Here in NSW Housing Commission tenants are able to negotiate good discounts on the property they are in.

Is this available to you?

Find out tomorrow and get a rough idea of the price range.

With a small deposit plus the FHOG and that savings ability there might ber an opportunity.

Cheers,

Simon Macks
Mortgage…[Read more]

What is the benefit of Advantage Edge? Do they offer a product unavailable elsewhere?

If they are normal brokers then it sounds like clever marketing to have you call them because you work allows access.

Maybe I should do this![]

Cheers

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

Comments may not be relevant to…[Read more]

I think a new forum would be ideal.

Beware of all the sharks it will attract though!

Cheers,

Simon Macks
Mortgage Hunter
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.

Neo,

Nothing wrong with that idea.

If you redraw money for non investment purposes then this portion will need to be split off at tax time as the interest on it wont be deductible.

If you have an offset then use that instead.

Cheers,

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

Comments may not be relevant to…[Read more]

Number one place to keep it is in your PPOR mortgae . Offset account if that PPOR might become an IP down the track.

If no PPOR then offset is OK.

Cheers,

Simon Macks
Mortgage Hunter
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]

Doogs,

Hit the nail right on the head there my friend!

Cheers,

Simon Macks
Mortgage Hunter
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.

There is a very real reason your accountant gave you the advice he did.

If you put it in redraw and draw if for any reason other than investment then you are creating a new loan which is not deductable.

It will make things very difficult come tax time.

If there is any chance you might spend $1 of it on a personal item like a car, holiday etc…[Read more]

Renee,

There is no real reason why not. As long as you don’t use it for non investment purposes or you will mess up your interest for your tax return.

If you think you might spend it on personal items then offset is the one.

Cheers,

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

Comments may not be relevant to…[Read more]

Well folks I guess there must be a reason. The deposit is good so it must be your income or credit history.

Can you tell us about them or email to me if don’t want to go public.

I need to know what you earn and how you are employed.

Cheers,

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

Comments may not be relevant to…[Read more]

That changes it a little. If you can keep both loans below 80% then no LMI payable.

If you have had the townhouse long enough then a reval should unlock some more equity.

Cheers,

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

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

Consider putting the money into an offset account if you have that facility.

You can borrow 100% without paying LMI if there is only 80% against the new property. The other 20% can come from your offset or from your townhouse loan.

Cheers,

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

Comments may not be relevant to…[Read more]

Many investors do choose IO. It usually is a matter of personal comfort. Some folks are happy to know the debt is going. They see it as an additional enforced savings program.

Cheers,

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

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

Patricia,

Many banks developed a professional lending package for attractive clients.

These typically had low fees, lower interest and little extras such as free credit cards etc.

Typically one needed a loan size of $150 000 and individual income of $65 000 to qualify.

Most banks have dropped the income requirement.

The ANZ Break Free package…[Read more]

Patricia,

I didn’t mention GST……..

Simon Macks
Mortgage Hunter
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.

What I don’t understand is the following: “I would only 100% recommend the 100% option if there was a PPOR debt to be reduced as well”.
Do you mind to explain this a litlle bit more?

No problems. PPOR debt isn’t tax effective as you know. So therefore if a client has a PPOR debt (which you don’t) then I usually recommend they borrow as much as…[Read more]

Prop16,

Based on this information I can see you comfortable borrowing up to $350 000.

Wise to borrow 100%. Take a 20% deposit from your home and an 80% against the new property. The 100% loan – even more if you borrow for the purchase costs too – will be fully deductable.

However there is no real problem with you choosing to use your savings…[Read more]

Kristine,

Check out ANZ Break free package.

You will have all your loans at 5.97% which is a similar rate but the fees will be $275 pa with no application, valuation or monthly fees. This $275 should also be deductable.

Contact them direct, go through your broker or give me an email.

Cheers,

Simon Macks
Mortgage…[Read more]

Micheled,

It is there on the website just buried at the bottom somewhere. It is one of those websites where the URL doesn’t change when you change pages so I can’t cut and paste the link to you.

They basically need a signed letter faxed or mailed to them asking for the credit report. This gets around the privacy legislation.

Cheers,

Simon…[Read more]

Kristine,

With what you told me you will get it no problems.

What rate are you currently paying with Aussie?

It might be worth thinking of a refinance into a pro package.

Cheers,

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

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

When you apply for a loan, and I mean apply not just chat to a bank or a broker, your credit reference will record an enquiry.

This will not be a black mark, but lots of them wont help.

If this worries you just approach a broker or your lender and ask them for advice re your situation. This wont be recorded.

Depending on your exact situation…[Read more]