As the boys have mentioned the property location will determine whether the deal can be financed thru traditional lenders.

The alternative is to consider a 100% blended loan but that will be credit scored and will depend again on the rest of the deal.

Cheers

Yours in Finance

GOM yes they do but probably have the worst level of service and credit policy in the market.

That's why they have to keep coming up with short term attractive rate products because the net outflow of business is ridiculous.

Cheers

Yours in Finance

Yes my sentiments exactly about Bank West.

Would normally never suggest a client refinance for refinance sake except where they are with bank West and maybe a couple of other lenders.

Course so many investors think it is solely about the interest rate they forget the other parts of the jigsaw.

GOM – Always wise in hindsight but regretfully…[Read more]

Hi Hoping 

Yes you can transfer the $110K in advance repayments to your offset account but regretfully you cannot claim the interest as a deductible expense and that i guess is where you have gone wrong.

Hopefully your Bank didn't tell you that you could.

If you think you might do the same thing with the new property just be vary careful how…[Read more]

Hi Hoping

Ok well the problem you have is that the interest on redraw funds are not Tax deductible.

Had the redrawn funds been sitting in the offset account then you could have used them as deposit on the new property or alternatively borrowed 100% and used the case as Term Deposit security.

Not sure which State the property is in or whether…[Read more]

Hi Walksy

Firstly welcome to the forum and i hope you enjoy your time with us.

There are a variety of options depending on whether the property is an investment property or PPOR.

We work with a lot of private investors who will go upto 100% of purchase price on selected properties.

Would of course needs more information before i can tell you…[Read more]

Hi Hoping

Unless i am mistaken you only have the one property at the moment and it is your PPOR.

If so then i hate to say for your strategy going forward you may have structured the loan incorrectly and this my hinder you doing what you want to do.

More information would be needed but if you decide to rent the current property out then you are…[Read more]

Pleasure Amanda, talk soon.

Cheers

Yours in Finance

Agree with you that CBA are certainly not the most competitive when it comes to rate but as Terry points out this is on off many factors to consider.

Regretfully many investors seem to forget that the structure of the loan and flexibility of the lender is a lot more important.

No point in having a sharp rate when your lender or broker doesnt…[Read more]

Hi Aus

Firstly welcome to the forum and I hope you enjoy your time with us.

Starting out in property investing can be an exciting and daunting time as you are faced with so many different options.

Have to say whilst I strongly believe in property education i cannot see the benefits of spending your limited funds on high priced training packages…[Read more]

Hi Catts

Hopefully some of my clients might comment on what they have got for their money from me and my team we would like to think we work with a client from start to finish.

Whilst every client has different needs and requirements we ensure we hold a clients hand along the way.

Some clients are looking to start their property investing and…[Read more]

Hi Jamie

Sometimes there are areas that mortgage insurers won’t touch because of the perceived risk.

It is funny you mention Mt Morgan as at some stage over the last 12 years i used to own to half the town and my SMSF still owns large chunks.

I can certainly tell you some stories about the town!

I still ask myself the question with the…[Read more]

Hi DK

Yes you are correct at least 20% deposit is required however away from that you would want to credit score up well.

I agree with JacM you could certainly do a lot better.

Cheers

Yours in Finance

Hi Wilko

Hate to say since the inception of the NCCP legislation if it is a coded loan it wont make any difference if you go to a big or smaller lender every lender is going to want to see suitable serviceability.

Couple of private lenders we deal with take unemployment benefits as serviceabilty but the rates are ugly.

Cheers

Yours in Finance

Hi Logan

Dont want to be the bearer of bad news but i have to say with the information to hand it isnt going to happen.

Sure there are some private lenders that offer GR loans however they are looking for a combination of past experience as well as a good asset position.

Such lending is based on a combination of GR or cost price net of GSTand…[Read more]

Hi Nue

I think JacM covers Vic, NSW, and QLD.

Couldnt go far wrong there.

Cheers

Yours in Finance

The other thing a good buyers agent does (and i have to say JacM is too modest but she is an excellent one) is listens to what you want and caters the end product around that.

To often i see clients end up with a property that probably doesn't suit their needs and objectives and they end up saying to themselves "at least we are on the first rung…[Read more]

Hi Jen

Firstly thank you Jacqui for your kind ping.

Couple of initial alarm bells starting to ring.

1) Why oh why did the Bank take your own PPOR as security and not the investment property being purchased.

   I can guess why but not a recommended strategy going forward unless they are of unusual Title or location.

2) You say you do not…[Read more]

Hi Jacqui

Many thanks for the kind words.

Yes you would be surprised how many times i have conversations with so called Professionals who have no idea the name that goes on the Purchase contract when buying in a SMSF name, what name the building insurance goes in etc etc etc.

I have seen Trust Deeds where the members names are incorrect to Bare…[Read more]

Hi Crest don't worry cant afford it with a wife and 3 kids to support lol

Cheers

Yours in Finance