Hi AshWithout being funny your Broker should be giving you this information.CheersYours in Finance

AshYes thought it sounded like a Homeside loan.If the net balance is $50k then the monthly interest repayment is $50,000 x 7% / 365 x the number of days in each month.Yes some lenders have a pecular offset account where the repayment stays the same and the loan balance goes up and down. Not ideal when you intend to rent the property out in the…[Read more]

No-one that i know of.CheersYours in Finance

Hi AshNot sure who told you that a lender can take your funds from your offset account and pay down their loan but that is not correct.Assuming that the loan is an interest only loan with 100% offset account and not with lenders such as St George, CUA etc then if you have $350K loan and $350K sitting in your offset account then NO interest will be…[Read more]

Hi ErinPlease understand at this point in time ALL properties in Queensland are being valued at under replacement costSorry but that statement is clearly not true and is highly deceptive and misleading to potential investors.We arrange valuations on around 140 properties a year many of them of which are brand new and certainly this is not the…[Read more]

Hi LesleyDifficult one to provide you with a structured response without further hard data.Are you using equity in the PPOR as deposit for the IP ?At what stage is the construction at and is it being done thru a Registered Builder.Probably 101 more questions but having received a record number of applications in today i am having an early night…[Read more]

Hi AdamFunny this is a question i probably get asked more than most from forum clients and in fact there is no right or wrong answer.Depending on the State you are purchasing in you will probably loose the Stamp Duty concession if you buy the property as an IP first up and that could be a sizeable amount. The $7000 FHOG will still be available…[Read more]

Heh i am concerned now.I checked my DFT deeds and there is no mention what happens when i go grey.Think i might have to get Terry to reword them !!!!!Rusty alway best to plan for ever eventuality.CheersYours in Finance

As i say no you dont have to jump thru any hopes.A couple of lenders take probation as if you were a standard employee.We do them regularly.CheersYours in Finance

Hi SbhjainFirstly welcome back to the forum and i hope you enjoy your time with us.There are a couple of lenders who will go to 90% lvr even if you are on probation so that is not usually an issue.Course like any other deal more hard data is required to ascertain the best way forward.Drop me an email if you want any other informationCheersYours in Finance

Hi MelFeel free to drop me a line with some basic numbers and i can tell you whether you can still go forward.You can then decide whether you want to sell any of the properties within the portfolio.Personally i try to adopt the adage never never sell but understand sometimes it is required to keep going. Cheers Yours in Finance

Stamp duty is totally separate and nothing to do with the loan amount.You are borrowing against purchase price / valuation only and the balance of funds needs to come from your own pocket whether that be cash or equity.CheersYours in Finance

Hi SimoneDont want to put a spanner in the works but you will not finance a deal like that with only $100K to put down.CheersYours in Finance

Hi MarkOk first look the basic numbers appear ok in regards to lvr (although of course you havent mentioned the actual purchase price but will assume it circa $850K) and you asset backing is adequate.Whilst you may not wish to offer your existing residence as security you will still need to disclose this as an Asset on the application form so any…[Read more]

Maybe i am in a lucky position that all of my properties are owned either unencumbered or the odd one with a loan is still positively geared but i have to say the only reason i would sell one of these is as Jamie mentioned would be to replace it with something i though would grow at a quick rate through capital growth rather than income.Changes…[Read more]

Legend like Terry i am slightly confused.If you already occupy or intend to move back into the property you mention and use this as security for the new investment property then no problems at all. If you then intend to move into this new investment property then the rent you receive on the current property with minimal mortgage will be added to…[Read more]

AJ, agree with the boys would try and maximise your borrowings whilst you can.Assume you are employed rather than self employed?If you are buying an IP you would also be able to factor in potential rent as an income although would need to take the corresponding rent / board liability as an expense.Course without further hard data difficult to…[Read more]

Hi PaullieYes when one member ceases contributing then their share of the overall fund is adjusted.This is the same when the fund is formed. Assume husband rolls over 70K and wife 30K then future growth is apportioned accordingly. This is then adjusted each and every year depending on the individual contributions made by each member over that…[Read more]

Seek Professional advice as selling the property into a Family Trust is unlikely to be cheaper.CheersYours in Finance

Sash – No not all lenders capitalise LMI as Terry mentioned.If it was deducted on Settlement this would have been outlined in the letter of offer which you signed.CheersYours in Finance