Hi DawnFirstly welcome to the forum and I hope you enjoy your time with us.Look sorry to say this but i dont think you or your Bank have an understanding of the required set up and clearly they do not appear to be acting in your best interest.I assume it was a simple typing error but Anz do not offer Interest free periods at all only interest…[Read more]

Many lenders do like taking dual key apartments as security but i am not quiet sure if this is what you are looking to purchase.A lot more information would be need to assess the deal correctly and provide you with some structured advice.

Your Broker is correct and Steve has clarified this in several posts.

It is a redraw not an offset account.Had a lot of clients come a cropper with the same product. They went there because the bottom line interest rate looked attractive and didnt read the fine print.

dtrumpYes i guess MC are fine if you want the sausage factory 1 loan fits all style of Broker who could have had upto 6 week experience since he gave up work as a brickies labourer.Hate to say MC are merely a franchise and you get exactly what you dont pay for.Thankfully under the new NCPP which came into effect July 1 a lot of Brokers will be…[Read more]

Christian is correct however there are other factors to consider.It will boil down to the overall lvr and your Credit score.Some lenders will run off the purchase contract others will want anything from a driveby or computer produced val to a full valuation by a Professional valuer.Too many variable to give you a definate answer.

Yes but few and far between.Need good credit score and accept that it is standard variable rate only.Also would need to be in an accepted post code area for the MI.

Hate to disagree with our previous poster but i certainly would not join the loans together.As Terry mentioned keep them separate and structure so they are both standalone.

Hi thirstyPersonally i would like to see the land loan secured against the property itself to free up the equity in the investment property for further investment.Transfer the land loan and then set up a standard construction loan to complete the building.

Terry's point about very little negative gearing benefit is the reason i suggested a UT structure with your husband holding the Units.

Hi PapinaI have just answered zara's other post and you might want to read this first as it covers the issue.

Hi zaraFirstly welcome to the forum and i hope you enjoy your time with us.What you need to bear in mind is that the interest on funds redraw from your current lender will not be Tax deductible so redrawing the current loan is probably not that wise. As it stands the rent  will be added to your Gross income and there will be no Interest D…[Read more]

Perhaps Dazz can tell us which lenders come post 1 July allow Vendor Finance as an alternative finance option.I am not aware of any lender but am always happy to be corrected.

Hi TraceyYes ironic isnt it that as i mentioned earlier a Broker has to ask for such additional document but a couple of the Banks can still do a loan both purchase and refinance on a stated income basis for another 6 months.

Hi DonHate to say if he is from the Bank say a mobile lender unlikely he will have the knowledge or experience to structure it correctly.Some of things client have told me bankers have told them makes me shudder.I agree the same with some Brokers but that is why you try and use someone with half a grain of experience.

Hi WilliamHave no problems in writing them but i ask for BAS and Bank Statements.Seems to me incredible that a Broker cannot write a lodoc loan unless he can deem that the loan is not unsuitable for a client yet the same client can then walk straight into a lender direct and they can write the deal until Jan 1 11.Must admit have declined a couple…[Read more]

Sorry they want you to pay $395 to get you to go their inhouse Mortgage Broker in another State to be told whether you can afford to purchase one of their over priced properties.I think i would be running a mile.

JasterIt is a fairly simple calculation so i would be doing it myself using a simple Excel spreadsheet.Just need to bear in mind that post July 1 2010 you now need to be Licensed or an Accredited Rerpresentative of someone who is Licensed to offer such a product.

I am with Banker and very much opposed to such set up's.4% Commission can be a little light on as i have come across deals with 6% + commission being earned by the marketing firm.Use an independant Mortgage Broker acting on your behalf rather than assisting the developer offload his stock and then use either a Buyers Agent (if you need someone to…[Read more]

Yes you are retaining ownership of the individual properties as you would be the Unit holder or Trustee.Dont know anyone in the Melbourne area but if you require a mortgage broker you merely need one with some experience of investment and Trust structuring.