Bill,

I suggest it came from a third party who has both addresses as suggested.

Someone using my address is sending them too, they also have the PI address in their address book. I know because as I am the “originator” I am getting all the rejected mail.

Cheers,

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

Comments…[Read more]

My best variable LODOC is 6.85%. There are fixed rates available if you need them but I will have to chase them in the morning.

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…[Read more]

The lower repayments is the point. If you pay it in 5 – 10 years you will need to be paying 10 – 20% of the principal each year. This may well prevent you buying property 2, 3… etc

Remember that inflation effectively reduces the loan as well.

Lastly it is wise to take the loan over a maximum term to minimise the minimum repayment you have to…[Read more]

You can’t.

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.

Settle the contract, sign the tenant up yourself and keep the 10%.

Here in NSW you can buy a lease from the newsagents.

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]

Can you tell me pls if I go get a mortgage for it after settlment ie 80% and pay back the LOC, if it’s within 6 mths the bank simply uses the contract price? My friend is a valuer and she said they would just use the contract price if < 6 mths.

All depends on which lender we use. If you wanted a new valuation we would use the appropriate…[Read more]

This is not a mainstream product and not one you should be entering in without complete confidence of it’s legalities.

As Mel says, if it becomes legal then there will be a product from most lenders.

I would wait and see what is most competitive.

Besides their marketing seems a bit pushy to me[]

Cheers,

Simon Macks
Mortgage…[Read more]

Originally posted by melbear:
Originally posted by MortgageHunter:
NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.

Hey Simon, what LVR is a NODOC loan?

Cheers
Mel

Mel,

65% LVR. Current rate is 6.85%.

Cheers,

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

Comments…[Read more]

JJ,

Repairs are defined as bringing the property to the condition is was when purchased.

So a repaint on purchase doesn’t qualify however a repaint two years down the track will be easier to justify.

Check with your accountant.

Cheers

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

Comments may not be relevant to…[Read more]

“A Dollar Saved, is a Dollar Earnt”

Actually depending on your tax bracket a dollar saved is two dollars earnt!

My recent reno – I went through a builder for a kitchen and he had it built at trade prices for $2000 and he installed it for $400. I had previously run around four different “budget” kitchen builders and my best deal was $3500…[Read more]

Perhaps. There are other factors.

Could have paid too much, the value of an area may have dropped. Bad renovation, small town with few recent sales for the valuer to compare with.

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

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

Redwing,

I don’t know if that is always true about bank valuations or is perhaps an urban myth – maybe somewhere in between.

I cannot remember the last time a bank val didn’t match purchase price. Some banks have very sympathetic valuers and as a broker I use these where it is essential.

I am sure plenty of forumites have stories to prove me…[Read more]

LMI isn’t expensive on cheap deals.

Other people draw a 20% depsosit plus costs from existing equity and then take 80% loans. This results in 100% lends with no LMI.

When the property appreciates sufficiently there is the equity to do it again.

Cheers,

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

Comments may not be…[Read more]

One idea might be to run your plans past a reliable REA who can tell you the market value in his eyes. This is not a valuation but will give you a feel.

You can ask a valuer to take a look at the property and give you his opinion – this will probably cost you a few hundred dollars.

Cheers,

Simon Macks
Mortgage…[Read more]

Pretty hard to find people willing to take a second mortgage. Almost impossible if you had no money in the deal yourself – I don’t know who would do it for you at rates under 20%!.

Some lenders will lend 95% and allow you to borrow the LMI on top of that – effectively 97% lend.

Cheers,

Simon Macks
Mortgage…[Read more]

Cecilia,

The cost is one thing but Pisces best idea is that if a little time and reno work goes by you may well be able to finance above the 80% mark without LMI – perhaps even 100%! Depending on the new valuation.

Cheers,

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

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

You got quite a loyal following there digger!

Welcome back,

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.

This is pretty standard.

As well as paying the LMI anything over an 80% lend is also scrutinised by the mortgage insurers. They are often tougher on the deal than the banks are!

There are products which aren’t mortgage insured but you will pay a premium for this privilege.

Sorry I didn’t have better news!

Cheers,

Simon Macks
Mortgage…[Read more]

Good advice Pisces.

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.

My worst was Davnet bought at 20cents – $20K worth too!. My broker told me daily it was a dog and I should sell. Eventually I did take his word for it and sold at 32cents.

Almost immediately it took off and you know the rest…

But I did make $4000 in a one hour trade one afternoon – thought I was an expert after that!

Cheers,

Simon…[Read more]