Lilo No short selling here my friend.

Hi ColDont know your entire situation but find it strange to understand why a lender would not finance a deal for you on one income.Assuming you can get finance then what you would do is gear against the first property and look for this facility to fund deposits for other loans. Certainly would have been easier to fund on a purchase rather than…[Read more]

I agree with Terry there is no right or wrong answer.No 1 lender can suit everyones situation and wouldnt try and pigeon hole them like that.There are so many variables it is not funny.

Why not ring this bloke you advertised on an earlier post as he might have a friend who can do it for you for nothing.Just to let everybody know i have came across a great person willing to give free advise from experience and as well as helping you obtain all kinds of loans. Feel free to call me anytime so i can pass on your details 0420-496-076…[Read more]

urbanNo dont think he provides anything for free.

I am with Shane i am unsure why you feel you could not afford it.I appreciate that we only have a small amount of information but certainly from a servicing point of view you would appear to qualify.

Not normally in the residential sphere but yes certainly in Development terms.Issue with knocking down a single dwelling is that the Bank will probably only lend against the land value which maybe less than the initial purchase price.

Yes there are motel specialist and you are right the lending criteria would be much the same although might find the interest rate set up and ongoing costs might be more competitive.

Hi NitYes you can combine both you and your partners Super into the single SMSF as long as you are both Trustees and is something we set up for clients regularly as a  Fin Planner.Remember running your SMSF there are certain fixed costs such as Accountancy, Audit and ASIC Annual return fees and Bank fees.These will relate to a higher percentage…[Read more]

Hi CasmitYes i think purchasing a freehold motel would be a lot easier when it comes to financing.

Had a client ring me today who was buying an NRAS approved property.The marketing agent rang him and said he was sending out the purchase contract out but also was sending a separate "side agreement" that he was not to show his Bank.He rang me to ask me what i thought and my comments were if they have to prepare 'side agreements' then doesnt it…[Read more]

Imagine if we had a system that in Qld there was no recourse lending yet in NSW there was. Thats what happens in the US.We had dealings with 5/6 US Banks which are no longer with us.The Adelaide Bank 70% product (if it ever arrives. My mail is that the Adelaide Bank board have decided to hold off and see what the new Credit Code brings with it)…[Read more]

Yes Rams used to use Gemworth / PMI and Prime but replace Prime with WBLMI.As Terry mentioned not ideal if you dont want to have your whole loan mortgage insured irrespective of the loan amount.

Yes you certainly appear to be in a good position to move forward however how you structure the loan is important in order to achieve your end goals.A pre-approval makes sense especially if you are looking to move fairly shortly.A good broker with investment property knowledge should be able to help.Drop us a line if you need some ideas. 

You wont get any lender offer a lodoc refinance especially where you are looking to draw out cash as neither of the mortgage insurers support "cash out" under lodoc.If the NAB thru their Specialised Mortgage Dept have offered that i would take it and run to the hills as you wont get anything better.

Welcome to the forum and I hope you enjoy your time with us.There is little point transferring the property into your name as you are unable to support the borrowing and he is unable to be a co borrower from what you have written with his track record.The fact whether you are able to refinance and consolidate will depend on the extent of his…[Read more]

Nodoc's normally maxed at 70% Interest rate from 9.5%

Further more as Number 8 mentioned certain lenders will add back the negative gearing others will take the actual loan repayment on external loans without applying the serviceability rate of interest to these liabilities.

Further more as Number 8 mentioned certain lenders will add back the negative gearing others will take the actual loan repayment on external loans without applying the serviceability rate of interest to these liabilities.

Banker is totally correct that it fraud to declare an income higher than the actual amount merely to get a loan over the line and hence the new NCCP provisions may see the end of lodoc as we know it come 15th July 2010.In saying this there are couple of lenders that do merely ask the client to state that they are aware of the monthly comittment…[Read more]