Bought my first back in 88. Did a quick reno and made a 65% profit in a year! Sounds impressive but the figures were really a buy price at $52K and then a sell at $86K in a booming market. This profit didn’t change our lives except that it showed what was achievable for a young guy at the time.

Looking back we should have held it and…[Read more]

I am aware of a LODOC that only requires a brand new ABN. I haven’t used it before but can chase more detail if anyone is interested.

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]

If the values should drop for any reason rest assured it wont be permanent. History tells us this.

You will only realise any loss if you sell.

Hold and wait and even look to buy is my plan in such an unlikely eventuality.

Cheers,

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

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

Terry was possibly describing those lenders who don’t need two years self employed income for a LODOC.

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.

Corrine,

Just because the NAB says no doesn’t mean the end of the road! Talk to a broker with an extensive panel of different types of lenders.

Some lenders will LODOC you on less than two years income.

NODOC loans are available if the LVR is low enough. I have a NODOC product from 6.8% interest rate.

All the best,

Simon Macks
Mortgage…[Read more]

The deposit is between you and the vendor. 10% is pretty common though.

Either the agent hasn’t asked the vendor or the vendor wants 10%.

In NSW if you default on settlement the vendor is entitled to keep the 10% deposit. If you haven’t paid it then he has to chase you for it. This is why my solicitor recommends taking the full 10% instead of…[Read more]

Just a tip here. There is a difference between a rate fixed for 12 months and a honeymoon rate for 6-12 months.

Honeymoon rates usually revert back to the lenders standard rate for another set period. This rate is higher than both their basic rate and their professional packages.

Do your sums because a honeymoon rate can often cost you more…[Read more]

Ask the agents what a finished house will fetch on the market. Show them an actual spec home.

They should then be able to give you an indication of the value of the finished product…work backwards to see if it is worth taking it on.

Hope this helps.

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

Comments may not be…[Read more]

I am writing one year at the 6.39% and the three year loans at 6.69%.

Surprised with that rate – any reason you chose it?

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]

Finance will be the issue.

Many lenders will want to know that the property can be used as a normal self contained residential dwelling if you want a residential loan.

Otherwise commercial deal applies.

Cheers,

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

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

I would let the QS tell you if it is worth it or not. With their guarantees they will very quickly let you know if they don’t think there is anything to claim.

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]

I have never had a loan that didn’t service purely due to the HECS debt.

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.

Julian,

Getting a loan in a regional area is not too difficult. Of course you will need to qualify for the loan as usual and there may be a requirement for a larger deposit.

Need some more detail for a definate answer.

Cheers,

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

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

Very basic no frills product. Statements biannually. Redraw by fax within 24 hours.

Not a great reputation for settling quickly but this isn’t an issue with a refinance where a few weeks late doesn’t matter.

Cheers,

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

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

Kelvin,

Give me a call for a chat – I promise I wont try to sell anything to you – I just want to make sure you understand what they are signing you up for!

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]

There are brokers out there, and I use the name loosely, who charge clients to create for them a mortgage minimisation plan based on a LOC. They are paid by the lender and by the borrower. Some of them are quite unscrupulous when making a sale.

Cheers,

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

Comments may not be…[Read more]

Kelvin,

Is someone trying to sell you a Mortgage Minimisation scheme?

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.

Who says she has to sell because of too much exposure to property?

Her lender?

Maybe changing lenders will be the most efficient option here.

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]

Sit down with your solicitor and discuss it with him or her. They are the experts and you are paying them enough to act for you[]

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…[Read more]

Craig,

The actual steps are.

You set up a facility whereby you can draw 20% plus costs for the new property. If you are unsure of what you will be spending then just extend the current loan to 80% of valuation.

Draw the deposit when you need it and the remainder at settlement.

Set up a new loan with this or another lender for 80% of the…[Read more]