He just did and he has a great package!

Same lender as I used myself in fact!

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.

She should be OK for the FHOG then. The issue is if she is on title and lived in the home then it would be her home. At this point she should be able to call it an investment property.

Be aware that the ownership of an investment property prior to 1 July 2000 will also remove a FHOG entitlement so this is an inportant date for…[Read more]

I love a challenge – email me the loan you have offered to you and I will tell you if I am aware of better!

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.

Does your cousin live in the mothers property? If so she may not be entitled to the FHOG.

When was she put on title? This may also affect her FHOG entitlement.

Rent payment is not savings. Banks that need 5% genuine savings will not consider rent.

She may be able to lend against the mother’s property – in this case she will not need to show…[Read more]

Which state are you in and which state is the property in?

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.

For a straightforward refinance there is no need for a conveyancer or solicitor unless you need someone to go over the mortgage documents with you. This will be an advisory service and you can pay by the hour.

Are you sure refinancing is the best solution – beware the brokers who push refinancing. Sometimes it is in their best…[Read more]

Shouldn’t be problems financing a property if the numbers stack up OK.

Why do you need to change the title? The rules are different in each state so you may need to call your land titles office or state revenue office to find out.

Cheers,

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

Comments may not be relevant to…[Read more]

White Knight tile paint is fantastic for a quick bathroom reno. The can says not to use it on floor tiles however I do know someone who did and they dragged paint tins and ladders over it without damaging it.

Cheers,

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

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

Westan,

RBA put rates up 0.25% last week. Most banks have followed with their variable rates.

Some of the smaller lenders try to hold off for a little while to pick up more clients but they usually follow suit sooner or later.

First rise for about 18 months though.

Cheers,

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

You are right Mel, it is not over yet as they will be appealing at the High Court.

I wouldn’t rush into setting anything like this up as yet.

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]

Kay,

This is the case with most fixed rate loans.

My fixed rate loan allows repayments of up to 20% of the Principal during the period with free redraw.

If you look hard enough you will find almost anything!

Cheers,

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

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

As Bryce says a Professional Package is effective where the loan size warrants. If the half % discount is higher than the $300 annual fee then it is easy to do – there are other benefits too.

I normally advocate against fixed rates. I meet more people who regret the choice than I do those who are happy. But I just fixed a property which…[Read more]

Just to add to Bill’s perfect explanation[]

Normally the interest rates and LVRs on these products are not as attractive as the normal FULLDOC loan.

80% LVR for a LODOC and 65% LVR for a NODOC are typical. With interest rates usually over 7%

There are products out there with rates as low as 6.35%.

Cheers,

Simon Macks
Mortgage…[Read more]

One idea is to consider a Pro Pack that will take 0.5% of the rate straight away.

Fixing is a very individual thing. I just fixed my latest purchase.

What is your loan size and who is it with?

Cheers,

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

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

Some banks do a drive by valuation. Others have very enthusiastic valuers who are looking to help get the loan through.

How much value adding are we talking 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…[Read more]

Most IO loans are IO for the first five years only then principal payments apply.

An LOC is IO for the term of the loan.

Some folks aren’t too concerned with paying off the debt. They allow inflation to reduce it accordingly.

If my parents had never paid off their home loan they would still have a $30K debt on their Sydney…[Read more]

Some banks will do a drive by valuation. Is the outside renovated OK?[]

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.

Well your repayment choices are P&I where you pay down the principal or remain IO where you don’t. IO can be paid for up to five years with most lenders.

It is really your choice. If you have any non deductible debt then I would strongly consider you stay IO until that is paid out.

IO also has the advantage of maintaining cashflow.

Many…[Read more]

I just booked one for a similar price and they guarantee double it back in year one or the report is free.

http://www.bmtassoc.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…[Read more]

Cornel,

The banks will not be able to use this informal rent unless you have declared it on your tac return. There are a few lenders who do but they are in the vast minority.

Let me suggest that instead of trudging from bank to bank you avail yourself of the services of a good mortgage broker.

Please call me if I can be of…[Read more]