Q.How long would it take you to pay the property of after you have paid the first 5 years of interest when it reverts to P&i.(25 years)

Depends on the loan term you negotiated. If 30 years then an additional 25 years.

Q.Why would you refinance when you have paid the first 5 years in interest. For instance $1000 per month * 60 =…[Read more]

Perhaps he is overly focussed on the taxation implications.

If his views are contrary to yours then perhaps you need to speak to some more folks.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation…[Read more]

When a developer markets land it is unable to be settled until each block has been registered by council. Buyers can reserve their blocks with a small deposit and then these confirmed pre sales will help with the funding for services as the lender will see that the project is a success.

This registration can be 6 months plus after the land is…[Read more]

Redwing,

Don’t be too blinkered. Some of my clients make great money by buying land on $1000 deposit and holding until registration then either selling or build and selling.

Doesn’t fit the pos cashflow accumulation model but it also works!

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be…[Read more]

He can approach me if he likes [biggrin]

Seriously I have a NODOC on my panel for a 65% lend.

There is a minimum loan size and we would need some more detail.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or…[Read more]

When you buy a house for say $100 000 and pay a $10 000 deposit you need to pay the rest at settlement.

Now say the loan is $70 000, the legals are $2000 you will get a letter from your solicitor saying what you need to deposit to his account before settlement so he can make the transaction on your behalf. In this eg is it another $18 000. This…[Read more]

All that the others wrote is true Kay.

It is very much a personal choice. But remember the golden rule I mentioned above. Direct the principle of every IP loan to the PPOR if you have one.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

P&I is principle and interest. The payment you make is part interest and part principal. It means you are paying the loan down and will own the property after the loan term or quicker if you pay extra.

IO is interest only and means that for the first 5-10 years you are only paying the interst component. After that period the debt will remain…[Read more]

I believe the structure is completely written off at 2.5% after 40 years.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Chan,

I would recommend Nick to you as well.

Say hello from Simon.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

The major issue might be currency fluctuations making the loan greater than the property value, however it can also go the other way and the AUD and NZD are historically closely tied I have found.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

Boardy.

If the overall equity position see the new borrowing at more than 80% you wont avoid LMI.

If there is sufficient growth in the IP you can draw more funds without LMI but you know this already.

Note be too worried about avoiding LMI, it is there to allow you to do exactly this. If the numbers aren’t too hign then it wont be too much.…[Read more]

Maybe a sign saying pull?

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

No legal way my friend.

Current changes tothe policies indicate you will need to be able to prove residency for a 6 month period starting within the first 12 months.

Check out

http://www.mortgagehunter.com.au/first-home-owner-grant.html

Regards,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant…[Read more]

In your offer put down that the drawing of the cheque indicates the acceptance of the offer.

Not sure if it will stand up but it should be enough to stop them cashing it unless they are serious.

Cheers,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend…[Read more]

Thats got to be it…

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

The referee?

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

4. They were married?

3. I think it is softball and one is the catcher or wicket keeper or wahtever. Dunno who the second guy is? A hint?

2. Helium…..know this is wrong.

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment,…[Read more]

I am a softy so I know where she is coming from.

If she cannot raise the rent to market value herself then I suggest that using a PM will be money well spent. At $100pw difference she is $5000 out of pocket. Would your sister give them this much cash each year to avoid embarrasment?

She needs to remember this is a business not a charity.

All…[Read more]

This is fine.

The method in question is where no payments are made on the IP loan until the PPOR loan is gone. This means the interest capitalises ie interest on interest.

Easy to setup and your broker should be able to help no problems,

Regards,

Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985

Comments may not be…[Read more]