In addition to what Terry has written who now pays the Capital Gain Tax. Seller thought he would have a few quid over to cover these expenses but now finds he has to pay more money into the loan and also cover his CGT bill at the end of the year.Or in fact the remaining security is a unit and either his lender now doesnt accept the security on a…[Read more]

Hi TalisYes you have it.It will save you considerable issues down the track.

Sarah i have just answered your email.Looking at 6.48% on Lodoc 80 without any form of BAS or Trading Statements.

Hi SarahDont have much information so if you wanted to email me up the basics i can tell you more.

SarahI would be switching Brokers.There are many lenders out there who will do a 80% (even 85%) lend on a purchase and not require BAS or Bank Trading Statements. Actually had 2 approved today for a forum clients. 1 Refinance with cash out and the other a new purchase.

Yes your current Mortgage Broker sounds like he is a young pup and not an old timer like some of us who are stuck in our ways about not wanting to cross collateralise a clients loan.I would strongly suggest you looked at switching the current IP from P & I to IO with 100% offset (assuming you have no other non deductible debt) and then taking a L…[Read more]

I agree it is not everyones cup of tea and each client is different.I personally have over half of my properties on a P & I basis and the other half own unencumbered.To me the gross rents of the unumbered ones go into paying down the principal debt of those still mortgaged.This may not be the advice i give the average client after listening to…[Read more]

Hi again BlissyFirstly congrats on the news of your new arrival.From those numbers i think your equity is fairly limited so might be a matter of using some of your cash / managed funds and looking at a 90-95% lvr.Not cheap when it comes to the associated costs but gets you miving forward.i am assuming you havent considered buy a PPOR and claiming…[Read more]

Most of our our IO loans are for a minimum of 10 years.

It is alright Garret got axed himself this afternoon.Relieved of his duties.

You could always look at taking out a Nodoc Commercial loan in the name of the Unit Trust and freeing up the respective PPOR securities.

SpiroRegretfully nowhere near tight enough.As a Financial Planner the hurdles we have to jump over make the Mortgage Broking requirement look like childs play.If i had my way would be a minimum of say 5-10 year in the industry, degree qualified and bloody hard exam to get over. 

Ok my misunderstanding i was under the impression the loan was to be in the name of the Trust.

Yes you should have done it differently however may have been reasons for doing so.Still not too late to correct structure so you can go forward.

SarahYes Bank West will not lend to Trusts on LODOC full stop.I am suprised the Mortgage Broker or Bank johnny who put your application together even suggested BW as an option as their policy is fairly clear they will not do in TRUST.

CarlitoSorry i think you are missing the point of correct structure.The LOC secured against your own PPOR will be used to draw down a 20% deposit and acquisition costs on your new IP.Separately a standalone loan of 80% of the purchase price will be taken on the IP security.Hope this makes sense now.

Could try someone like Aussie but as Terry mentioned entry requirements are getting harder.

CarlitoYou wouldn't deduct the loan owing on the Commercial property if the PPOR is not being used as security.Debt servicing maybe an issue from what you have written so Lodoc option maybe a consideration depending on your current position. Must admit i cant really see the problem but admitedly we are not armed with all of the facts.Dozens…[Read more]

Lots of lenders out there who would do it without BAS or Trading Statements but unfortunately BW is not one of them.

Hi D2Congratulations on making the first move in the property world.I am not sure there is any minimum requirement for payment of a deposit it is merely what the vendor will accept.Now with regards to the payment of a valuation fee i think i would hold off as the lender will want to do one anyway so this could be $450 well saved.Your Mortgage…[Read more]