JAYes you are right neither Nodoc and lodoc loans will not be available to you in this case due to a variety of reasonsProperty location, questionable whether it is even mortgageable, lack of evidence of income, not self employed, small loan amount, sorry but the list goes on and on.You could look at a secured personal loan but again lack of…[Read more]

Yes no wonder i go greyer by the day in this industry.What next.

Would depend if they were substantially renovated or not.

Of course one big disadvantage of a 2nd Base rate loan for the IP deposit and acquisition costs is that you are charged interest from the day the loan is drawn down and unless you have a property in mind the figure you want apply for will not be known.Nothing to stop you taking the LOC (which is most cases will cost you nothing to set up done…[Read more]

ElkaNot at all i think you are aware of my virtues of an offset accounts however with such a small loan balance the cost of maintaining an account is unlikely to worth either the higher rate of interest or the monthly costs involved and given the approximate loan balance think a base rate loan would be preferable.I would then look at bolting on a…[Read more]

PawkyRegretfully you will not qualify for either the FHOG or the Stamp Duty Concession.

EHHate to say if you got that then you wont now as I have mentioned before.A memo went around to all their Credit Managers stating that no discounts where to be given unless the total loan was over $750K and then on a case by case basis and subject to the approval of the National Credit Manager. I have put up a couple of deals to them for $1M +…[Read more]

Nah hate to say NO maree.

Winner sorry to hear about your situation.Rather than offer you any advice i would be talking with your Bank immediately as even if you sell the property it is unlikely they will allow the sale to go through based on the fact that they will not release the Title.I would be talking to them now to see whether you can formulate a repayment plan to…[Read more]

DanielNot of matter of when they change they already have.3 lenders dropped back to 90% lvr in the last 10 days and they added to Anz etc who changed some 3 months + ago.

I think it is what most investors and ordinary home buyers have been waiting to hear some normality returning to the market.Definately a shot down for FHB although as i mentioned there are still lenders who dont require genuine savings statements and will go to 95% but they are disappearing.Think most investors are waiting on the sidelines just to…[Read more]

RichardYes you will need to open a US Bank Account but regretfully ignore of lot of the previous posts as neither Citibank nor Bank America will lend to Foreign Nationals. Didnt in the good old past nor will they in the current climate. A lot of the US lenders who used to lend to FN's such as World Savings, Indy Mac, Alliance Bancorp this list g…[Read more]

STWont comment on the timeframe as this will be determined by your Local Council Authority and they are best placed to answer that one.With regards to your eligibility the new property will need to have its own Title for you to claim the FHOG as otherwise the property will be in your parents name and you wont qualify for the FHOG or indeed a loan…[Read more]

Hi AltheaThis is a hard one to answer as the response will vary from lender.In essense with most lenders who offer such a product it is a normal fully transaction savings account that you can use for everyday use and still have the benefit of having the interest you would have received being offset against the interest you have been charged.…[Read more]

Again hate to disagree with Alan but i am unsure whether he realises the Tax implication of using a redraw facility on your main PPOR loan.Without question as a Financial Planner i would tell you that you need to keep the loans separate.Yes there are many competitive basic rate products at around sub 5%. With regards to source of deposit i can…[Read more]

All of them will display this on their website or on their interest rate chart.

Hi AlphaNot at all i have dozens of NSW forum clients so feel to drop me an email and we can start communicating.

Sorry have to totally disagee with Alan.Unless i missed it you did mention your age however even if you were only 18 you have no issue in obtain a loan of the size you mentioned. I could quiet easily place that with several lenders at extremely compettiive rates.Also given the equity could also initially set up the Line of credit for you at the…[Read more]

AlexFirstly welcome to the forum and you are an enviable position.To answer a couple of your questions raised:What are the implications if I purchase a property with cash without a mortgage? Is it bad or good? I read somewhere that it has tax implications, but I do not quite understand it and do not know how to relate that in my case. FYI, I am…[Read more]

Fixed rates are based on the Bond market and have nothing to do with the Official Reserve Bank rate.An average variable for a loan over say $250K is 5.05% but a 3 year fixed rate is around 5.75% +.There are lot of disadvantages of a fixed rate loan so make sure you structure correctly otherwise you will have issues down the track.