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  • magic32 replied to the topic Guarantor in the forum Finance 4 years, 2 months ago

    Thanks for the post. So is it that I need to go on title and be one of the borrowers with future borrowing capacity reduced by the full loan amount. Are there any better ways?

    I’m sure I heard of husband as guarantor for wife, and parents as guarantor for their children a few years back or do lenders generally don’t allow this anymore since the…[Read more]

  • magic32 started the topic Guarantor in the forum Finance 4 years, 2 months ago


    If I become a guarantor for my mother’s purchase will I be able to limit the guarantee to a certain amount. e.g. a purchase price of $1,000,000. Say she has deposit/cash of $500,000, my mother to borrow $500,000 and I be guarantor for $250,000, i.e. if I was not guarantor she could only borrow $250,000 and purchase a less desirable property…[Read more]

  • If a single person living with parents earns $60,000 pa before tax and they didn’t have any property and no other loans/liabilities, around how much would he be able to borrow in a personal/unsecured loan from a bank/lender? e.g. in the situation of a family emergency. Thanks.

  • magic32 started the topic Car Allowance in the forum Finance 5 years, 7 months ago

    Is car allowance usually counted towards borrowing capacity or is it just the base salary that counts?

  • If I reduce my credit card limit from $1000 to $500, around how much more borrowing capacity would I be able to get?

  • magic32 replied to the topic Loan Pre-approval in the forum Finance 5 years, 7 months ago

    Thanks for the responses.

    Do you think I should get an estimate (not pre-approval) from two brokers. Because different lenders could have loans amounts which vary considerably like 50k-100k difference. I don’t feel good about this though since I can only get a loan through one of them.

  • magic32 started the topic Loan Pre-approval in the forum Finance 5 years, 8 months ago

    Should I ask my mortgage broker for an estimate of how much I can borrow to plan things before asking for a pre-approval, or is it I should just ask for a pre-approval to get a more accurate figure?

    At the pre-approval stage, when working out borrowing power, are the following taken into account: rent/yield, depreciation, tax deductable expenses,…[Read more]

  • Which author/mentor/trainer/coach/speaker etc strategy did you follow for the main property investing strategy that you are currently using?

  • magic32 started the topic Fixed Interest Rate in the forum Finance 5 years, 8 months ago

    Is it correct that a fixed interest rate gives more serviceability and a higher loan amount because of the lower than 2% loading of the interest rate that applies to a variable interest rate?

    If so, would it be a good strategy to go fixed for one year to maximise the loan amount and then back to variable after that. Because fixed usually doesn’t…[Read more]

  • Rather than keeping the first IP and buying a second IP, do you think it’s better to sell the first IP, and then buy a higher value IP. e.g. first IP is $300,000 in value, if I don’t sell it, let’s say that I have the capability to buy a second IP for $300,000. But if the first IP is sold, I could buy an IP in a higher capital growth area for…[Read more]

  • Do I need to save the whole 5% in only 3 months. It will take closer to 6 months to save 5%

  • Hi Richard, it’s actually for an investment property.

  • Do you find out whether a new application is required at the beginning, i.e. is it shown on the loan docs what the process is or do you find out at the end of the IO period?

    In the beginning, which period is usually most commonly on offer or which period is not difficult to get approval for, would it be 5, 10 or 15 years?

    What would happen if…[Read more]

  • I’m looking to buy my first property, an IP as soon as possible.

    Initially I was considering 95% LVR, but after reading other posts it seems there is more risk in the loan application being knocked back, so I may go 88% LVR + capitalise LMI.

    I plan to buy an IP for around $330,000

    So I need 12% deposit. How much genuine savings do I need to…[Read more]

  • What happens at the end of the 5, 10, or 15 year IO period? Say it was 5 years IO. To get another IO period would require another loan application right? So if I have lower employement income at that 5 year mark or become unemployed at that time, would it just revert to P&I without the need for a loan application? If not, I think it’s safer to go…[Read more]

  • Hi,

    I’m looking for a new job, and then will buy my first property – for investment.
    If the job has a base salary of $40,000 p.a. with commission/bonus which can result in an annual income which can be as high as $150,000 p.a.. Is that better than a job that is $50,000 p.a. with no commission/bonus. Which one has more borrowing capacity? i.e. do…[Read more]

  • It's just a straight rental.

  • Hi,Thanks for the input guys.Just to clarify, the account is a savings/everyday transaction account for things such as wages and day to day expenses and atm withdrawals , not linked to any loan. And as I already have this type of account with another bank.E.g. if I were to apply for a home loan for property investing in the future with SGB, CBA,…[Read more]

  • Qlds007 wrote:
    Yes there are a couple but unfortunately they will not lend to UT or HDT's even on full doc.More and more lenders are shying away from such structures so tread carefully.Have had many people appraoch me over the last 12 months wanting to refinance out of their current lender but because of the nature of the entity under which the…[Read more]

  • magic32 replied to the topic Guarantor and FHOG in the forum Finance 11 years, 4 months ago

    Would it be possible to get closer to 80% LVR on the basis of the guarantor alone, or is it generally limited to 20%?Also, if the guarantor guarantees a loan, and next time they wish to borrow for another property, is the repayments (20% or 100%???) of this property part of the calculation for their cash flow/liabilities when applying for another…[Read more]

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