Travel.

I backpacked in my thirties and I wish I had done it ten years earlier when I was young and single!

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…[Read more]

Not entirely liddelk,

I personally had my last loan reduced to 27 years because of my age!

It was a beautiful rate so I didn’t mind at all.

I have personally assisted a person in their late 70’s with a 25 yr term.

Cheers,

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

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

That was indeed the case. However some lenders no longer discriminate and will offer full term loans to everyone.

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…[Read more]

Spot on James,

Furthermore some lenders have us order the valuations on their behalf.

There have been a few occassions when I have accidently left this valuation where a client can catch a glimpse of it…..

cheers,

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

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

Hi guys,

Basically we work with mortgages every day. We are on the customers side and are able to quickly ascertain which style of loan and then which lenders may suit a particular client.

I am really finding that whilst a bank employee might know their own products well they really don’t have a grasp on the market as a whole. This is where ab…[Read more]

If your deposit is large enough then you may qualify for a LODOC loan or a NODOC loan where you wont need to substantiate income.

Many lenders offer these with all different requirements. Best to speak to a broker who specialises in this area to see what your profile fits.

All the best,

Simon Macks
Mortgage…[Read more]

If they own the land then you wont need a deposit.

Construction finance is just like normal loans except the bank releases the money to the builder at set stages after inspections.

Just talk to a broker and you will find it is very straightforward to set up.

cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228…[Read more]

Unfortunately most banks wont disclose the result nor give you the report.

If you use a broker the broker may get a copy or at least find out the valuation.

In my experience most valuations come in at the purchase price.

Cheers,

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

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

Lenders do consider completed values.

Do they currently own the existing land? If so there may be no need for any deposit.

If not you would be best with a 20% loan however less is possible with LMI.

Cheers,

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

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

How does 6.85% sound?

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.

Penguin,

I think he explained it badly. After 5 years you still owe the whole amount but most lenders then revert the loan to a P&I loan and you pay it back as normal.

It doesn’t need to be repaid at that time – although you can if you choose!

Cheers,

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

Comments may not be…[Read more]

Kenshin,

There can be quite a large fee.

If rates have dropped and the lender is making a profit on your high rate there will be a big fee to switch.

If rates have gone up and the lender is making a loss on your low rate then there is no fee. Some lenders even pay you!

Hope this helps,

Simon Macks
Mortgage…[Read more]

I am absolutely convinced that to buy well you need to develop a strong relationship with a few agents. By all means contact more but take the time to cultivate a few that you get along well with.

This way you will know what is coming on the market. Remember that it takes a few days for a property to be listed and the address wont go to the…[Read more]

You will never really know if the agent submitted the offer. Often it is in the way it is worded that influences the vendor. For example the agent can mention in passing:

“Oh and I had a ridiculous offer the other day of $XXX and we both know you will get more than that. Couple more folks are looking tomorrow and I am sure it will only be…[Read more]

You have just alienated many of the experts who provide willing advice.

Good luck,

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.

Highest LODOC is 80% if you want to avoid LMI then around 75%.

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.

Basically it is to protect the lenders. They see some regional areas at higher risk of devaluing. To reduce this risk they require that they “own” a lesser amount of the property so if it has to be sold they have a greater chance of recovering this money.

You can reduce the minimum deposit with mortgage insurance however the mortgage insurers…[Read more]

I think you might have answered your own questions.

[]

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.

Kindred,

Your plan has a basic flaw.

They need three downlines to make money. As do you.

You are one of their downlines. Sure if you stop recruiting they will recruit under you. But only in one downline. When they get someone under you that pulls their weight they will work with this person to develop their three downlines.

You can have…[Read more]

Definately get your finance clear in your head first. Thats where a broker can either give you a figure or get you a pre approval.

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…[Read more]