Most lenders no longer have an issue with age. I have got a 30 year loan for a 75 yr old fellow not so long ago.

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]

Imagine a LOC to be like a credit card.

You pay to set it up.

It sits there doing nothing and costing little if not nothing.

One day you need to draw some funds and you do so.

You now pay interest on this debit balance each month.

You can pay it off or use it up to the limit at any time.

If you need, and security and servicability permit you…[Read more]

Do a search as there was a pretty detailed thread on the Property forum.

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.

Best I can offer you is a NODOC at 65% @ 6.85% variable.

If you get an ABN then an 80% LODOC is possible but rate will be higher.

Best of 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…[Read more]

Well the $250 is what I paid for my last inspection – for that I got a detailed written report and a guided tour of the property where he pointed out each defect and advised me of the seriousness and necessary action.

$300 for approx 4 hours travel sounds at the high end of reasonable to me.

I think I would try to negotiate here. Is there not a…[Read more]

Redwing – it was 1996 when I was there and I didn’t look at real estate at all.

It isn’t the sort of place my purchasing strategy has me looking at. Just passing on my impression and my clients opinion.

By the way I am off to Lightning Ridge next week to visit my wife – will let you know what it is like there. I hear the rental market is…[Read more]

Redwing is right in the outcome where your debt will be non effective tax wise. Selling and rebuying is a solution.

A cheaper solution (though still pricey) is to “sell” the old PPOR to a trust for max market value with 100% borrowings. You will not pay CGT and your new PPOR assumes the CGT exemption.

You can then have the debt in the IP and…[Read more]

Pat,

LVR means Loan to Value ratio.

Basically it is the % that the loan forms of the purchase price or valuation for a refinance.

So then a property purchased for $250 000 with a $200 000 loan will have an 80% LVR.

Where in Malaysia do you live? I spent 3 fantastic years in Pulau Pinang.

Cheers,

Simon Macks
Mortgage…[Read more]

All the majors will follow suit. Sometimes the smaller local lenders hold off for a little to attract new clients but they always catch up eventually!

Have a great weekend everyone.

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]

These aren’t desperate people at all. They are usually developers looking for short to medium term finance that don’t fit the mould of the residential borrower and as such aren’t catered for by the Mum and Dad lenders.

These sorts of rates are factored into their proposals and are covered by the projected return.

Simon Macks
Mortgage…[Read more]

For a final word on P&I vs IO remember this.

If you have any non deductible debt such as a PPOR loan then you should go IO on the IP.

This allows you to direct both lots of Principle into the non deductible debt.

Have a great weekend folks.

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

Comments may not be relevant to…[Read more]

Itsa,

That is a call that is really up to you. You need to decide what you want to achieve then we can tailor a plan to suit – whether it be one acquisition or two depends on your strategy. Best to think this out clearly rather than make it up as you go along.

Remember those who fail to plan, plan to fail.

You shouldn’t be scared of Mortgage…[Read more]

IO loans are easy.

Amount times rate divided by 100.

So $200 000 times 6.85% divided by 100 = $13 700.

Divide this by 52 to get a weekly payment.

by 12 for a monthly payment.

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…[Read more]

Normally this is the case. Where someone like a developer wants additional funds for infrastructure they go for second mortgages.

For example I have a client who has a first mortgage against a large piece of land and needs additional funds to develop it. He is willing to pay 24% over 12 months for it.

Simon Macks
Mortgage…[Read more]

Second mortgages are inherently more risky. Most banks don’t do them anymore.

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.

Generally the higher the return the higher the risk.

However these would be secured by residential property so I imagine this minimises the risk. This is not investing in real estate though.

There are all sorts of investments like this including venture capital, solicitors mortgages, mezzanine funds etc

All the best,

Simon Macks
Mortgage…[Read more]

An example of the different repayments. eg using a loan of $100 000 @ 6.47% over 30 years then P&I repayment is $157.52 compared to IO at $124.52.

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]

Well perhaps the fact that you haven’t heard from anyone who has done this is an indication of what people think of buying sight unseen.

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…[Read more]

Rod,

I have spoken to the QS about doing a report on my property under these circumstances and they were happy to do so.

Thanks for the warning and I will research it more thoroughly.

I just bought the place and am reno’ing immediately so maybe that is why.

Cheers,

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

Comments…[Read more]

Blowie,

If you leave your PPOR and rent it for up to six years ( and do not establish another PPOR) then you get full exemption for the CGT on subsequent sale.

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]