Do not get a personal loan to pay down Credit card debt as you will just be digging yourself into a bigger hole.There are a couple of option but that is not one of them.CheersYours in Finance

Hi Dreaming BigCertainly having large amounts of unsecured debt is not ideal but it all boils down to your serviceability and whether holding such cards will effect your borrowing capacity.Maximum lvr on a standalone IP loan would be 95% + LMI so you would need to be able to access at least 5% + acqustion costs from your PPOR. When you mentioned…[Read more]

Skippy yes i must admit it did sound like a Destiny set up.They just love crossing those loans together.Remember to get that existing PPOR loan coverted to IO asap.CheersYours in Finance

Not only is it not a recommended way to go to reduce your interest on your home loan it is also a dangerous way of structuring a loan if you ever consider that you may want to rent the property out in the future because you have now contaminated the interest.If you end up staying with St George be careful of their so called offset…[Read more]

Yes that is because their standard variable rate is higher than most.Secondly as long as you have the 4 weeks or more it is taking them to consider an application.Sure Suncorp have a home but it is only for a selected few applications.CheersYours in Finance

My initial post still stands.What is right for one client wont be right for everyone.CheersYours in Finance

As Michael says there is no right or wrong way and each clients circumstances and requirements are different.What is right for one will not necessarily be right for someone else.Must admit i have never heard Steve say buying in your own personal name is the only way to go.CheersYours in Finance

Again to correct 1. Anz will only do 95% lvr for existing customers who have had a retail lending product with the Bank for more than 6 months. (as per page 63 of the Anz Operations Lending Manual).2. Anz will use 100% of family payment, parenting allowance and sole parent pension including disability support pension and disability wage supplement…[Read more]

Hi SkippyzWelcome to the forum and i hope you enjoy your time with us.Couple of answers to your questions:Firstly if you are thinking about using the property as a future investment property you should switch the loan to an interest only loan with 100% offset account asap to preserve the dedcutibility of the interest going forward. Now in regards…[Read more]

This will be my last response to this post as it is going nowhere1. Sorry CBA do still take Pension income into consideration. You might check their website to confirm this.Also as i have mentioned previously under NCCP there is no difference in the amount you can service based on PAYG income or disability income and anyone who tells you to the…[Read more]

Apologies Joe i have another Joe in Vic who is a client and in the Building industry who is doing an owner build at the moment.Wont tell you what his wife's name is but it is darn coincidence as it is exactly the same.CheersYours in Finance

Sorry couple of things to clarify and correct:1) You would not now what your Credit score as this an internal bank score and not available to the client. NAB operate an auto approval system and only where the application does not pass is the application referred to Credit.2) CBA do take disability pension income as does every other lender. Whether…[Read more]

Tools just to let you know joe has a lot of Building experience.CheersYours in Finance

Hi RTBUnfortunately you cannot have a the Builder write up the Contract and take the liability and you receive the cheques and payment from the financier.Lenders will draw the progress payments in favour of the Builder and he in turn can bank it accordingly.If however you wanted to access cash funds for certain trades, materials etc you could look…[Read more]

Obviously the Yield is one thing but you also need to remember owning property even ununcumbered property will still incur costs, Rates, Insurance Land Tax etc (some of course might be reduced if the lessor is paying the costs).You also need to accept that you need to put a fair amount of your own capital for each purchase.For a $500,000 Com…[Read more]

Obviously cannot comment as we dont have any real data whatsoever however considering you mention you have been to NAB / CBA private lending etc etc it could be something simple as a Credit score problem.All lenders change credit policy as they go so as has been mentioned NAB are not alone.Under NCCP pension income is considered the same as any…[Read more]

Hi EmmaRather than give it to you verbatim probably easier to refer you to the appropriate calculation in the ATO website and you can calculate yourselfhttp://www.ato.gov.au/individuals/content.aspx?menuid=44733&doc=/content/42616.htm&page=8&H8CheersYours in Finance

Find myself asking why the post was made in the first place if you have already decided to sell your PPOR.CheersYours in Finance 

Hi PBEvery lender has a different standard variable rate which they advertise on their website and in most National Publications on a regular basis.What you have to bear in mind is a 1% discount from one lender might equate to a 0.85% discount with another because they have a lower standard variable rate.Interestingly enough after the recent rate…[Read more]

Must admit i havent read the article but API did an article on me and our portfolio last year (I can email you a copy if you want to read it)I was lucky arriving from the UK some 18 years ago when the GBP pound was strong and managed to purchase our First PPOR (now IP) and another IP for cash straight up and then gear from there. 40 properties…[Read more]