Hi JaneUnless your MB is a Licensed Financial Planner i am concerned that he is giving you such advice but that is a separate issue i guess.If the question is can you negative gear in your SMSF then the answer is YES.I am at a loss as to why you need to hold 1 years cash in your SMSF as the future contributions made you you or your employer would…[Read more]

Exactly Tom and Bank West and CBA changed yesterday.OMG being single and they crusify you these days. And there is me some days wishing i was single after my wife goes on a serious shopping spree with her AMEX card.CheersYours in Finance

Hi LeahWithout further specific details it is difficult to provide you with an exact answer but there are a couple of ways of combating the problem. Bottom line is not to overcommit yourself.A more detailed answer could be provided with a wee bit more information.CheersYours in Finance

If you didnt want to sell first nothing to stop you apply for a relocation loan where the interest could be capitalised for a period of months whilst you sell your current property.This buys you time to sell the property first whilst relocating.CheersYours in Finance

Well 11 years represents 572 weeks !!!!Wont comment on the other point lolCheersYours in Finance

Hi TesstI am unsure who your lender is but this gets better by the day.They now want you to secure the whole loan against your PPOR which places the entire property at risk.Obviously the bank johhny had to meet his security target this week in order to get his bonus at not thought to the clients risk.Look not be using an unencumbered property to…[Read more]

What actually really concerns me that some spent 6 months at Melbourne Uni only to come up with the fact that 2 Adults with 6 kids spends less than 6 adults with 2 kids.That and the fact that lenders listen and then agree.Go figure is about right.CheersYours in Finance

Yes no charge on something you havent yet had.CheersYours in Finance

if it is a refinance then i am not aware of any lender that will definately do a desktop valuation.Most would do either a driveby or full valuation depending on the lvr (you mention LMI which usually means FULL).CheersYours in Finance

Is it a purchase and do you reside in Vic as well ?CheersYours in Finance

As Terry mentioned you would split the loans accordingly and link the offset account to the non deductible debt. (Can't see any real reason why you would have multiple offset accounts but thats always possible with certain lenders).Nothing to stop you getting your Broker ordering a valuation upfront so as to ascertain the available equity before…[Read more]

Been around for a week or two and have small portfolio so like to think so.CheersYours in Finance

AmazingHate to say no lender is actually going to tell you that you could get a better deal up the road with another institution and to be honest my experience with most Bankers is that the dont even own their own home let alone an IP or two so advising clients on credit structure can be more a matter or telling you want Head Office want them to…[Read more]

If the question is have you ever done a flip or two then Yes more than dozen but we use a Put & Call option rather than a simple flip because we tend to focus on large development style properties that i may or may not want to settle on and develop.I cant see why you would change lenders each time in fact your credit score is going to be affected…[Read more]

TesstJust ask the lender a simple question.What securities will be used for this loan application. If they say both and it is a single loan then they are cross collateralised.CheersYours in Finance

TesstYes the loans will be separate but the investment loan will be over 2 securities your new IP and the existing PPOR.This is known as cross collateralisation and is the evil for investors.I wrote an article about why such a strategy was bad for investors some years ago for the API magazine and can let you have a copy if you drop me an email.The…[Read more]

Hi TesstHate to say your lender cannot have it both ways and sounds to me like a nasty case of cross collateralisation. (Of course your lender wont tell you there is anything wrong with that).Yes hate to say the deposit funds have been contaminated. Your lender could have given you a Bank Guarantee or Deposit Bond for the deposit both of which…[Read more]

Hi TesstGood for you on wanting to have the property in your name and i can understand you wanting your independance.Obviously you are aware that as the property Title is in your name then you are the one who can claim any of the deductions. If your income is lower than your husbands which appears to be then you obviously wont claim as much as he…[Read more]

Wendy the amount a lender will advance will be dependant on your own personal situation and they will weight up your current income, expenditure etc.In saying this if you are referring to the particular property then many lenders do not like multiple living arrangements like this and therefore you may well find there are some lvr restrictions.Of…[Read more]

A lender will want its own valuation (in fact more and more lenders are using Valex and not allowing re-assignments of other valuations) and will want it done for mortgage purposes.If you are not happy with the Banks lending policies Nooob prepare your own valuation and then go into the open market and arrange private finance. If it that good a…[Read more]