Now certainly is not the word on the street or even the guidance on the RBA website.I think your friend is way off the mark and regretfully has little understanding on financial markets.

PwinneHate to disgaree with you my friend but Westpac are just as tight on underwriting if not even tighter.Certainly wont consider 3 paid defaults especially where 1 is in favour of finance by way of a credit card.Also Westpac wont do more than 80% LVR for an expat where as Anz will still go to 90%.Each lender and mortgage insurer has its own…[Read more]

Hi SlackerWelcome to the forum and I hope you enjoy your time with us.Yes it is possible to do what you are wanting but will depend on who your existing lender is.If you want to provide a wee bit more information we can advise you accordingly.

It will also vary considerably from lender to lender, mortgage insurer to insurer, with some lenders will depend on whether the loan is P & I or IO and also will be a sliding scale depending on your total exposure with that lender (scale increases upto $300K between $300-500K and more than $500K).

It will depend on the lvr as if mortgage insurance is involved it will not be the lender decision but the insurers.There are other options however additional information will be need to give you an answer.

Hi bevoYes i think they could have done things differently but i fear time is against them.They are better off to settle first and then rejig things to make it work for them. Unfortunately they will not be able to change the entity in which they purchase the property in unless they can cop the addition stamp duty and being a PPOR would leave it in…[Read more]

All i would say on the financing front is if the Title is in your name your mother wont be able to finance 2/3rd of the loan so you will both be jointly and severably liable for the entire debt.I assume your mother has a few assets of her own and therefore serviceability will be ok but also remember your existing mortgage will be consider a…[Read more]

Good to have you on board Tony.

Alternatively, would I be better off transferring the house to myself (higher income) and negatively gearing the full market value ($350K) and wear the stamp duty costs?This will depend on numourous factors including: Your marginal Tax rate, the State in which the property is located, how long you intend to keep the property, likely purchase…[Read more]

Whilst you can finance some of the development costs (with the right lender) you will still need to put a fair amount of cash or equity yourself during the process.Depending on what you intend to construct on the site will determine who will consider the application.Also you need to think about the entity you will buy the property in as all of…[Read more]

ToreeI am Director of the largest provider of Vendor Finance terms in Qld (First Home Owners Group Pty Ltd) so would be able to help answer any of the questions you or your friend may have.However i might have a better solution for you which would save you a considerable amount. We find the deals we can offer are much more competitive than the…[Read more]

GODBe suprised how many client i have had contact me over the last few months who have nice expensive C & N Trusts and now find that they cant find a lender to finance them in this structure.Just to go back to the original question you dont take a bond but a deposit off any potential buyer and in the default you are required to follow the same…[Read more]

If the loan is secured against the other properties then it is still cross collaterilised and that is your problem.CBA wont tell you an other option as it is not in their interest to do so and thats why you need to use a separate lender.

If you are cross collateralising (Not recommended) the securities and using CBA  then you hav every little choice. Personally I would be having this loan as a standalone loan secured against the property itself and raise the balance of  the purchase price plus costs against the other properties through a line of credit.Without knowing all the det…[Read more]

Better of set up a separate 100% offset account to be on the safe side.

Q1 – No one structure fits all. Are you buying positive / negative or neutral cash flow properties. If negative geared do you need to claim the negative geared shortfall. What is your marginal tax rate. Current expose to debt the list goes on.Q2 – I am not sure you have a understanding of what a wrap is as there is no bond held in an instalment…[Read more]

Yes i have a thought on both.You wont finance them to a very high lvr so will either take up a lot of cash or equity.

DucksterYou are right he did but Jack Meadows got him in the end.Certainly wouldn't happen on my watch.

Hi RodoYes at the moment 95% LVR plus LMI is still just available but it wont be long before maximum LVR will be 90% across the board.As Duckster has mentioned the biggest problem First Home Buyers now face in obtaining finance irrespective of whether the FHOG Boost continues or not is that lenders and mortgage insurers now require evidence that y…[Read more]

No duckster sorry i was posting a sarcastic post as fed up with the US scammers posting on this site.