A LODOC loan is not necessarily a non conforming loan.

A LODOC loan is where the proof of income provisions are relaxed. Originally designed for self employed folks who needed an inordinately large amount of paperwork to prove their income.

These loans relax this proof and allow people to sign a declaration of affordibil;ity or a declaration of…[Read more]

Steve,

All lenders use different serviceability formulas.

You can visit each bank to see where you fit or see a broker who has software for them all.

All the best,

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]

Which lender is that Steve?

I can do 6.79% but there is a $600 application fee. I guess the difference comes down to the loan amount whether this small rate difference is worth it.

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…[Read more]

Be very careful with redraw.

When you redraw it you are creating a new loan. Depending on what you redraw it for the interest may not be deductible.

So if you are saving in your IP mortgage and you redraw for a home, a car, a holiday etc then that part of the loan wont be deductible.

Offset is much more useful here.

Let me know if you need…[Read more]

Chan$,

You suggested paying out the bad debt.

Whilst this is good general advice you need to be careful.

Remember that lenders need to see genuine savings. If you encourage people to pay out their bad debt it may then be that they have no savings left and this will put them back 6 months whilst they recreate that genuine 6 months savings…[Read more]

Was it the Grim Reaper?

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.

Derek is spot on.

I think you believe that you need to pay out your property and then save for the deposit on the next one.

If you use an offset or redraw make sure that the funds go against your home loan. Also borrow 100%+ of your IP to maximise deductible interest and use your savings to offset the home loan.

You are in a great position to…[Read more]

Call your solicitor or conveyancer. They will know exactly what is going on.

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.

None of it.

The interest on the loan is a deduction.

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.

I think either move is a positive step. Don’t get yourself too bogged down by decisions. In the long run either will work!

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…[Read more]

Don’t pay out all of your debts yet!!!

Wait until you have a plan and know whether deposit or increased income is more important. Talk to a broker and ask him/her to run some figures for you.

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]

Under the guidelines you are ineligible.

Sorry,

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.

If you have never lived in it and it was bought after July 2000 you are still eligible for the FHOG.

See

http://www.osr.nsw.gov.au/portal/page?_pageid=33,63398&_dad=portal&_schema=OSRPTLT

Hope this helps.

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]

Leigh,

The FHOG is for people buying a home. In order to qualify you must intend living in the property and subsequently occupy that property within the first 12 months. You must live there for a minimum period of 6 months.

Cheers,

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

Comments may not be relevant to individual…[Read more]

Check out Carrington in Newcastle.

It is slowly turning into an area comparable to Balmain. Newcomers love it whilst locals are blinkered by it’s working class history.

It is close to the CBD, on the harbour and most of all the announcement that much of Sydneys shipping is to be diverted to Newcastle and Wollongong will bring a lot more jobs…[Read more]

They are using Viagra in the old folks home now…..it stops the men rolling out of bed.

Simon

Consider a NODOC loan at 65% LVR. You can refinance this when you have an income again.

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 best software for wraps is at http://www.loanalert.com.au

Very professional team and great support.

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.

Take a read of this thread.

http://www.somersoft.com/forums/showthread.php?t=12331

Cheers

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.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.

Sorry mate,

You will be creating a new loan on the amount you draw from the IP. The purpose of this loan is for your PPOR so non deductible.

However if the money was in offset you would be OK as you are not touching the original loan.

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228 985

Comments may not be relevant…[Read more]