Sorry mate. Didn’t mean to imply anything or put words in your mouth..

Just found myself caught out in the boom of the early nineties and the tech bubble when I truly believed that the whole fundamentals had changed.

I thought I was Midas [:o)] and all my deals were golden – just the market not me!

I don’t think the fundamentals change…[Read more]

People often say “It’s different this time.”

It is never different. I have learnt that in stock and real estate market booms.

We have just been through a boom no doubt about that. You could have bought near anything three years ago and made money. Is that enough to make you an expert?

All the best folks,

Simon Macks
Mortgage…[Read more]

Gina,

Often people get knocked back by one or two lenders and then think that finance just isn’t possible. This is often not the case. All lenders have different requirements and one loan may be rejected by a bank and accepted with an almost identical package by another.

We would need more detail to let you know what we can do.

Either post it…[Read more]

I was hoping it would be a cheapie where the FHOG would help significantly!

In this case most lender would require a genuine saved $14000 deposit, saved over 6 months.

Do you have access to any funds through family? Or a relatives property that can be borrowed against for a deposit?

There are a few different strategies you can explore…[Read more]

Note it is not necessary to pay a finance broker to put you into one of these loans, they can be arranged by Don Sutherland through our office with no extra costs than the normal bank establishment fees.

Few brokers charge a commission these days Julia. Certainly none of the folks who post mortgage advice here do so as far as I am…[Read more]

How much is the house and are you entitled to the FHOG?

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.

Cecilia,

There is no problem with this strategy that I can see except that you might be doing the finance twice – but it does save the uncertainty and stress that comes with the whole application process.

Once the IP settles you can then apply for the new loan you chose. Poss at 80% to avoid the LMI.

The funds from this loan go back into your…[Read more]

http://www.somersoft.com/forums/search.php?s=&action=showresults&searchid=211553&sortby=lastpost&sortorder=descending

Check out these stories.

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…[Read more]

Brown Rabbit,

Be careful of redraws.

If you use the money for something other than investments then you will lose the deductibility.

Offset can be safer.

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…[Read more]

You are probably right Mel. I haven’t been following it closely.

Either way it is something I advise against.

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]

I think you will find that whilst this is currently accepted by the ATO it is still in the High Court atm.

I think the issue is the capitalising of interest.

Some folks allow an IP loan to capitalise while they use two sets of repayments to pay out the PPOR (non-deductible debt). This is called split loans and is under legal action.

Sorry I…[Read more]

Simon,

Which lender are you currently using? Most will revalue on application for the next purchase.

For your own idea get an appraisal as Steven suggested. This will give you a feel for what it may value up as although as mentioned earlier these appraisals are not valuations.

Cheers,

Simon Macks
Mortgage…[Read more]

Speak to an accountant.

I cannot thing of any reason why either of those opstions would make a difference tax wise.

Remember interest is deductible depending on what the loan was used for. Your case sounds straightforward however I stress that you need to check with the ATO or a tax professional.

Cheers,

Simon Macks
Mortgage…[Read more]

Great post Sooshie – very informative and effort like that from people like you make this forum great!

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.

Serviceability is not a fixed formula. All the banks calculate it differently.

You will need to approach them individually or use a broker who has all of the formulas.

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,…[Read more]

Very tenatively, because there is limited information I would suggest that the answer is maybe.

Depends on lots of factors and you should discuss your needs with an expert.

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,…[Read more]

How much rent are you bringing in?

Kids?

Who is your current lender?

If you don’t want this stuff public then email me.

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 saying it is impossible – just saying I can’t imagine it happening here.

Buy you a beer if I am wrong []

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…[Read more]

If it was coastal and not too remote I would consider anything.

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.

Lets put this in perspective. If banks start to foreclose on people who have negative equity because of falling prices then this will only fuel any falls tenfold. This means the banks will be selling an asset worth even less than if they hadn’t started foreclosures.

It will also spell disaster for many families in most major centres accross…[Read more]