Hey guys,

Depending on the defaults and how old theyare you might have little trouble – or maybe a lot!

Best to find a broker who has experience with this type of lending and get some direction.

Your deposit will help as well. If you have over 20% plus costs then it should be OK. The lower the deposit the harder it will be as the mortgage…[Read more]

You can do either.

Easiest and the banks preferred solution is to put up your house as security.

In some circumstances it is better to draw the deposit and costs from the current loan and buy the new place with a stand alone loan – perhaps with another lender. try to keep both loans under 80% to save on LMI if possiblt.

Cheers,

Simon…[Read more]

http://www.whiteknightpaints.com.au/s05_creative_concepts/concepts.asp?conID=40

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.

I too have heard all of the horror stories about tenants and squatters in the UK. Whilst our system favours the poor disadvantaged tenant over the greedy wealthy landlord it is nowhere near as difficult as the UK system.

Contact the PM and ask what the tenant is like. Worst case is you will be stuck with a difficult tenant through the eviction…[Read more]

If the total loan to valuation ratio is lower than 95% then it may be OK. Will depend on other factors too such as income, loc of properties etc.

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…[Read more]

Try Nick Moustacas of Strategic Wealth.

nick@strategicwealth.com.au

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.

Dave,

Redraw wont help you unless you draw the money for a income producing asset.

It is the purpose of the loan that counts.

A redraw is viewed as another loan and if you use it for another home it aint deductible.

This is where offset is handy. It preserves the original loan.

Cheers,

Simon Macks
Mortgage…[Read more]

Matt,

Just a quick example to put IO and never paying the loan off into perspective.

30+ years ago my parents bought a waterfont house in Sydney.

If they still owned it and had paid IO they would today owe under $100K on it. Probably worth well in excess of $1.5M today.

Thats the magic of growth!

Simon Macks
Mortgage…[Read more]

Don’t forget that LMI will let you take the LVR up to 95% if required.

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.

Buying a 1/4 share in a property will be tough.

I am allergic myself. I was tested and found to be allergic to about nine different allergens inc cockroaches, horses, cats, grasses etc etc

I went thru the desensitising program which was a course of injections over a year. Subcutaneous only so not too painful.

It didn’t work for…[Read more]

Steve,

Allan and I have explored that one at the start and the property he is in is not an attractive proposition.

Whilst I have helped a few Government tenants into their rental homes, inc one yet to settle where she paid $150K for a conservative valuation with the bank at $210K (my guess would be closer to $240K), the deal Allan can get is…[Read more]

Unless you have a personal reason for moving you might find it more tax efective to borrow 110% against the new property, secured by the old one, and rent that one. That means staying where you are.

Whether you will get the finance depends on the numbers which you haven’t provided.

Cheers,

Simon Macks
Mortgage…[Read more]

quote:
Mccollins.

I believe more is achieved if one teaches a hungry person to fish, rather then give them a fish. that way they have food for ever , not just one feed!

Or Light a man a fire and he is warm for a day – set him on fire and he is warm for life!

Happy New Year Folks.

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

I have found that the good deals don’t make it to the internet. Anything that is a great buy usually goes pretty quickly – although the market is showing signs of slowing.

I would strongly recommend that you develop a close relationship with several agents. You want to be on the list of folks they call when they list something…[Read more]

weekly rent x 52 divided by purchase price x 100.

ie $200 x 52 divided by $180 000 x 100 = 5.77%.

Hope this helps.

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]

Luke,

I have brokered these deals in the past.

If you would like some assistance please contact me by email.

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]

Booboo I had a 14% mortgage myself – but don’t forget when making those comparisons that the average loan was a hell of a lot smaller in the 80’s than it is today. And incomes and rents haven’t risen accordingly.

So my 14% on that $50K mortgage (purchase price $52K – Still can’t figure how I got that loan through back then?) was way cheaper than…[Read more]

They can be a great investment for someone who truly wants a hands free neg geared property.

One issue is that you cannot break the lease with DHA. So if you sell you have to sell to another investor. I have been told by an investor that this means a $20K price reduction in his eyes.

Remember investors buy with a calculator and families buy…[Read more]

Same here in Newcastle Cecilia. Ours has doubled in the last valuation.

Merry Christmas,

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.

Tax advantages. The main advantage of IO is that, because principle repayments are not deductible, your outgoings onto the loan are 100% deductible.

ie if you go P&I your are not able to deduct the P part!

Small advantage only. I think most people choose IO as the lower repayments = higher cashflow.

Cheers,

Simon Macks
Mortgage…[Read more]