Before you do apply I would make sure that you have absolutely every bit of documentation you can think of as you will find them probably the toughest 100% lender in the market.They will want landlords references, rent receipts, 6 months credit and personal loan statements etc etc and then could stil say NO if they feel like it. 

Darren Regretfully it cannot be done the way you intend.Only way to get around it would be for a 4th party (parent for example) to buy the original property and then develop it and sell the 3 of you the individual land parcel or townhouses after it has been developed.You would need to cover their GST and potental Capital Gains Tax.All in all not…[Read more]

AphexThe useage of the property maybe 1 consideration but secondly the overall LVR.There are not that many lenders full stop who will go to 95% on a purchase price of $840K.If the rest of the deal is sound and the property is zoned residential i can think of a couple of lenders who would go to 90% LVR.Who have you approached ?

Yes as long as their existing lender offers such a product.

There are no Australian based Banks here than lend and have branches over there.There are also a very limited number of US Banks that still ofer FN loans.We deal with 2/3 depending on which State the security is in.

Sorry to but in on the ongoing post but 2 quick points:1) Westpac would have seen the PL enquiry on your credit report.2) It is an offence not to advise your principal lender that you intend to borrow the funds for deposit. This question in on all application forms and therefore would be deemd as an attempt to obtain a mortgage by fraudulent…[Read more]

Cant say i now anyone down that way but in saying that as most deals are done electronically these days the client and the  broker dont have to be in the same town or City.I have clients all over the Country and scattered around the world many of whom i have never actually spoken to but liaised by email with for years.Most Banks require…[Read more]

Cant say i now anyone down that way but in saying that as most deals are done electronically these days the client and the  broker dont have to be in the same town or City.I have clients all over the Country and scattered around the world many of whom i have never actually spoken to but liaised by email with for years.Most Banks require…[Read more]

Hi NickSure come across wrap deals all the time and obviously are unable to do them all ourselves (although i must admit we do try) and therefore use investors.One recent i had in Melbourne was a $90K purchase price where the client had a $5K deposit as well as the $17K First Home Owners Grant. So buy it for $90K resell it for $124,000 and pick up…[Read more]

No Tax payable when you sell your PPOR.Just need to watch her Pension benefits if she has gifted away 250K.

Hi PSCouple of issues here.1) No the house cannot be in her name and the loan in your name solely. She will need to qualify for the loan as other wise it is a 3rd party mortgage and lenders dont like these arrangements. 2) There will be stamp duty payable again on the Transfer Value if the title is transferred to her.3) There will be mortgage…[Read more]

Yes they can on the basis the lender can show they can service the whole debt.My question in relation to this is does that mean no further borrowings at all? or lets say (hypothetically) they have 10,000 left on loan and 90,000 in equity, they nominate 10,000 equity as a guarantee to us but they can still borrow against the remainding 80,000…[Read more]

Yes Qld does have a FHB concession on Stamp Duty.

Hi DannyDo you now how much you guys charge when you want a plumber out at midnight to deal with a dripping tap lolHaving a Trade qualification is always useful (not that i have any ability in that field myself) as you can often do work yourself and save dollars.Why not become fully licensed and at the same time read, research and ask questions so…[Read more]

Hi HsinghFirstly welcome to the forum and I hope you enjoy your time with us.Remember equity and the amount you can borrow against this are 2 different figures.Lenders will generally only go to 80% without incurring mortgage insurance and 90% possibly 95% with the payment of an insurance premium.Firstly you to determine how to structure these new…[Read more]

Hi JohnYes your figures sound about right.Still not a bad yield is it.

Terry has hit the nail on the head. Dont pay off the loan as the interest on redrawn amount will not be Tax deductible.

Interest charged on a principal place of residence cannot be offset against your taxable income so is considered non deductible.Interest charged on an investment property can be offset against your taxable income.Assume that you earn $50,000 Gross per annum and the rent received on the IP is $15,000 but the interest charged on the same property…[Read more]

Is it a single dwelling home or multi unit dwelling ?

Hi thereAll depends on the rest of the dal but probably No.Remember if you have a current non deductible loan on your PPOR you dont want to be putting 10-20% down on an IP as the IP interest is deductible whilst the home loan interest is not.Would be better of structuring the loan properly and borrowing 100% plus costs.