I am with Terry never have never would.Ideal for the new Broker who deals with FHB you are chasing rate but for structuring a loan or for where to put it software is useless.

Hi CourtneyFirstly welcome to the forum and I hope you enjoy time with us.Certainly based on your income figures you appear to have sufficient serviceability to acquire a new IP or two.I am assuming that your other $50K of loans are not secured against your PPOR otherwise if they are equity will be limited.A good mortgage broker can crunch the…[Read more]

A cross collateralised loan is where the loan is supported by multiple properties or securities and is a definate no no.Your Mortgage Broker should be able to structure the deal to ensure they are not crossed.Do you have any equity in the current IP ? If yes i would be using this to access your deposit.If you intend to reside in the new home…[Read more]

A cross collateralised loan is where the loan is supported by multiple properties or securities and is a definate no no.Your Mortgage Broker should be able to structure the deal to ensure they are not crossed.Do you have any equity in the current IP ? If yes i would be using this to access your deposit.If you intend to reside in the new home…[Read more]

JJAll comes to the tax deductability of the loan interest.Again without being funny unless your Broker is a Licensed Financial Planner he should not be discussing the merits of an offset account with you.

PotoSome lenders charge a higher mortgage insurance premium if you go IO from the start so another reason why your mortgage broker should have a good knowledge of structures as well as merely lenders loan products.

Wow what a well timed post just happens to coincide with a property seminar i am holding !!!!.

All depends on the LVR and general security and feel of the deal.

Yes given the scenario certainly would suggest IO with 100% offset.if you intend to live in the property for a period of time you wont want to be depositing funds (salary, rent and the like) into the original offset account as you might as well save interest on the non deductable loan whilst you reside in it.Just make sure the loans are not cross…[Read more]

Dont want to have to correct a fellow broker but Anz maximum lend on any security is only 90% LVR and they deduct LMI from the 90% not add it to the loan as per most lenders.Personally I would go the Line of Credit option but everyone to their own. Just make sure he understand how to structure the loan so that the securities are not croos c…[Read more]

CBA have tightened up there lending policy considerably so not suprisingly they declined the deal.Would need specific information to advise you whether the deal could be done or not.

CBA have tightened up there lending policy considerably so not suprisingly they declined the deal.Would need specific information to advise you whether the deal could be done or not.

DjsDont want to be the bearer of bad news but unless you are putting in cash on all of these deals the mortgage insurers will be the ones who stop you not the Banks.Both mortgage insurers recatorgorised the whole of the Country over the last couple of weeks and are slowly pulling out of cover on many many small regional towns.

Which areas are you looking at and do you intend to be paying cash or using your own Australia equity here to leverage from .

Ok well me things you should get some professional advice before you buy the next property as for tax and loan planning a DFT is something you definately need to consider as a buying entity.If you have more than 1 dependant or are thinking of having further children the benefits get greater as you go along.

Are they First Home Buyers ?If so why not sell it to them on an installment contract basis with the terms you mention above.In addition you assign the $17,000 FHOG to yourself and this is payable after possession so another lump sum payment.The $20K should be placed in a Term Deposit A/c in your name or at least in your Solicitors account released…[Read more]

GOMYou are so right.Unfortunately for GOB the CAR rate is from day 1 and unless he is in Qld the LMI is a higher than $4600. (Qld has the lowest Stamp Duty on LMI premiums) when other lenders are $400-$500 cheaper.With $3000 sitting in the savings account every single day for a year he will be actually loosing $3 a month when the Bank charge him…[Read more]

Everyone to their own Go but hope you understand the true costs with the Rate Tracker loan.Forget the advertised interest rate of 4.92% as the CAR rate is comparison rate of 5.61% and not cheap.Secondly might want to check the PMI LMI rate as at 95% it is more expensive than most.If you take the 100% offset account which costs $15 / month you…[Read more]

Duplicated

Rather than put it in your wifes name why not put it in a Discretionary Family Trust as this will give you extra options as well as good asset protection.