Dan i agree to a certain extent but then would you want to be taught to fly by a pilot who had only read the manual.I get so many clients say a Broker sat down with them told them how they could pay their home loan off in 6 years with a super duper wealth reduction plan for only $3500 fee and buy 4 over priced investment properties through their…[Read more]

Wayne, as the boys have mentioned sounds to me like you could have got yourself in a wee pickle.Without being funny i would not hesitate but get onto Michael tomorrow morning and get him to sort this out.January 12 is not that far away and i assure you that the Seller will not be happy to wait whilst you go and sort finance elsewhere.CheersYours in Finance

GregI guess what i was getting at is that as a broker who receives a commission and charges the client absolutely nothing then often we are required to redo a file for a product switch (Variable to fixed rate application) or split loan where the client wants to reduce his PPOR loan and take out an investment equity loan with no new b…[Read more]

Thanks Michael would you like to answer my question posted at 4.49pm.CheersYours in Finance

In additional to Michael's valid points I would do a search of the Body Corporate records and have a look at the last AGM Minutes to see whether there was any provision for an increase to come into effect or whether any scheduled work is set down.Also look at the Sinking Fund Anlaysis and see how much is in the kitty and what is to be…[Read more]

Greg / MichaelPerhaps you can confirm how you handle a client with say a $20K loan increase or a client who doesnt want any additional borrowing but just wants to do a product switch (involving a new application with many lenders) or a simple split for a variety of purposes.Do you charge them an hourly fee ?CheersYours in Finance

You will need the Diploma from 1 July 2012.CheersYours in Finance

Terry you must remember Michael from his Mortgage Detective activities.I am sure he will explain to us what a borrowers agent is.CheersYours in Finance

Should not the Broker who recommend the loan to you not be giving you this sort of advice this is what he is getting paid for.Sorry to sound calous but these Michael, Jamie, Terry etc offer their valuable advice for free and yet it is your current Broker who is receiving remuneration.CheersYours in Finance

As Terry mentioned:1) Yes the SMSF can purchase a Commercial property from a member or related party as long as doesn't breach the in-house Asset rules under the SIS Act and the consideration is done at market value.Few other criteria but it can be done.One of the benefits would be to sell it when you are Pension phase as there is no…[Read more]

Excellent Phrix good to hear.Jamie is a good fella so i am sure he will see you right.Keep us updated.CheersYours in Finance

That was my thinking Michael.Again not sure if a Fin Planner is licensed to offer an answer to the first part.CheersYours In Finance

Ron sorry mate why would a client want to offer their PPOR as sole security for the investment loan. Most of our clients try and go the other way and utilise as little of their PPOR security as they can when acquiring an investment loan. With structured debt recyling over the years the sole security can be the IP without any charge against the…[Read more]

Must admit i find it strange for an investor to approach a Financial Adviser for advice on a property scenario.Hate to say if you were tryiong to ascertain a borrowing amount the Adviser may not have been licensed to provide Credit advice and therefore that could be the reason he had not come back to you. This is the domain of a mortgage…[Read more]

Totally agree JamieSupporting documentation with the Dutch includes a blood sample but have a place where you are looking to reduce LMI on high lvr.CheersYours in Finance

Hi DrSimple politician answer is Yes and No.Typically these days many lenders advertise they will do them but the trick is getting thru the mortgage insurer.Very much Credit scored these days so all depends on the rest of the deal.Sorry to sound so vague but without hard data it is difficult to comment further.If you owned 3 properties with medium…[Read more]

Hi TimEven if the Dragon gives you the go ahead why not get onto Jamie and get him to do the SGB Increase for you.At least you will get it done properly and doesnt cost you anything.Apart from that he isnt a bad fella.CheersYours in Finance

Hi TimWelcome to the forum and congratualtions on deciding to take the step forward.Cant see an issue in what you have suggested and remember that LMI if charged on the new IP is a loan cost and a Tax deductible expense. In saying that there are a couple of lenders who will waive the LMI charged upto 85% or indeed charge a fee alternative which…[Read more]

Yes certainly Trust income can be added into the equasion but would need to be received consistantly for 2 years running in the current climate.CheersYours in Finance

Hi BrettHate to say "You cannot increase your borrowing capacity by buying in Trust" and Terry's initial comment is correct.In saying this there are many ways to gear into property without necessarilty incurring mortgage insurance.There are lenders who will go to 85% without LMI and those that will go to 90% or 95% by charging a fee instead of LMI…[Read more]