[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 16, 2004 - 6:26 am

Hi Kelvinh,
IMHO the low life who sell these Minimization programs are vultures,
Please Contact Simon or any broker on this forum.
Regards Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 13, 2004 - 1:45 am

Hi Mel & Craig
A decline is not recorded on baycorp, Current federal legislation does not allow Baycorp to record whether the application was accepted or declined,
However, the lender, date of application, and amount of credit applied for is listed,
Multiple enquiries for credit in a short space of time is enough to set lender alarm bells ringing, and can somtimes hinder the success of a tricky loan application.
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 12, 2004 - 5:32 am

Hi Craig,
I forgot to mention one important point, Every time you make an application to a lender for finance the application will show up on your credit report,
I would suggest the best way to avoid this problem is to use a good independent mortgage broker who will asses your situation before submitting an application, the last thing you want is another decline on your file.
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 11, 2004 - 9:51 am

Congrats to Steve and the Team for the new look site,
IMHO PI.com would have to be the best in Australia,
Thanks Steve.
Regards
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 11, 2004 - 7:11 am

Hi cashpoor,
A lower LVR may be a way around the problem,
Regards Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 11, 2004 - 6:59 am

Hi Craig,
with $15,000 plus $7,000 FHOG = $22,000 I estimate on a 90% lend of $180.000 you are nearly there, you will need the 5% of purchase cost =$9,000 based on $180.000 purchase, a 95% lend may be an option but the the 90% lend may be touch and go based on your Credit rating, having said that i will need more info.
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 11, 2004 - 6:25 am

Hi Cashpoor, welcome to the forum,
A few options are,
Apply for low Doc Loan(as you are self employed and have had trouble getting finance) based on IP value of $45,000 put down a 20% deposit = $9,000 + 5% costs $2,250 Total $11,250
With the $60.000 you have you may be able to purchase 4 ips valued at $45.000 and still have $15.000 for improvments or the sleep at night Fund,
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 9, 2004 - 11:55 am

quote:

---

Originally posted by 7

One thing I noticed in my research that was a bit of a shock was the significant amount that purchasing costs come to (eg Stamp duty, Registration Fees, Mortgage Insurance, etc).

When taking out a loan for a house do people take these these fees into account and just get a bigger loan?

Also is there any way to avoid some of these fees?

Cheers []

---

Hi 7
One way to avoid mortgage insurance is to have a 20% deposit, Good luck.
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 9, 2004 - 8:55 am

quote:

---

Originally posted by NikeAir

Our unit was valued at 220 6mths ago, we used the equity to purchase land and are now building. When we are finished building, the house and land (we assume) will be worth 400. We are going to have to use the equity in the unit to cover some costs and other expenses in the new home. Therefore, I may be left with (at most) 9k in equity, and at worst none.
With the research I have done I have found the rent I could get would be no more than 220 and no less than 190. Before Xmas we were convinced we would have to let the unit go, to make repayments. I got some books, including Steve’s, on PI just to see what we could do, now I’m not so sure we need to. I’m not the main breadwinner in the house and the wife is not convinced yet. Given that I don’t have much budget, I’m trying to find information on what we can do, without spending money yet. The net has been great.
I find myself feeling so stupid as I don’t know or cannot see an answer. Insert image of cry for help here! To add to this, we want to have a baby!!
So in reaching to the stars and asking the gods for help, can anyone give me an idea on how to approach this or what my possible options are. So far I have the two options, hold the unit and get a tenant or two sell the unit.

---

Hi NikeAir and welcome to the forum,
I need some more info, How much equity did you pull from the unit? did you borrow funds for the new home? if so how much? and did you use the same lender,
One option may be Interest only repayments,
Regards
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 6, 2004 - 10:58 am

Well done S.I.S, keep up the great work.[]
Best wishes
steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 6, 2004 - 10:54 am

Well done and congrats to Mortgage Hunter,
Good on ya Simon []
Best wishes Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

January 1, 2004 - 4:11 pm

Hi Ryanmel
Another option, Access the equity in your PPR and purchase multiple IP’s, borrow from multiple lenders at 80% LVR with 20% deposit, no LMI and no xcoll,
Cheers
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 21, 2003 - 10:10 am

Hi Ben,
Welcome to the forum,
Try this link for online calculators.
http://www.yourmortgage.com.au/calculators/

Cheers
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 21, 2003 - 3:00 am

Hi Fullout,
I am based in Victoria not far from Melbourne,
Cheers
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 19, 2003 - 4:29 pm

quote:

---

However at this point in time I am still in the research stage….. what broker specialise in regional loans for vic/sa?

regards
brady[]

---

Hi Brady
I may be able to help with finance for regional Victoria, but I will need more info,
Regards
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 18, 2003 - 2:13 pm

Hi Sue
I can organize loan applications for Aussie investors looking to purchase in New Zealand,
Regards
Steven.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 16, 2003 - 2:52 am

quote:

---

Gotcha!, thanks mobile mortgage, i understand now, so basically it is better because the interest is now not tax assessable, where as in say ING Direct savings maximiser it is, is that right?

Also, why wouldn’t you just use the $5000 to pay off the principal, surely that would be a better option, if you didn’t need the money in the short term?

Fudge111[]

---

Hi Fudge,
Paying $5000 to pay off the principal may be a better option, Keep in mind some Banks/lenders products may have a limit on the amount of extra repayments you can deposit,

If you park spare funds in an offset account you then withdraw the funds as you need them,
Eg, use the credit card for bills etc, park wages spare cash into the offset, repay the amount owing on the credit card from the offset account before interest on the credit card is due,
And you simply repeat this cycle.
cheers
Steven.

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 15, 2003 - 1:07 pm

Hi Fudge,
Partial offset,
any money you have in your offset account will offset the interest you are paying on your home loan.
If you have a loan of $100,000 at 7 percent and an offset account with $5,000 earning 3 percent. eg, $95,000 of your loan is accruing interest at 7 percent but the rest is accruing interest at 4 percent.

A 100% offset works the same way except the interest payed on the offset account is the same as the interest charged on the loan.
Cheers
Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 14, 2003 - 7:08 am

quote:

---

Hi Terryw,

how can he be nearly there, if he only has 140k equity? The block of flats are roughly selling at 600k, i see he has a long way to go. It would be much easier to get 120k in cash rather than get 600k in equity. His equity would have to quadrouple more than 4 times to get near to 600k

cheers
s.i.s

---

Hi Sis,
What Terry has sugested is correct,
80% LVR =finance of 80% of purchase price, + costs,
Luckyone has $140,000 equity,
$120,000 = 20% of $600,000 and another $20,000 towards the cost.
I hope this helps
Cheers Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

[Mobile MortgageMember@mobile-mortgageJoin Date: 2003Post Count: 913]

December 14, 2003 - 5:01 am

Hi PatLow,
70% LVR is the maximum I am aware of for serviced apartments,
Cheers Steven

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria