Diclem,

Email me.

I know someone in Victoria who can help.

Cheers,

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

Peter,

Harness the miracle of appreciation.

As your home and the properties you purchase go up in value then you can increase the LOC or increase the IP debts to pay down the LOC. Wont happen immediately but it will happen.

Be patient grasshopper.

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

Just trying to work out what to do for you.

You tell me you don’t need advice. I am uncertain as to your question.

I know that if you have a teaching job and a 20% deposit then it should be relatively easy to purchase a home in your price range. You should be able to take advantage of some of the better deals out there.

Cheers,

Simon…[Read more]

Elysium,

You are quite correct as to the wording of the legislation. I posted them same information as this up til very recently.

That is until I spoke to a chap that had been audited and the interpretation of the legislation the auditors were using was a three month proof required including such things as changes of address, utilities in their…[Read more]

If you are “self employed” with an ABN then a LODOC springs to mind. However it would be pointless to get one now as you generally need a qualifying period of two years in business.

There are asset lends and private funds available, however you will pay a premium to use these.

You can also buy with another person who is employed or have them go…[Read more]

Hey guys,

I am particularly good looking but I’m certainly not any sort of mortgage god!

I am sorry but am reluctant to give specific advice without knowing your situation better, however…

There are lenders that need three pay slips and confirmation that the job is permanent. Especially if you show continuity in the same industry.

I think…[Read more]

mmmmm… have a think about this.

I think you would get every broker logging in to get on the list. There would be no way to discriminate. You might as well use the yellow pages.

The current system lets you see the quality and depth of advice posted and lets a person choose a broker who has a style they like.

Just my idle…[Read more]

Well they still haven’t called me back.

Guess I am not their type []

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

It’s your money…

What are your plans? I think that in this forum you should expect to be advised to save it towards your next property.

Do you have a home? If you have a homeloan then putting it into an offset against it is a good idea.

Best of luck,

Simon

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

Some banks will allow you to capitalise LMI so that the 95% lend effectively becomes about 97%.

I think this is what Mel is referring to. I’d let her take a look and make some recommendations – all you have to lose is an hour of your time!

I hope you find what you need.

Cheers,

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

ST George no deposit loan is available. However there is a 2.5% fee which must come from genuine savings. There is no LMI though.

LMI may be claimed back when a valuation satisfactory to the bank shows the LVR has dropped below 80%.

It is then claimed back from the bank.

I have never done it but I have also heard that it is difficult to get.…[Read more]

Battz,

You might be referring to the St George No Deposit product.

Interest rate of 6.87%

App fee of $700 and $10 pm.

There is also a fee of 2.5% of the purchase price. This must be genuine savings over six months.

No LMI is payable.

Must be within metro areas. They will lend in regional centres.

Cheers,

Simon Macks
Mortgage…[Read more]

Anita,

How much are you needing to borrow?

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

Where is the property?

Perhaps you could try a different property manager. Another idea is to drop the rent. It might be better to get $10 pw less that have it empty too long.

I hope it sorts out soon.

Cheers,

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

Rennie,

I would need more info before I can advise you what you might be able to do. Obviously a FT job will make life easier for you but there may be avenues to explore. Perhaps all the brokers on this forum could advise you publicly on some ideas if we have some more info.

If you are unwilling to post it here please email me a description of…[Read more]

Buyers broker….I don’t think they exist. It would mean more expense for you.

How about you ask a broker to disclose his commission. There isn’t really a great deal of variation in the payments for an average loan.

I think most brokers will genuinely find the deal that suits what you ask for. Our businesses are built on referral and that is…[Read more]

Some lenders discriminate on age and some don’t.

You need to balance the risks of investing with the risks of not investing!

All the best,

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

Some points.

PPOR = Principal Place of Residence + Your home.

IO vs P&I… I would still consider IO for the first 5 years to maximise cashflow. After this period you should have equity to tap and higher rent available. But it really is your choice.

Lump sums…you can pay lump sums into most products with no penalties. Certainly cash should…[Read more]

Buying under market is certainly a strategy.

I suggest you will need a good broker like Terry as most lenders will only lend on the lower of the valuation or purchase price. Unless of course there is a compelling reason such as a very extended settlement or a family discount situation.

Borrowing 20% from family then refinance to recover that…[Read more]

HGWells,

I will try to be objective but remember I am a broker.

If you are really happy with your current arrangement then I would suggest that you don’t need a broker, unless…

…you want to really know that you are on the best deal out there. In that case most brokers will just be happy to confirm this for you without trying to talk you…[Read more]