BerlindaI assure you they are not running a charity and do not work for nothing.The forum members i met here in Brisbane were offered a house where the valuation came in some $35K lower than the purchase price and the local real estate i put the clients onto in the end had told them he had sold the same builders property in the same estate at…[Read more]

Hi MikeRegretfully you will not get to choose the type of valuation your Bank performs as they are the one normally paying for it. Certainly you can request that they carry out a full internal valuation and see what they say.Definately dont want to increase the current loan but take out a separate loan as otherwise you will contaminate the o…[Read more]

Which US lender do you use to finance these deal Jeff ?

Hi KarenCould possibly be true as NAB dont do internal valuations unless the loan is Lodoc so maybe a problem with the loan itself.Of course there is no excuse for your Mortgage Broker keeping you updated as to the progress on the application.NAB have the same credit channel as we do as Brokers so the progress wont be any swifter.Easy answer is to…[Read more]

Will vary from lender to lender.For some 3-4 weeks is normal others we are getting pre-approvals in 48 hours.Sometimes if your Broker is not 4 Star rated or not on the Banks Premier panel his / your application will not be given any form of priority but as i say it depends on who the loan is with.Even if the progress is s low your Broker should be…[Read more]

Depending on the age and location of the property you may find that Council cannot object.This is certainly the case in Brisbane if the building is pre the 74 Building Act.

If you use a DT you would want a Corporate trustee.As Terry has pointed out even though you may try and claim them as PPOR the ATO will look very differently and almost certainly classify the income as trading profit and you will be taxed accordingly.Also as SNM mentioned you certainly would need to be a licensed builder or engage such.

DMProbably need to no more about the deal but have done several deals like this previously with no problems.As i say more information needed first.

keikoI paid cash for it in my SMSF as the loan amount is too small to make it viable to borrow in Superanuation.

K Yes i agree with that.

Carlin Yes potentially.

Last one we finished was in February and although my partner is a Builder which certainly helps if you work on say $1500 / square metre then you should be ok.This does not include of course DA / BA costs or Council contributions and cover merely the building costs, inclusions and finishes.Standard townhouse size is a difficuly one but normally…[Read more]

LinarHate to disagree but i assure you the Bank's credit  and the valuer would notice a special condition stating the Stamp Duty is to be paid by the Vendor.This day and age they are looking extra closely when it comes to contract terms.

CarlinRBA movement have nothing to do with fixed rate pricing which is controlled by the movement in the Bond Market and not the cash rate.At the moment the rate margin on the 3,5 & 10 year bond rates are attractive as far as lenders are concerned but if lenders are prepared to cut margins to lock in customers the rates will fall. Whilst longer…[Read more]

BE Nothing wrong with that strategy at all and in fact we would suggest it depending on the total loan amount.Only downside is at the moment the SVR is about 1% less than the best 5 year fixed rate so lots of room for price movement.I believe as time goes on you will also see some aggressive fixed price pricing from the Banks as competition hots up. 

are you saying it would be better to set up a separate loan for the 20% deposit secured against the PPoR rather than refinance the PPoR to  a line of credit with a split option (separating the interest costs from th home and the IP)? YES

I am with you Dan for someone who contributes considerably more than $25K PA and is a younger than 50 Tuesday is going to be a problem.

The First Mac Fightback variable rate has a CAR of 4.89% no ongoing monthly or annual fees.Applic Fee at $256.25 val & legals at cost.Not recommending it but putting it up as another comparison.

Hi RudraYes if the valuer will value the property inclusive of the SD then fine.Other issue of course is the mortgage insurer knocks it back to purchase irrespective of the valuer and the valuation.Nothing else really available in the current climate at settlement. Nothing to stop equity being released afterwards.

Yes it is certaily legal as long as it is disclosed to your lender.Normally a rebate such as this would form part of the Contract conditions and most valuers will adjust the valuation accordingly.Had one only yesterday where the purchaser was doing just that and the valuer reduced the valuation back by more than the actual stamp duty (admitedly…[Read more]