ecl sorry dont want to repeat myself I am referring to the MORTGAGE DOCUMENTS.No lender will fax these to you as it is illegal to lodge a faxed copy of a Mortgage Document.Did One Direct announce a further 0.25% reduction in their interest rate this afternoon as did their big brother Anz Bank ?

Hi red ncie to see you on again and appreciate the referral. Always happy to help. On a honest note in todays market with the modern technology we have to hand i find the majority of my deals are done by email or phone for clients. Whilst it is still was nice to sit down over a cup of coffee people expect more than just a simple home loan and th…[Read more]

Hi osaurusFirstly welcome to the forum and I hope you enjoy your time with us.I think i understand your question and if so the answer is Yes however in saying this I am not sure you have set the facility up correctly. A little more information would however be needed to make a proper recommendation.

MagicDont worry about first mortgagee consent issues as many lenders on taking the first mortgage only and therefore would want to refinance your parents security which as i mentioned gets very very messy.A simple loan on their security which in turn they gift to you and you then make payments on their loan is a lot simplier and easier for both…[Read more]

No the Grant is a Federal Grant which is adminstered individually by the States.Qld you will get $14K on an established home and $21,000 on a new home.No more no less until 30th June 2009.

Their debt to you being the balance of purchase price is your jointly owned asset and would be included in your overall assets in the event of a marital split up.Of course as the income is received on a drip basis a more realistic figure factoring in both future interest received and then adjusted downwards taking into consideration the p…[Read more]

This varies from State to State but certainly in Qld the only document lodged should be the Transfer Form however as soon as the wrappee lodges this then they are liable for Stamp Duty and my experience is that many dont lodge it until the decide to take possession.

MattIf you can find a property for the right sort of price on the Coast then $14K should go a long way towards the deposit and your costs so why not retain the IP and even look to take the new PPOR out on an interest only basis to reduce your cash outflow.Personally i am not a believer in selling assets (other than when doing a development) so i…[Read more]

ckgirlRegretfully the answer is no as the date of the Building Contract is prior to the 14th October 2008.Unless you can cancel the contract and start again you will miss out on the addiitional $7K.

AlacrityI promise you it is illegal to fax Mortgage Documents and this certainly will not be accepted by the Titles Office in each State.I am of course referring to the legal documentation that accompanies the Letter of Offer and is what ecl referred to in his post above.Any supporting mortgage documentation can of course be faxed but that is not…[Read more]

MagicThere are a couple of varying ways the Family Guarantee style loan works depending on the individual lender:1) The Guarantor will only need to Guarantee say 20% of the purchase price plus costs and therefore only need to show income evidence to support this amount. This assumes that the borrower can of course support the other 80% on his /…[Read more]

Hi CaseFHOG based on the Contract date.With an off the plan contract you maybe able to terminate the existing contract and sign a new one with the vendor having a contract date post 14th October 2008.

Hi GregCouldnt agree with you more about checking the FHOG requirement in your State from the OSR.Remember all the FHOG is a Federal Grant adminstered individually by the States hence the variance in certain criteria.You will suprised how many people in the finance professional whether they be Bankers, mortgage brokers, Solicitors I have told are…[Read more]

Pleasure mate and welcome to the forum.

Yes the costs tend to be higher hence the positive returns.Suggest you check out the Body Corporate Disclosure Statement which will set out the anticpated expenses going forward.On the finance front unlikely to get more than 80% on a standalone deal however subject to other equity 100% plus costs as usual is available.Have financed many of these…[Read more]

Hi ClydeTough call mate. The Defacto relationship would normally exclude her from receiving it but i have processed a few in similar situations and they have been received.Suggest kid glove treatment on this one.

You could cancel the Contract and re-enter a new one subject to the Vendors Approval however watch the Stamp Duty implications (if they apply in your State) and also if the FHOG Form has been lodged then it is too late.

30th June 2009 was announced yesterday by the Govt.

Hi allJust a little clarity to the points raised.The "Boost" as it now known is available for eligible buyers on any property where the Contract was entered into after the 14th October 2008. For new properties this relates to the date the Building Contract was entered into.There is nothing to stop you subject to the Contract conditions terminating…[Read more]

EclHate to pick holes in your pat on the back for Anz wholesale but Mortgage Documents cannot be faxed to the borrower.On a separate note one client rang me yesterday to advise me that One Direct still hadnt decided as to whether they would be reducing their interest rates after the 100 bhps reduction from the RBA.Doesnt sound good.