An additional benefit is that it allows both parties to be on the loan application but ownership can be as extreme as 99/1% split.

This is particularly useful when one party is exposed to the threat of litigation.

Many of my doctors choose to structure this way.

Cheers,

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

Sunshine,

Rural properties are a whole different kettle of fish. I am no expert in this area but I do know that the banks apply a shading figure to the valuation to allow for the higher risk exposure.

Cheers,

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

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

Mikeej,

A duplex can either be subdivided or strata titled.

Best to check with the relevant council.

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.

It varies considerably between states. A solicitor or conveyancer will be able to give you a quick answer in the morning.

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]

I can’t remember the last time I didn’t have a client’s valuation come up to purchase price.

There are also some mortgage originators who will get second and third valuations where needed but I have never needed to go that far.

Cheers,

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

Comments may not be relevant to…[Read more]

Good question.

I get many folks who when hearing what I do just ask me what is the best mortgage?

Like asking what is the best car? It all depends on the situation and what you want the mortgage to do.

You can get out of a five year fix loan at anytime, however if the current var rate is well below what your fixed rate is then there will be a…[Read more]

An interest rate rise has not been announced.

I guess your broker is referring to the fact that some banks are raising their fixed rates soon.

I have had this advice from several of my lenders.

If you are buying and fixing then now is the time to lock rates. This will cost but should be worth it if you know rates are rising.

Alternatively…[Read more]

Mortgage Choice is a franchised system. There isn’t anything good or bad in that.

When you select a broker the individual is more important than the company that he markets through.

Best to use a broker that has a good reputation or that is referred to you by someone you trust.

Good luck with the search,

Simon Macks
Mortgage…[Read more]

Bryce,

You can email a report to anyone. The email includes a weblink to download a small reader software.

I do it often with clients.

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…[Read more]

Bill,

With my student rental I have a mature student in the largest room at reduced rent. He is my house nazi. He collects the rent and keeps the place running. I also plan to have a cleaner come through weekly doing just the common areas.

I think your idea has merit but you are sacrificing the highest renting room in the house.

People are…[Read more]

I suggest you call the duty planner at council and find out what the potential actually is rather than go on what the agent tells you is possible.

In my experience they have always been very helpful.

Cheers,

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

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

Bill,

Is that the complex being built in Melb atm? If so I have a client looking to buy there so will give you a call.

Thanks,

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]

Depending on how far up the coast you are planning to take it then count me in too.

I am in Newcastle and have some experience with the local market.

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]

If you don’t get one from this forum I have a colleague in Melbourne I can strongly recommend to you.

Email me for his details.

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]

Mel,

I am not so sure of this one. I think the ruling depends upon whether you are in an actual business of buying properties – anyone advise at what point this occurs?

Maybe Mel will know!

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]

Sally,

I am in Newcastle too[] just had a lovely afternoon at Nobby’s with the girls!.

The Perm doesn’t have the most competitive rates and watch out for their deferred establishment fee.

There are better products out there!

Cheers,

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

Comments may not be relevant to…[Read more]

We make a good team Mel!

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.

http://www.ato.gov.au/individuals/content.asp?doc=/content/31258.htm&page=1#P19_325

The above link states:

What you can claim
You can claim a deduction for certain expenses you incur for the period your property is rented or is available for rent. However, you cannot claim expenses of a capital or private nature – although you may be able to c…[Read more]

Sally,

All lenders will lend on 20% depending on serviceability.

I wonder if you are describing a LODOC loan where your income does not have to be substantiated?

Can you be a little clearer with your question?

Cheers,

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

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

Anastasia,

Should an application not proceed for any reason then the broker is essentially out of pocket. Sometimes this is his fault but mostly it is due to the client not completing a purchase.

Some brokers charge an upfront fee for an application of about $250. This is usually done after intitial interviews and when a strategy is decided…[Read more]