PC Sorry old mate but there are a few inaccuracies in your last post:1) All IP Properties are in one of our names.   Simplifies Loans and Tax Time. Not at all as it is the Title which dictates the deductibility. Title could be in 1 name and loan  in Joint or 2nd applicant as Guarantor.Person that earns the most has it in their name.As an IP. If…[Read more]

And Hans you dont think the non bank lenders / mortgage managers wont be increasing their rates ?

Nigel i think you are right although regretfully Brokers holding Authorised Representative Status will no longer be able to use the US lenders for their Australian Clients.

The introduction of the National Consumer Credit Protection laws which came into effect for most on the 1st July 2010 have already had the affect of reducing the amount of funds borrowers can borrow thru a Bank or Broker.All we will need is further tightening of lenders / mortgage insurers own policy and that will hurt even further.

And Alan (http://www.propertunity.com.au) is as good as they get by way of a Buyer Agent.

I cannot believe anyone is advocating doing the deal and not discloing the wrap to the financier as this is clearly a case of fraud.In all of the 181 deals we have done over the last 13 years we have disclosed the fact that the property is being onsold.Initially this had to go to a National Credit Level in Melbourne of one of the Big 4 but with…[Read more]

V8ghiaIf you make comment about the number of grey hairs when you see the article i wont talk to you again !!!!!!

Oh what a lovely hornets nest we have stiring here.I am with number 8 and again charge no fees for any the financial planning advice i give my clients.I do recommend property (as i own one or two of them myself) and only started my mortgage broking business to help others get some real genuine independant free advice.Yes i admit we get paid a co…[Read more]

Earnings are in Singapore Dollars

Just had one approved today for 95% + LMI on an investment loan and the clients certainly didnt Bank with the lender.

And from what i read it is something that a mortgage broker could have done for you for nothing.

Paul agreed we went that route also at First Home Owners Group Pty Ltd.Not a matter of being safe rather than sorry more a matter of being compliant or being prosecuted.

PaulWhat has your Company down with NCCP.I assume you went the Credit License route rather than ACR.

Answer is Yes.In saying this remember loan costs are deductible over 5 years or the term of the loan whichever is the shorter so not deductible in 1 go.They would proportionalised for the loan term but you would be able to claim the balance of the term once the property is available for rent.Stamp Duty and not related loan costs are added to the…[Read more]

Yes in essence the calculation is correct.Of course gross rent needs to be added to the PAYG income and interest deducted but the figures will be the same.

I am suprised your Broker can find a solution to such an issue.You Transfer the property into his name and then go as Guarantor for the new loan.

Terry is almost rightMaximum 5 loans under Anz Bank Breakfree but nothing to stop you having more than 1 Breakfree package.I have several clients including myself with this.

CatherineYes there are lenders out there who will take the property as security but it would depend on 101 factors.

Do a search on the TIC as this has been asked and answered 1001 times previously.

You could have both but personally i would recommend an offset account to a client on the basis they have no other non deductible debt.