you are doing is right on the border between residential and commercial. You could go either way. The choice would depend on your situation, your intentions and your needs. You would really need to discuss this in detail with a mortgage broker to work out the best way forward.

]]> 4877bb092e5ea26ab3e410facf0094e5 HomeLoanExperts replied to the topic Equity from a approved DA in the forum Finance https://www.propertyinvesting.com/topic/4404217-equity-from-a-approved-da/#post-4651761 Sun, 24 Jul 2011 23:41:06 +0000 It is when you apply for a construction loan that they will then use the on completion valuation. I.e. you need to have your builder / tender in place too. Pre-sales are irrelevent for residential finance and in many cases essential for development finance. As a general rule building up to four dwellings on one title is residential and any more is…[Read more]

]]> 942109327eac0156a6d03ebdf2d44617 HomeLoanExperts replied to the topic Equity from a approved DA in the forum Finance https://www.propertyinvesting.com/topic/4404217-equity-from-a-approved-da/#post-4651759 Tue, 19 Jul 2011 06:52:07 +0000 Wade it is quite likely that the bank valuer will value it "as is" and will ignore the value of the DA. I have seen these go either way, however more often than not the bank valuer will ignore it when instructed by a bank to value for mortgage purposes.When you apply for a construction loan to build them then they can take the on completion value…[Read more]

]]> d61c31092457b12aecfcfab440763c6c HomeLoanExperts replied to the topic What sort of loan can we get? in the forum 200 acres is more viable, https://www.propertyinvesting.com/topic/4404205-what-sort-of-loan-can-we-get/#post-4651686 Sat, 16 Jul 2011 12:30:59 +0000 200 acres is more viable, however still outside policy for most residential lenders. For a home loan most lenders want less than 50 hectares, some want less than 8 hectares! The cheapest bridging loans are types of home loans. If the property is large then you would have to seek more expensive specialist finance.

]]> 97b979114ce2bbac7ce639925e5e9e9d HomeLoanExperts replied to the topic What sort of loan can we get? in the forum With the property being 1500 https://www.propertyinvesting.com/topic/4404205-what-sort-of-loan-can-we-get/#post-4651684 Sat, 16 Jul 2011 08:11:20 +0000 With the property being 1500 acres it will be unacceptable security for most lenders. Off the top of my head I don't know one that can help with that large a property AND offer a bridging loan. It is a little complicated. My recommendation would be to find out why they want a quick sale and see if you can negotiate around that. There are a few…[Read more]

]]> 61ff647c5929a1ccf3585b32d42911a1 HomeLoanExperts replied to the topic Loan Approval for Auction Property in the forum Finance https://www.propertyinvesting.com/topic/4403065-loan-approval-for-auction-property/#post-4643719 Wed, 16 Mar 2011 23:08:22 +0000 Auctions are quite dangerous, and there is no perfect way of protecting yourself as the purchaser. The bank can't effectively value a property prior to auction, as by definition the sale price is the market value. Unless of course two bidders went way out of control.Please be aware that some lenders have pre-approvals that are effectively…[Read more]

]]> a4e6c913d51e1dec7cc8f2ebf7473789 HomeLoanExperts replied to the topic Refinancing in the forum Finance https://www.propertyinvesting.com/topic/4403007-refinancing-13/#post-4643450 Wed, 16 Mar 2011 22:59:09 +0000 By the way there is a template for a  returning from maternity leave employment letter here. Just scroll down the page for the wording for maternity leave. Generally you will need to provide a little more evidence than just a letter, primarily showing your income from when you were working to backup the letter itself.

