Have you considered selling the properties on an instalment basis or thru Rent to Buy basis.Have a chat to Paul Dobson from the forum who assist form members do just that.A search on past posts on "wraps' or instalment contracts" should bring up Paul's details.CheersYours in Finance

Hi RahrahSorry i hate to disagree with you but neither "Debt Assist" or indeed "My Budget" pay off your debts for you and charge you a fee.They are not lenders and merely negotiate on your behalf a reduction in the payments / interest rate / debt balance for which they charge a fee. They certainly do not "Pay Off" your debt  as i said to Justin…[Read more]

Hi ShaneWhat is the approx purchase price?CheersYours in Finance

Hate to say Justin you wont find anyone who pays the card off for you and you then pay you a fee but you might find someone who charges a lower interest rate on balance transfers and that could help you.Try someone like Citibank they used to have a pretty low rollover rate on C/C's.CheersYours in Finance

Hi JoshFirstly welcome to the forum and i hope you enjoy your time with us.It is not unusual to get conflicting advice between your Broker and friends and even between Brokers.Unfortunately it looks like your current loan is a P & I based loan so you are limited to what you claim in the way of interest deductions for the existing loan whilst…[Read more]

Hi SamsonOk wont be a redraw then.Hate to say many mortgage brokers havent even paid off their own PPOR let alone bought a few dozen IP's and that the standard answer you get from most.Good luck in what you decide.CheersYours in Finance

Hi SamsonWow hold on there such a loan is not so simple and there are many considerations before you rush in.Just to correct a couple of points:1) Interest on a redraw is only deductible where the funds are to be used for investment however you would set up a separate split account rather than merely redraw funds on your PPOR.2) LMI is deductible…[Read more]

Yes he was bloody good for a retriever answered the phone, took message and corrected my spelling mistakes.Couldnt retrieve a stick to save his skin and well ball games were too much like hard work.Cheers'Yours in Finance

Funnily it was my dog that came up with it.He is not with us anymore so wont try and claim the royalities.CheersYours in Finance

Oh whilst you are there Angus.Can you tell us is the loan mortgage insured when the lvr is less than 80% irrespective of who pays for it.This is a critical credit question for most investors and i look forward to your reponse.On the matter of not charging a DEF or early repayment fee if it is like any of the other First Mac products not a matter…[Read more]

Hi AngusI have known Kim for 20 of those 30 years here in Brisbane and hate to say many of my clients still have nightmares over the old Nationale / Tonto products so regret to say no faith there.Always good to see a member join up the same day a comment gets made on their organisation so they can immediately write a 300 word response promoting…[Read more]

Heh JamieThat quote is mine from circa 2002.I am sure i copyrighted it at the time.CheersYours in Finance

Hi WealthShoot me an email and i will send you back an article i wrote some years ago for one of the property magazines on my  10 reasons why you would not cross collateralise securities.As Swampy has mentioned only benefit is for your lender.Seem to spend most of my life at the moment restructuring loans for clients where their own Bank Xrossed…[Read more]

Hi TYou Broker maybe correct although i must admit there are still a few lenders that will consider the deal as a residential application,I have a couple of such deals on my desk at the moment for forum clients and we have obtain 80% lvr at sub 7% without too many fees or charges.Maybe your Broker is not too well versed on small development /…[Read more]

Apologies i was reading 2 posts at the same time and thought Charlie was asking for the savings over a 6 month period not 1 year.CheersYours in Finance

Totally agree that Jamie is a great guy and long standing contributor to the forum however if your son is only 16 he cannot legally enter into a Contract to buy a property for a couple of years.Of course you could always look to establish a Family Trust with him as a named beneficiary and buy the property in Trust based on the fact that the…[Read more]

North Western suburb of Brisbane almost deemed rural.Some nice large blocks if you enjoy the maintainance.Public Transport isnt great to that side of town but nice place to live.CheersYours in Finance

Charlie you are getting confusedTry $45,000 x 7.1% = $3195 / 365 x 182.5 = $1597.50CheersYours in Finance

As the FHOG is a Federal Grant (Administered by the States) I can assure you there is noc hange to the status of the Grant post July.CheersYours in Finance

Had another client ask me about it only the othre day.Firstly it is an offset / redraw account so not a proper offset account and would not be good if you want to rent it out.Secondly every loan is mortgage insured irrespective of the size of the loan or the lvr.Might be ok now but why involve LMI when you dont have to.Ask youself who actually…[Read more]