wiebkeHave to agree with Michael i am not sure why you would need a Solicitor / conveyancer to own a dozen or more IP's to act for you.I would rather deal with someone who can convey the clauses you want on paper to the other side irrespective of whether he/ she has ever purchased one.Slightly different when dealing with a Mortgage Broker or…[Read more]

I am not sure i am fully understanding your numbers and individual cash imputs.From first look it appears that you would be able to gear a fair amount of the deal so not exactly sure why you need family or friends.Course there could be serviceability issues but if this is the case i am not convinced you are opening up a finance can of worms…[Read more]

PJ Must admit concerned that the Broker Metropole have got looking after you according to your words was a "bit inexperienced".As i say so often to forum clients it is a concern when you own more IP's than your Bank or Broker or have more of an understanding of the process than they do.I hear from so many clients who tell me their Broker is s…[Read more]

Matt if you wish to help her out i assume you mean offer some help with the repayments.If this is the case there is no reason why you need to be a party to the Title as all you would be doing is making the monthly repayments and reducing the loan.CheersYours in Finance

Hate to say this is incorrect:The federal government recently overhauled discharge fees so I think if you are taking out a new mortgage, you are not liable for the discharge fees.Most lenders still charge Settlement or discharge fees even post July 2011. The only thing that was repealled was deferred establishment or early repayment fees on…[Read more]

I have to correct my earlier post as i see that the Stamp Duties Act was amended post March election win stating that you cant get around the lower rate using a Call Option.CheersYours in Finance

Away from what the boys have said in regards to the number of enquiries i would go a step further and say that at a 95% lvr it is going to be a tough gig.Irrespective of how many enquiries the fact that you have a P/L 2 C/cards and on joint income of $150K only have 5% gen savings isnt going to be many lenders / mortgage insurers cup of tea.You…[Read more]

Hi RyanJust emailed you the article.Yes you could easily hit the servicability if the loan structure is incorrect or the loans are cross collateralised.Regretfully unless your Accountant holds a Credit License or is a Credit Representative he will not able to advise you on your loan structure or serviceability as this now the domain of a Licensed…[Read more]

If it is a matter of dipping your toe in the water i think i would be looking at Western suburbs of Sydney.Certainly financed more than a few forum clients in the last few months who have purchased IP's in that part of the globe.You wont find anything cheap in Brisbane 6-7 kms out of the CBD and certainly nothing that will be neutral or…[Read more]

Kristin i have to disagree.i am assuming you are referring to Moranbah in Western Qld.4744.We do around 3 / 4 deals a month in Moranbah & Dysart and other than a short spell a month or so ago where a few of the Tenants were refusing to resign Lease contracts until the prices fell everything is back to normal.We have not see any softening in the…[Read more]

Sundance as per Jamie's comment i cant see an issue in including all of your acqusition costs in the borrowing amount but from the thread of your post sounds like your lender / broker is suggesting that you borrow the full amount in 1 loan using two securities.Definately a big no no unless you want to do dig yourself a deep hole in the…[Read more]

Hi FTI developed a block of units in Bowen Hills (top of the roundabout) and ended up keeping one of them. Cost me around $192,000 in 2004. The same unit which well over 130 square metrest with City views is worth $500K + so Yes second hand units in and around Fortitude Valley do go up.Personally i would probably look at New Farm / Bowen Hills…[Read more]

Hi GCIf you are in a similar profession there are a few lenders who wouldnt have a problem with your change in employment status especially if you are contracted to a single employer.We do deals like that for IT forum clients and the like all day long.CheersYours in Finance

Hi KrisRather than answer each question individually why not drop Jamie a line and get him to sort it all out for you.Cant think of too many professions where you can get expert advice for nothing.CheersYours in Finance

Newbie B sorry i forgot to say if you want to shoot me an email with the address of the unit i will happily send you up a report giving you an approx valuation on the Unit and some local comparible sales.CheersYours in Finance

Hi NWFirstly welcome to the forum and I hope you enjoy your time with us.I can remember buying my first IP some 16 years ago and i still own it today so has been a great investment.Sunshine Coast has some real bargains at the moment so dont feel compelled to pay more than you want to offer just because the Agent tells you thats what the Vendor…[Read more]

With no savings your credit score on those income is going to come up pretty low so unlikely to be getting a loan unless you can establish some form of track record.There is the odd lender who will 95% without an genuine savings but in the main you will need to demonstrate a minimum of 5% over a 3 month period.Depending on the likely purchase…[Read more]

Yes and No Soloman.CBA can be ok if it is a nice clean <80% lvr with an internal credit score of 1-3 but if you come in at 4/5 expect them to say No.Like any lender when they get business in the service levels fall backwards.CheersYours in Finance

Rose hate to say the reason why the property was valued $30k less than the purchse price was because someone earned a nice fat commission off the sale to you.CheersYours in Finance

Hi WestYes on the surface the numbes certainly stack up. I have financed 3 or 4 deals in Geelong for forum clients over the last month or so and not had issues with valuations.As Derek has mentioned "actual equity" and "borrowable equity" are 2 different things and whilst you appear to have plenty of each the structure of the loan going…[Read more]