Hi ClareMight need some further clarification to decide which is the easiest and cleanest way of structuring this.You mention that you want to help your mother out however also want to use the property as a mini investment for you.Who will be owning the property ?This is important as if the Title is in your name then will your mother being paying…[Read more]

We have a couple of deals going through the NAB and havent struck any problems to date.

Banker hate to disagree but i have registered dozens of them here in Qld with Anz holding the first mortgage and they have never asked for Deed of Priority.

Currently not aware of any conventional lender (not the Dragon has pulled in its horns) who will take a 2nd mortgage.Also the Deed of Priority will be State based as certainly not a requirement here in sunny Qld.

There are a few lenders left doing 95% lvr's and you dont have to be a customer.Certainly have easier Credit policies than BW and Suncorp.

Bear in mind Bank West credit policy is much the same and very hard to get a deal to fly unless credit score is perfect.

Anz is instant approval subject to information.If you are going to take 2nd mortgage with the existing lender this would need to be approved first up so you can evidence funds to complete.

Hi MarkAt least the exist fees dont sound to bad with ING.Personally the way i like to structure a loan for my clients is sit an investment line of credit behind their PPOR loan (which depending on a couple of things is usually Interest only with 100% offset account) and use these facility to draw down the deposits for the IP's.Then take out a…[Read more]

Yes all depends on lvr etc etc and whether it is a standalone property, requires LMI, internal valuation etc.Couple of people i can think off but as say depends.

Yes future capital growth / equity is to the benefit of the purchased and not the Vendor (of course unless the Contract states otherwise and I have done the odd shared equity deal under vendor finance).The incoming Bank will normally only lend against the initial purchase contract irrespective of the value unless of course where the Contract if…[Read more]

Hi MarkFrom what i am reading hate to say does sound like a dose of CC ising.There are several ways to unravel the potential mess but would need further information to point you in the right difection.To be honest often better to take a step back and correct the structure now rather than keep going and dig yourself into a bigger hole for the future.

Yes us Poms must stick together.Which part of the Uk are you based in David ? I am southern boy myself although do take on clients who were born North of the Watford Gap lolWas only over there Oct/ Nov and a little of Dec 09 however managed to miss the snow.Realistically you wont get LMI cover until you are a permanent residence so will be…[Read more]

Pros – They will do it so a rarity.Cons – They approve 1 in a million and take ever and a day so dont be suprised if yours is declined or if they ask for paperwork coming out of your ears before declining.I find Suncorp's service a disgrace so would prefer not to use them unless i was desparate.

What do you consider fast.Most lenders offer an electronic lodgement process where all being equal you can get a conditional approval in a matter of minutes subject to providing them with evidence of documentation.

Hi TSOne of the best on the GC is Steve Hodgkinson who is a partner at Gold Business Group in Southport.Steve has been my Accountant for nearly 15 years and is an expert on property.His contact number is 55322855.Tell him i sent you as most good property Accountants are not taking on new clients.

GOM Yes you are right it is impossible thru the Big 5.

Tracey ok noted.

Tom if in doubt as Terry mentioned look at your Letter of Offer under secutities and see what they have listed for the new loan.If both securities are listed it is a tell tale sign of CC ing.

Terry Not saying there arent exceptions but it is a standard condition of the Package.When i was with the Dragon there were lots of rules we didnt used to comply with but still were supposed to.To avoid CC the securities you need to make note on the submission otherwise under the package they are automatically crossed.

Cross Collateralising securities can often be a condition of similar based products to the NAB Portfolio product.Take the Dragon Professional package – Advantage it is a condition of the package that each loan be crossed with each other and they are not alone.