Not sure who suggest the 95% loan but if it was your mortgage broker i would be steering well clear.You are better off borrowing 100% plus costs on your IP and using the extra funds to pay down your PPOR.Personally I would get your parents to take out a separate loan pay down your PPOR with these funds and then split your home loan to fund your…[Read more]

MitchIt all depends on whether you intend to sell the first place or not as to the process steps involved.

Hi RafaelFirstly welcome to the forum and I hope you enjoy your time with us.Couple of ways to tackle the issue:1) Some lenders actually offer a payment holiday period which varies from 3-6 months dependant on the lvr and how long the loan has been running with them.2) Look for an interest only loan and place the balance into a 100% offset account…[Read more]

EnzoOn the first part sounds like he might be better off with 80% of cost rather than 65% of net GR value.Second part – If all else is equal i think i would be looking to change Banks as 80% of land value is readily available. 

Before we comment can you tell us why you wish to sell and wanting you are ultimately wanting to achieve.Just makes the response easier to comment on.

Hi goodboyFirstly welcome to the forum and I hope you enjoy your time with us.Couple of comments below:1. I sell the property now and forget about FHOG ($21,000) and stamp duty concession. Since the property is now $300k, I can earn about $5k ($20k price difference – $8k stamp duty – $7 saling cost). Do I have to pay CGT for $5k? at what rate?CGT…[Read more]

Away from the name to put on the Title when you acquire this property (and Terry has outlined some alternatives) are you sure that your serviceability will be sufficient to gear to this level of borrowing. Without limited information it is difficult to provide an exact answer but seems to be some potential borrowing issues. Just make sure your Br…[Read more]

If the CEO is answering the phone then maybe his Company is not long for the independant world and you soon may find you are owned by someone else.

GOM they do an GE have a 40 year term but i was saying in the main most IO loans have a limited term of either 5 or 10 years.

Especially one who charges $660 for the valuation. Some friend !!

Unlikely you will get a 25 or 30 year interest only term so relates solely to the balance of the Term once the IO period expires.I would go 30 years as long as serviceability is not an issue. In saying that i would rather go 10 years interest only over 5 and even be happy with a 20 year term to achieve this.

There are certainly lenders who offer standard resi loans with Corporate Trustees albeit the 2 you mentioned do not.Not aware of any lenders that restricts lvr to 80% when lending to a Trust. 

Why wouldn't  you get a valuation undertaken by an acceptable valuer to your lender and commission this yourself in advance so you have a good indication as to the likely figure you can bid upto.

AndyDropping the lvr to 80% or below will not work with a small on non bank lender as in some cases ALL of their loans are mortgage insured.

Hi Richard Try Steve Hodgkinson who is a partner at the Gold Coast Business Group in Southport.Steve has been my Accountant for nearly 15 years and is an expert on Property Structures as well as being a great guy to deal.He is a forum member and has helped literally dozens of my forum clients.Tell him i sent you as most decent Accountants are not…[Read more]

Hi AnthonyAs Terry has mentioned in the current climate LMI can be like that.QBE PMI are having a run of querying Credit Reports and irrespective of what you say more than likely will not budge.Get you Broker to put the deal to a lender that uses Gemworth.

Hi lalorFirstly welcome to the forum and I hope you enjoy your time with us.My question is can I withdraw funds from a LOC structure on the IP loans and place some/all of this cash into my PPOR loan to reduce my non tax deductable interest? does this require a certian structure/strategy so as to comply with the tax department?Regretfully not as it…[Read more]

Hi j900Couple of points.1) The Trust Deed will need to be formed and dated prior to the date of the purchase contract so it needs to be established prior to signing.2) Signing as "And or Nominees" can attract double Stamp Duty in certain States so should be avoid.3) Your financier will require the Trust Deed up front to assess the suitability for…[Read more]

Yes Paul beat me to it.Thankfully having never used GE to do a loan i can only imagine what the DEF will be be but given that there are a couple of loan products out there at circa 6.5% you will be saving yourself 1.5% per annum straight off the bat.Certainly do the exercise as lenders such as this need to be taught a lesson.

Yes in sunny Qld Stamp Duty is payable 30 days after you go unconditional subject to this being paid prior to Settlement