Not aware of anyone who would do that lvr on a caveat loan.Usual max would be 75-80%.

90% lvr would be doable as i think i posted on the other part of the forum if you purchased them individually but of course the vendor has to agree to mix up the contracts.Secondly you would need to both be able to support the individual borrowing which from your incomes may appear ok but your existing loan on your PPOR you wil be seen as jointly…[Read more]

From what i read it involves knocking down the current house and building a new duplex.If this is the case funding the deal might be a little harder than you think.Many lenders will only want to consider the land value as soon as you knock down the house that is all you will have.Then in turn you would be looking at a construction loan on the new…[Read more]

What is the overall lvr pre caveat.Where is the security I assume it is residential.Realistically between 2-6% per month is the likely rate so not exactly cheap but certainly quick.

Having the loan high and IO with 100% offset is exactly the same risk as having it as P & I from day 1.

Duckster Are you sure you only need $2M per year to go direct.I deal direct with one of the majors and their hurdle was a lot higher than that.

Very true and totally agree but most of the forum readers probably wouldnt qualify.Thankfully as i only have loans on less than 15 of my properties now and whilst i still earn an income from  UK wouldnt go to the trouble of a LC.Point taken but not for your average small investor.

Terry first error you have made in 9 years and 8572 posts we will let you off.

No NAB Do thru their 4 start brokers (95% less LMI)Anz current max 90% less LMI but they are looking at pushing back into the 95% landscape.Westpac – Only for existing customers otherwise 87%.Still a few non major lenders offer such a product.

If you meet the 3 bullet points above you will need to put down approx $25,000 as a fee for credit assessment Or as i said you could approach John Charcoal and then wont charge you anything.

Dont use it as security for the new PPOR otherwise you will have a further case of Cross Collateralising the 2 loans.Both loans need to be standalone.Suprised the broker set up a PPOR without Offset A/c or infact not being IO.

When you are restructuring as Terry has suggested you might also be wise to uncross the 2 properties as looking at the numbers you have presented i can only assume the are tied together. 

With the odd exception most lenders will want something from a Financial Planner or a Stat Dec to advise where the funds could be spent.When we arrange a loan even on a Line of Credit we normally place a copy of our Statement of advice in with the loan submission to advice where we have suggested they invest the funds. If of course the client…[Read more]

Steve, surely you dont need to go and learn how to get married.I am married and I just do as i am told it is fairly easy stuff.

Hi SteveYes 16 in line would be consider a Com deal especially if they were buy, renovate and onsell type of acqusition.Still can be done at competitive rates.

JohannYou say you are planning to live in the current property for 3 Years. After this time what will you do – buy another PPOR ?If you are not sure then i would be looking to switch the loan to an interest only loan immediately and linking it to a 100% offset A/c.Last thing you want to do is pay down the debt only to decide to rent the property…[Read more]

Hi StatelyUnless it is more serviceability based there would no need to sell either property.Lenders wont care that you have sold an asset in order to use the funds as deposit for another property.With regards to finance more of a matter of coming back in a 18 months time + and looking at an application as lenders wont hold a pre-approval over for…[Read more]

Yes not sure what happened to it but i did answer it with a couple of questions which included type of security, location how will it be repaid lvr etc etc.To be honest anyone prepared to offer $1.8 will probably want more than $100K in return.

Depending on the style of units and location you might get 65% on a standalone security.Couple of specialised lenders out there in this market but would depend on a few factors.

JWYes you could purchase them individually as long as the purchase contracts can be split (and the vendor may not like that) and both of you individually can support the individual loan amounts.Secondly have you considered the possible GST implications especially if the property is to be "substantially renovated" as this may not make the deal so…[Read more]