I didnt realise you were in Vic.Remember until 30 June 2009 the increased Grant is available and also the further subsidy from the State Govt.You dont have to use the Grant as deposit and could always retain this in cash funds to cover your interest for the next 6-12 months.As i say if you structure your loan correctly when you move out of the…[Read more]

I have referred Steve to many clients from the forum from interstate as well as those just in Qld.If you are happy to have your advice on the phone / email and to send him your Tax information once a year give him a call.To me it is worth going the extra distance to get the right advice.

If you want a top Property A/c in SE Qld you can go past Steve Hodgkinson who is a partner at the Gold Business Group in Southport.Steve has been my A/c for nearly 12 years and is a top bloke and expert in Property both Aus & NZ as well as Trust structures.I have introduced him to many forum members all of whom have sung his praises.He can be…[Read more]

I find it a little amusing the bank is asking me to payout a certain figure but will not tell me how they get to the figure – I'm supposed to trust their system and how they work it out. I think not!Oh nothing suprises me.

As Terry mentioned as long as you are not in a Defacto relationship and all other areas of the FHOG qualifying criteria are met then why not consider 1 each it is a combined amount of $28K you will receive.

Hard one to answer as it boils down to what you can actually service.On $48K each you would probably max out your borrowing capacity at around $275 – $300K each assuming no other liabilities so might want to think about buying 1 each both qualify for the $14K (assuming no Defacto relationship) and then after complying with the FHOG and Stamp Duty…[Read more]

The wholesale rate is a vague defination and could be absolutely any rate.Check out the RBA website and you will the official cash rate which is what your lender could be referring to.Alternatively it could be another yard stick. Without knowing exactly what rate they are referring to it is difficult to answer further.

Like a lot of lenders it is a 97% LVR as no-one capitalises the LMI these days over 100%.It is 100% less LMI.Do you really want a fixed rate loan at the moment. Wouldnt you be better off to wait and see what fixed rates do over the next 6 months before locking in.A fixed rate has a lot of disadvantages in a fall interest rate economy.

No unfortunately no lender offers more than 100% these days (The old 110% loans have been withdrawn).Nothing to stop you using part of the $14,000 FHOG to paydown some of your costs after covering your loan, LMI or similar and acqusition costs.

Ohhs posted twice

Firstly need to make sure that their Bank offer such a product (not all lenders do) and secondly Yes could be several things they have to change.You parents may have a Line of credit or redraw facility or even have the loan cross collateralised with other securities and these may need to be cancelled or restructured. Their income may not be…[Read more]

Firstmac still have their Trans Tasmin loan and as Terry mentioned Pioneer are ok with this.There are a couple more so you could use a mix of equity a new borrowing to get you there.Thats what we usually do for our clients wanting to buy across the ditch.

One of the downsides of the FG style loan is that the your parents propery cannot be used for for further borrowing during the guarantee period unless they use your lender and if they have an original loan against the property they need to refinance.If you take an interest only loan then you are relying solely on the capital growth to enable the g…[Read more]

Yes in Qld you will be exempt from Stamp Duty on your purchase and thnakfully eventually they did away with the dreaded Mortgage Stamp Duty in the Sunshine State.Depending on where you are buying i can certainly recommend a very good Solicitor who does nothing else but house purchase and has acted for dozens of my forum clients.Often rather than…[Read more]

Personally i wouldnt go for the Advantage package as other than SGB probably have higher fees than the other majors for most things it is a Condition of the package that all loans are cross collateralised.Whilst that may not sound a issue when you start out if you ever buy an investment home problems really start to mount up if you are not…[Read more]

Yes SGB is one of the few lenders offering 100% loans but as Terry mentioned they are not the easiest to get a loan approved through even with all of the documentation.Certainly my experience with them in Qld (And i was their credit manager here in Brisbane when i first arrived 15 years ago) is that they will want copies of everything you can…[Read more]

Hi MickNice in theory but in todays climate a lender will only lend against purchase price or valuation whichever is the lower.Realistically you would have to wait 6 months before having a revalaution done on the property by the Banks valuer.

Ness 1974Here are links to a couple of QS firms we refer our clients to in SE Qld which may helpBMT –  http://www.bmtqs.com.au/about_us.htmDepreciator – http://www.depreciator.com.au/driver.asp?page=main/homeWhen dealing with a Mortgage Broker i think one thing you want is to deal with someone who has the same ideals as yourself when it comes to…[Read more]

This of course would only change if the business was freehold or a franchise where the Bank may lende against the individual business security.Otherwise they will require property assets or similar as security.

I disagree Banks and lenders do ask on most applications whether you have any other liabilities such as Taxation or Contigent liabilities and if answered YES this will be considered in assessing the credit risk.