]]> 001bc882d45b662e658be4c689e17cb8 HomeLoanExperts replied to the topic Which Option is better? in the forum Finance https://www.propertyinvesting.com/topic/4403028-which-option-is-better/#post-4643547 Mon, 14 Mar 2011 00:41:05 +0000 It is likely that increasing your existing loan (likely as a separate loan account) is the best option. BankWest has relatively competitive LMI premiums. Do not cross securitise the properties! This will make the LMI quite expensive, as the individual loan size will be >$500k for both loans and so both will be charged a higher premium rate. We…[Read more]

]]> da7f3e7d85499c0ddacb5c5ab37bf247 HomeLoanExperts replied to the topic RPM Nationwide Debt/Mortgage Reductio and Asset Building Specialists in the forum Finance https://www.propertyinvesting.com/topic/4402961-rpm-nationwide-debtmortgage-reductio-and-asset-building-specialists/#post-4643117 Wed, 09 Mar 2011 22:32:05 +0000 Just be careful of mortgage brokers that sell new properties as part of their debt reduction plan. We've seen quite a few sell overvalued properties, just do your own due diligence and research into any strategy they propose. I haven't dealt with them before.

]]> e89bc244d14e00b93a4c0d90c11948e8 HomeLoanExperts replied to the topic Refinancing in the forum Finance https://www.propertyinvesting.com/topic/4403007-refinancing-13/#post-4643448 Wed, 09 Mar 2011 22:27:31 +0000 Yes this is acceptable to a few lenders as an exception to normal policy. Please note that due to new legislation that was introduced on the 1/1/2011 some lenders are being cautious to any policy exceptions where the customer cannot prove that they can afford the loan with their current income.If you are borrowing >80% of the property value then…[Read more]

]]> 8750ffcbcbb3bed420f119e5cdf9368a HomeLoanExperts replied to the topic IP Loan Structure in the forum Finance https://www.propertyinvesting.com/topic/4402781-ip-loan-structure/#post-4641844 Mon, 14 Feb 2011 02:04:04 +0000 If the flat in Melbourne has no loan on it then you can use the equity in that to fund this investment without the need to bring in your funds from overseas. I agree with Jamie it is likely to be best to use interest only for this new loan.

]]> af9a86cd22fd31b763fc8260fb973e65 HomeLoanExperts replied to the topic 90-95-100% finance in the forum Finance https://www.propertyinvesting.com/topic/4402766-90-95-100-finance/#post-4641767 Mon, 14 Feb 2011 02:01:33 +0000 You can also consider a guarantor loan if your parents are happy to provide security for your loan. This is only an option to consider, it is not suitable for everyone. If you do take this approach then you should have a plan to remove the guarantee as quickly as possible & should consider taking out income protection, life & TPD insurance.This…[Read more]

]]> 50256d76f534b891854697bcf63b1d92 HomeLoanExperts replied to the topic Finance for the self employed?? in the forum Finance https://www.propertyinvesting.com/topic/4401205-finance-for-the-self-employed/#post-4631913 Wed, 15 Sep 2010 08:38:20 +0000 That is right most will not accept it more than a 20% increase. There are two lenders that just use the most recent years income.   However if you are looking at $45k between you then I think a low doc loan may be the only option.  You can read more about how lenders assess self employed income here.The rationale behind this policy is that if you…[Read more]

]]> 901b0ffdcb181d3678793ad7383033cb HomeLoanExperts replied to the topic Finance for the self employed?? in the forum Finance https://www.propertyinvesting.com/topic/4401205-finance-for-the-self-employed/#post-4631911 Wed, 15 Sep 2010 04:43:53 +0000 Finance for the self employed is very complex. You would really need to show your financials to a good broker for them to be able to work out which lenders you qualify with and how it would all work.  There are factors to consider such as:* Is your husband a contractor with no employees & no major expenses? If so then a much shorter time in his…[Read more]

]]> 6ffde4b6429718f2b082b24ec359519f HomeLoanExperts replied to the topic IO Loan on PPOR in the forum Finance https://www.propertyinvesting.com/topic/4400576-io-loan-on-ppor-2/#post-4628138 Thu, 15 Jul 2010 22:50:53 +0000 If you have previously had a proper pre-approval via Aussie then it is likely that you will be ok. The "you can borrow this much" from a branch is meaningless, it is not a pre-approval and has not been to a credit department. It is dissapointing that the Aussie rep didn't investigate your needs properly to begin with and select the breakfree…[Read more]

