In addition to the consent (which is actually not required in every State) you will have to find a lender who will allow 2nd mortgages.SGB used to be one of the few who would do so.In saying this of course you would have to ask yourself why you would want to use a separate institution.

Hi BenLenders normally factor in 80% of the anticpated or received rent so that allows for 20% vacancy, rates, body corporate etc etc.I dont think 8% that is just over 4 weeks per year that scary.

Hi JaneEquity can be often be king as lenders will advance funds on the basis of equity alone with very little income confirmation.Also bear in mind that not all lenders take all government benefits into consideration.In saying that of course just because we could arrange a loan doesnt mean that you should take it up of you feel you cant afford…[Read more]

Hi hongshiThis has been emailed to you.Heh guys in future if you want to email me a report request as i dont spend all my time on the site and sometimes might miss a request for a report.

Hi probeSorry just noticed your post. Emailed back to you.

Hi MarkThats per report.

Hi MarkOk not an easy one i must admit.Couple of immediate issues i can see.1) Mortgage insurance requirements are that you have a minimum of 3% of the purchase price is genuine savings over the last 3 months and whilst we are not a million miles away certainly a little short at the moment. (Course one lender is an exception to this but they…[Read more]

gezzyYou have raised a very good question and one i would be interested to hear answered.Most seasoned investors find very quickly as part of an overall asset protection you would spread your risk around lenders.You can still gear to 100% + but the way the loan is structured is the important thing.Anyway maybe we will receive an sensible answer…[Read more]

Andrew i think you have missed the whole theme of the ongoing posts.Simply wrapping or providing Vendor Finance Terms in Qld are not illegal.Mortgage fraud however is not in my mind entrenterpreneurial. If you havent got a job but wanted to get ahead would you think writing out false payslips the way forward.It is very simple the lending landscape…[Read more]

Reading your multiple 12 posts mate i can see you obviously missed the punctuation classes at school.That's perhaps one of many reasons why you didnt cut in it in the finance industry.Anyway stop your'e whinging and get on and start saving as Jaffa suggested.You have a poor credit record and no money and you wonder why no-one wants to lend you a…[Read more]

Thank god for that. Are you off now then.  Sommersoft have been warned about you so all good.

Hi AdamMost accountants will establish a SMSF for you and probably have someone on board to undertake an Audit.The property is not purchased in the name of the SMSF as a SMSF cannot borrow directly but purchased in the name of a Bare Trust through an instalment warrant. The Trust in turn borrows from the Bank.After the last payment has been made…[Read more]

Hi AdamCouple of quick answers.You can start your SMSF with any amount however tend to find clients normally have circa $75,000 initially to make it worthwhile.A SMSF has to submit a Tax return, be audited, lodge with the ATO a Superanuation Levy return all which cost money so when you consider the average retail fund would charge around 1 – 1.5%…[Read more]

sjhFor someone who claims he was once in the finance industry i cannot believe you are supportive of mortgage fruad because the Banks are all crooks. What an amazing statement.I guess an alternative is to merely pop on a balaclava and go and hold one up with a toy pistol for the 20% deposit. That is also against the law as well but i am sure you…[Read more]

Hi AndrewJust a couple of points:1) I believe most of them also put a clause in the contract so that a default under the second mortgage automatically triggers a default under the first mortgage. Putting this in a mortgage contract is clearly illegal. The second mortgagee certainly has the same right of possession as the first mortgagee however c…[Read more]

Wow the course developers must be making a motza.2 forum members phoned me today who have done the Tax Lien course and are now trying to get their money back as they didnt realise it wont work in Oz.

Yes. See section 151 of the Qld Duties Act 2001 but only applicable if it is your PPOR.

How can they gift it prior to settlement.Lender will want to see evidence of funds to complete prior to issue of the letter of offer and secondly vendor will want to register his 2nd mortgage.

SPYes if the property was your PPOR then the Stamp Duty would be less than it would be if it is a IP.In addition you need to consider the possible Capital Gain trigger if you transfer the property into joint names whilst being an IP

Thought Duckster had already given a good explanation of this.Not enough real data to provide an accurate assessment.