Yes they are but you will really pay for it with regards to interest rate.80% is a lot more favourable.

Ok makes sense.Couple of things I would do immedately:1) Switch the loan to interest only with 100% offset account.2) Assume the property is owned as Joint Tenants / Tenants on Common  as the PPOR for both of you. Look to maybe increase the loan to purchase your mother interest or majority of her interest out in the property and increase your…[Read more]

You cannot merely refinance your IP's and claim a Tax deduction on the additional interest and then use the funds to pay down your PPOR. Anyone who tells you this is clearly mistaken.

As Banker has mentioned can't see too much of an issue at all.As the business is already established you wont have to wait for 2 Years Tax returns.

Rather than get them to be a party to the loan there is nothing stopping them lending you the funds at a commercial rate of interest.You would pay them interest which you could claim as a deduction and they in turn would declare the interest as income.Also nothing to stop the loan agreement stating that the receive a balloon payment if the…[Read more]

Hi ScottIs the property solely by you or jointly.Why did you refinance the loan? Was it to draw out some cash, pay off a loan or otherwise.Sounds to me like the loan was a P & I loan so hoping it now it is Interest only. You might have an interest contamination issue if the refinance was to pay out any external debts or raise additional funds.Also…[Read more]

Hi AndyI am assuming both loans are standalone (and there is no cross guarantees) given the names on the Title are different.I am with Terry i think initially I would be buying out your relative and then using setting up a Line of Credit on the balance of the equity to enable you to draw down the deposit and acqusition costs on your future…[Read more]

Hi YashWow thats not much.I would be embarrased and certainly not doing my job correctly if i did not disclose all of the fees (upfront and any potential ongoing fees) and charges to a client upfront as the is imperative for any client when they are deciding whether the loan is suitable given their requirements.Let me know if you want a…[Read more]

Yash What sorts of features are you wanting from a loan ?Remember unless the Mortgage Broker is also a Licensed Financial Planner then he unable to offer you any Financial Advice.

Personally i think I would be looking at gearing to a level of 90-95% paying some LMI and investing the balance of your savings into a 100% offset account.Couple of points worth bearing in mind:1) LMI is an opportunity cost and allows you to gear into a property now rather than wait until you have saved 20%.2) Being a loan cost it is deductoble…[Read more]

Hi MarkYes would simply be considered as a Sale and new purchase so whilst if done privately there would be no Selling agents fees there would be Transfer duty payable.CGT maybe payable and your Bank unless the loan is portable would need to start again and assess your application. Mortgage Registration fees would also be payable.

As long as the land is standard residential and all else being equal then cant see an issue with your idea.

Maximum lvr on an over 55's unit is probably 75% so based on those numbers and as long as everything else being equal it would appear doable.

So did Anz but havent done a franchise loan for 6 months or so.

Hi DougieFirstly welcome to the forum and I hope you enjoy your time with us.Think you are talking to the wrong lenders as there are certainly lenders who will finance deals for owner builders subject to the normal loan conditions.i assume you can verify your income and everything else is ok should be a problem.Certainly wont fall into mortgage…[Read more]

To confirm the security being offered is the franchise?If so who is your current lender.Franchising finance is a fairly limited field so will depend on a few things.If property was used as security then different kettle of fish.

Yes thank god but there are a million investors.Personally i cant keep up with the demand and hence dont get chance to post as often as I would like.I agree though if you relied on FTB for your business i think you would be going hungry.

Hi SlallenSorry to hear about your previous experiences with Mortgage Brokers.I know it is easy to be wise after the event but personally I would never take anyones word for the fact that the deal has been approved. I always email or fax to my clients a copy of the approval advice from the lender so they have it in writing.It is difficuly to…[Read more]

Yes in Qld it is around 2.7 x as much as if it was for an owner occupier.

Frugal oneHate to say that wont do you much good as each lender has it own panel of valuers and unlikely they will go outside this.By all means find out who is on your lenders panel and try and arrange a valuation on the property and then get your Broker to use the same valuer when the Bank do their own valuation.