]]> 03b501f0723a9070c56f9e154e4686a8 HomeLoanExperts replied to the topic IO Loan on PPOR in the forum Finance https://www.propertyinvesting.com/topic/4400576-io-loan-on-ppor-2/#post-4628136 Thu, 15 Jul 2010 21:24:52 +0000 Be careful with on the spot pre-approvals, in particular if you are borrowing over 80% of the property value. If the loan needs to go to their credit department for approval then they can (and very often do) disagree with the branch staff. Read through this forum and you'll see countless complaints from people who have been pre-approved, won an…[Read more]

]]> c54cc1321b619b6c784d407454b2d2b8 HomeLoanExperts replied to the topic 95% loans + LMI in the forum Finance https://www.propertyinvesting.com/topic/4400501-95-loans-lmi/#post-4627760 Thu, 15 Jul 2010 21:19:24 +0000 They very rarely self insure at 95%, it is much more common for existing customers at 90% LVR. The self insurance saves stamp duty on the premium so it is a maximum saving of around 10%.

]]> a9409487ff1cd90fe3648a8a43c5d695 HomeLoanExperts replied to the topic 95% loans + LMI in the forum Finance https://www.propertyinvesting.com/topic/4400501-95-loans-lmi/#post-4627757 Thu, 15 Jul 2010 08:57:02 +0000 Not every lender requires you to be an existing customer. In addition to this some do not allow even existing customers to borrow 95% and have strange definitions of what an existing customer actually is!  Borrowing 95% is very much a specialist area and choosing the right lender requires a full understanding of your situation.

]]> 1fd0e6c7e6d8b8e44b1c30d1580ea2e6 HomeLoanExperts replied to the topic 95% loans + LMI in the forum Finance https://www.propertyinvesting.com/topic/4400501-95-loans-lmi/#post-4627755 Thu, 15 Jul 2010 07:46:19 +0000 Yes it can still be done however as Richard has mentioned it is very strict. The basic criteria are: 3% genuine savingsMnimum 6 months in job (ideally 12)Few enquiries on your credit fileLow consumer debtsAcceptable credit score (based on location, assets, liabilities, credit file, occupation and many other aspects).Current rates from 6.9%…[Read more]

]]> faae32c8b090c975be151c1a7c378fc0 HomeLoanExperts replied to the topic Expatriate - Foreign Currency Home Loan in the forum Finance https://www.propertyinvesting.com/topic/4400574-expatriate-foreign-currency-home-loan/#post-4628114 Thu, 15 Jul 2010 07:43:23 +0000 HSBC can consider Foreign Currency in US or HKD. As for SG I am not entirely sure however I expect there are still a few banks that can do it. It would just be a matter of doing the research to find out.

]]> f3f54789dd74e1a925e85083f42e4397 HomeLoanExperts replied to the topic Orange Advantage with 100% offset in the forum Finance https://www.propertyinvesting.com/topic/4397695-orange-advantage-with-100-offset/#post-4611065 Wed, 18 Nov 2009 00:12:07 +0000 Yeah it is 5.89% however if you borrow over $300,000 then they give you a 0.25% discount down to 5.64%. There is a $199 p.a. fee with very low setup an exit fees. Personally I believe that over $300,000 this makes it very competitive however over $750,000 or so you can likely get a better discount elsewhere.  The main benefit is that ING has…[Read more]

]]> 113d59fdf6d7f2765e75598c34322045 HomeLoanExperts replied to the topic Otto Dargan are you still here? in the forum General Property https://www.propertyinvesting.com/topic/4369820-otto-dargan-are-you-still-here/#post-4443088 Thu, 04 Dec 2008 22:05:56 +0000 Yep I'm still here.  But I may be replying to this post around five years too late!  Better late than never right?For future reference you can contact me via this link: Otto DarganThanks Otto

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