Dont normally disagree with Terry but i cant see why you would want to pay an Annual fee for a relatively small loan.With NAB you wont get an interest rate benefit under their Choice package until the loan is > $150,000 and then it will only be 0.5% discount. There are several loan products around with extremely competitive interest rates, No…[Read more]

No she will make a couple more and then disappear forever.CheersYours in Finance

What lvr are you looking for?CheersYours in Finance

Why not get him to merely ring one of the QS firms and ask them.Most in my experience will give you a good guide over the phone without having to go the expense of a full report.Washington Brown / Depreciator / Napier Blakely are a few of the bigger firms with representation in most States.CheersYours in Finance

Is the Zillmere property one offered thru NRAS ?Good suburb but need to be careful on valuation there.CheersYours in Finance

Entering the limited document market is a different kettle of fish since the introduction of the new Credit Laws came into effect July 1 however is still possible.The level of documentation required varies considerably with some lenders not getting involved in this area of lending and others still prepared to consider applications.There are a few…[Read more]

TaffygirlNot sure which State you are thinking of buying in but as a First Home Buyer you maybe entitled to a concessionary rate of Stamp Duty. If you purchase an IP first you will still qualify for the the FHOG but will probably loose the concession.In Qld this means NO stamp duty at all on a purchase price of upto $500,000 and this is a big big…[Read more]

evernatAs Terry pointed LMI is an opportunity cost and especially where it is charged for investment becomes a deductible loan expense.Certainly if you can avoid or if the lender pays for it (Yes there a couple of products doing the rounds where this applies) then as long as everything else is equal and the product has all of the features you want…[Read more]

trebCan i ask you who you have submitted the deal too?Realistically CBA & NAB Agri Dept or Rabo Bank would be my first  port of call.Stacks are a private lender and probably worth considering if the above lenders said NO.CheersYours in Finance

LoraIf you need a Residex report ran on a particular property you are more than welcome to shoot me an email and i will run one off for you and email it back.I use the Comparative Market Analysis reports for some inter state properties i have been looking at it but have it Australia wide.Whilst i wouldnt always say their information is spot on…[Read more]

Terry figures are spot on as usual.One of the advantages in taking the loan elsewhere would mean that LMI is of course only worked on the exposure of the new loan and not the total exposure.Still the odd lender who is doing NO Lmi to the client on 90% lvr where the application is a purchase so options are varied.CheersYours in Finance

Hi Jessica.Welcome to the forum and I hope you enjoy your time with us.Paul is one of those nice guys and a regular contributor.Feel free to post away and ask questions or reply to questions already raised.Sharing information and views and learning from other is what we are all about.CheersYours in Finance

Thanks for the wrap Terry (by the way anyone looking for a good Lawyer Terry is your man).Working wonders depends on a many things. It is course difficult to comment on the level of magic that needs to be peformed without actually knowing any of the details.In saying this for of a lot Mortgage Brokers if it sounds difficult or complex often the…[Read more]

Firstly welcome to the forum Lora and I hope you enjoy your time with us.Must admit I am slightly biased as i have all of our properties in Brisbane and SE Qld.Personally i would avoid the CBD like the plague due to the high BC rates and short stay tenants and wouldnt buy in Woodridge.I am a fax of the inner western suburbs such as Toowong,…[Read more]

Welcome to the forum and I hope you enjoy your time with us.There is nothing illegal about using equity over cash to fund your next deposit.Certainly wouldnt be paying down the IP especially if you think one day you might buy a PPOR however i note you mention you will switch it to IO after the fixed rate ends. I would switching the variable part…[Read more]

I know Linar has answered this post in the other Forum and i agree with his comments.With 6 previous Credit entries on your file now i think the chance of obtaining a loan other than thru Private FInance is slim.I can think of one lender who may have considered it from day 1 but they certainly wouldnt now as they are not a lender of last…[Read more]

Yes was aware of the tunnell progress as my friend is the leading Engineer on the site with Leightons.Hate to say to you obtaining a pre-approval wont do you any good as soon as you sign a purchase contract even with a pre-approval the lender will ring your husbands employer to confirm his employment and will be presumably be told his work has…[Read more]

Hi MatFirstly welcome to the forum and I hope you enjoy your time with us.No regretfully accessing equity in your PPOR will not enable you to claim additional interest when the property becomes an IP. Interest can only be claimed on the current balance.If you need to acess the equity for a deposit on your new PPOR keep the loans separate.Draw 2…[Read more]

Couple of points worth mentioning:1) For a purchase of around the $225K mark you will probably need at least 10% of the purchase price to cover the 5% deposit, mortgage insurance, stamp duty, application costs, mortgage reg & transfer. Given this you would need to be doing a very minor renovation.2) Doing it repeatedly will cause you issues with…[Read more]

Certain lenders i can think of have CC as a Condition of their Letter of Offer so even splitting the loans doesnt get around the underlying problem.CheersYours in Finance