Spot on Mel.

Easy to set up and saves exposing the PPOR as well.

The PPOR debt can be split to show the two loans one of which will be deductible.

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]

Some people change the ownership of the PPOR and borrow 100% of the new value – to a spouse or a trust. This means paying stamp duty again. But it is also CGT exempt.

I think at this stage you need to be talking to a savvy accountant.

Cheers,

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

Comments may not be relevant to…[Read more]

Damon,

Sorry mate but redrawing creates a new loan in the eyes of the ATO. They see you as having paid down the principal then any redraw is a new drawing on that principal. No different to drawing on the equity. So the purpose of this redraw will determine the deductibility. If for a new PPOR then not deductible.

This is why Offset accounts…[Read more]

It isn’t illegal but make sure you are honest with your new broker.

One problem you will face is the additional hits on your CRAA and the second lender will ask you whether you have applied to another lender for finance on this property.

Cheers

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

Comments may not be relevant to…[Read more]

Chris,

May I suggest that you start mixing with people who are putting your plans into practice.

Where are you based? Perhaps there is a group of investors you can make friends with – and I don’t mean paying to join an investment group.

Cheers,

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

Comments may not be relevant…[Read more]

We have been advised and have read, that we should pull all our equity out of the current loan and dump it into a bank account (ING) and just pay the minimum on our current mortgage and put all the cash we normally put into the loan into the ING to save for a deposit for our new PPOR. Is this ok?

Might be too late to do this. Pulling out the…[Read more]

Yes – if the new IP is producing taxable income then the loan will be deductible.

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.

SIS,

Can you very quickly explain the difference between passively geared and neutrally geared?

thanks mate,

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.

Russia

I think there might be a few handyman’s delights available.

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.

Depending on the LVR you could even try for a NODOC loan.

Rates from 6.6%.

I am sure Mel can steer you in the right direction.

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]

By all means Cornel. Not promising anything but we can take a look and see if I can come up with any different lenders for you.

Have a great weekend.

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]

I think it varies according to state. For example here in NSW I recently bought a place and was not required to pay any sort of deposit with the offer.

A week or so after contracts exchanged the vendors agent asked me to pop in to pay the 10% deposit.

Cheers,

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

Comments may…[Read more]

It is true they all work with mostly the same major lenders.

It isn’t only the rates either. Lenders have different serviceability models too which see one lender being able to lend a person up to double what another lender may think is their limit.

We all have access to different smaller lenders. Noone could have all the possible lenders on…[Read more]

Just reread my post and it comes accross a bit smart arsed.

I meant that different brokers have access to different products and some are more skilled in areas that others might not be. I have no doubt your broker is v.capable but a fresh look wouldn’t hurt.

There are a number of solutions out there and it really is worth while just being sure…[Read more]

What about you find another Mortgage Broker?

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.

Matt,

Two weeks isn’t impossible but it does limit your choices an awful lot []

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.

Two week settlement is a pretty big ask on any lender. Just keep that in mind mate.

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.

Chances are that it will be OK however,

If you need to take any legal action for a faulty report then you cannot because it was not done for you in the first place.

You should also be aware that the report may not be unbiased if not sourced by yourself.

Cheers,

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

Comments…[Read more]

Rocket – that is what the legislation says.

Still in School – I have included the relevant legislation in a thread above. You would need to reside in a property within 12 months of purchase to qualify for the FHOG.

Cheers,

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

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