Rocket,

The legislation reads as follows:

Eligibility for the Original $7000 Grant
You must first satisfy all the requirements below:

This is the first time you or your spouse/ de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory of Australia.

You and your spouse/de facto have not owned before 1…[Read more]

Kenshin,

Just to answer your original question. You don’t need to do anything to change the property from Ip to PPOR.

You own it and you decide who lives in it. There is no need for a solicitor. The banks lend different amounts depending on your intention and as long as you make the payments then you have no problem if your intention…[Read more]

Uncivilised,

The answer is yes.

Paulee,

There are no minimum times specified but I have heard that when they audit they are asking for 3 months proof of residence.

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]

For the trust magic manual go to

http://www.gatherumgoss.com/

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.

Tell them the truth – always a good policy.

Truth is you have a $100K asset against a $400K liability. If you use a good broker/banker it shouldn’t give you any trouble.

try to fiddle the figures to look better than it is and it will bite you on the bum!

Cheers,

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

Comments…[Read more]

Alexander,

The lender I am describing offers 3 yrs fixed at 6.29%.

Rubbachook,

I don’t disagree with you nor do I think your viewpoint is still 100% valid (can I have it both ways?). Up til recently I didn’t advocate fixing but it seems to be what the market is demanding. I fixed my loan last month at 5.89% for three years. I cannot imagine…[Read more]

Shame you guys didn’t ask a week or two ago as we could have locked in 0.25% cheaper. Still a great rate at 6.59% though.

So we got free redraw with no minimum amounts. Up to 20% of the principal can be paid and redrawn over the fixed period – if you want to pay more in then I suggest a split with some on variable – the rate here is currently…[Read more]

Some lenders drop the term to 10 yrs P&I which can really affect your cashflow []

Rates are usually higher and as you mentioned LVR is lower.

If you have a residential security as well then it can be quite straightforward.

Cheers

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

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

6.59% is my best rate. Free rate lock too which ensures that you don’t get stung if the rates rise before settlement.

Also has facility to pay extra and redraw. All three facilities are unusual in a fixed product.

Cheers,

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

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

In this industry where many are out to make a buck – Dale is one of the good guys.

I unreservedly recommend him.

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 am with Melanie on this one. I wouldn’t be advising clients to set up this structure until it is finalised.

ATO rulings can be retrospective which would make me feel bad.

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]

If you do then use the PPOR loan.

Problem with doing this consolidation is that unless you are disciplined and pay extra into your homeloan you will pay these debts over the next 25 years. Long after the car or whatever you borrowed for is worthless!

Cheers,

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

Comments may…[Read more]

Prop16,

I didn’t get an email yesterday….can you resend it please.

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.

Had friends who were told not to bother with a pest inspection on a new apartment – turned out to have a termite problem.

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]

Sorry Kay,

There is no simple formula. All the banks use different seviceability calculators and most have them on their websites for you to use.

Give your details to a broker and he will calculate the different maximums out for you – save you going to all the lenders!

Cheers,

Simon Macks
Mortgage Broker
mortgagehunter@iinet.net.au
0425 228…[Read more]

One idea is to look at a preferential sale whereby the discount was recognised by the lender.

Not going to be easy though.

Would need to really look into it and talk to you to see if it is possible.

Any other ideas from the other brokers?

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

Comments may not be relevant to…[Read more]

Not enough info.

What price will you sell the property to them at?

How much does she earn and any deposit?

Will she get the FHOG?

Being casual makes it harder.

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]

Email me the financials and I will advise you if she can finance it normally. Please don’t wrap it until you know for sure.

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…[Read more]

Well you own shares in a company that owns real estate. It is also recorded which unit you own but you aren’t on title as such.

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]

Company title is an old style system where a company was formed to own a building. To purchase an apartment one had to buy the corresponding amount of company shares. There were shareholder meetings and these meetings would approve sales etc

So the company can restrict sales and must approve whom you can sell too. I think there are some other…[Read more]