No you are right Terry the MISA is not a fully transactional offset account and therefore has significant shortcomings.

Varies from State to State.In Qld there is absolutely no requirement whatsoever.Where are you based ?

Hi TommyYes they will but you wouldnt want to structure it that way.You would split the loan and secure say 20% + costs against the PPOR and have a totally seperate standaone loan on the IP. Your Broker should be able to structure the loan correctly for you.

Plenty of red wine !!!!

At the moment Yes.

RudigaHate to say no. A mortgage broker is not allowed to give any form of investment advice unless he is a Licensed Financial Planner

Quick question for Fin Spec.Can you tell us what investment of $40,000 4 years ago you put clients into and is now worth $250K.Just curious.

I have no problems with either but would throw the NAB Choice package into the ring.I think it is not the product that is important but more the way in which it is set up and structured.

It is also illegal for a mortgage broker (who is not PS146 compliant) to give advice when it comes to offset accounts and yet believe it or not it happens every day of the week.I see so called advisers breaking the law and getting away with it so i am with wealth4life i hope they throw the book at the unlicensed guys on the block.Only been in the…[Read more]

Hi MareeI think what Tommy is asking is who will give him an Interest only loan with 100% offset account on a PPOR rather than a 100% lvr.Still a few lenders that offer such a product Tommy but would need more information to give a valid assessment.

NitYes remember Pre-approvals have a limited life span and this varies from lender to lender.If you had a loan pre-approved today but didnt sign a purchase contract for 45 days you would still need to start again with verification and supply of income and liability documentation.As Terry has mentioned many lenders have a priority on full a…[Read more]

JohnPatriot Act might hurt you there with any loan under 50K and remember you cant cross collateralise in the USA.

I am with Terry a Pre-approval means absolutely nothing and is really a bit of a waste of time unless you are ready to go.Most Brokers would have access to 25+ lenders but whether they use them all or not is a different matter.Approal in a week with almost anyone is ni impossible these days.

Possibly they do but unlikely a lender will accept a valuation which is 90 days old.

A quick search of the Body Corporate records or the last AGM minutes held by the Body Corporate will reveal the split between the Sinking and Adminstration funds.

The days of having to wait 6 months for a property to be revalued for many lenders have been and gone and you can revalue 1 day after settlement if you believe there is a reason why the property will have increased in value.In saying that i havent seen to many valuations come in on an increased valuation in such a short period of time.If you can…[Read more]

Thanks ITbloke for your insight.I think my earlier assumption was correct.Just dont use a Line of credit but an offset account to avoid contaminating the interest deductability.

CosmicThey said then we would only be able to tax offset $200k of the IP, not the full $250k of the house.  Is this the standard situation?Good to hear the Bank are right up to date on current Tax legislation.Absolute rubbish you would be able to claim a deduction on the full $250K borrowed for Investment.Where possible do not cross collateralise…[Read more]

Yes.

NeetyYour Quantity Surveyor will not provide you with a registered valuation as he is not licensed to do so and only a registered valuer can perform this service.It is common these days for Banks and lenders do either do a full valuation, driveby or even used computer operated systems like Australian Property Monitors to carry out their…[Read more]