Legislation was passed in late Oct 2007 (It has already received Senate approval) to allow SMSF to borrow in their own right so why go to the expense of setting up a Unit Trust why not just borrow in the SMSF name solely.This peace of legislation will certainly fuel the fire on the property market with Trustees now able to borrow to gear into oth…[Read more]

Hi Scottie GirlI very much doubt your Builder will touch a wrap or vendor finance deal so the only alternative is to have an investor purchase the property for you add on his profit margin and then wrap it to you. The investor is certainly not going to be paying your deposit bond so really sounds like a non starter.

Hi JBNo it is not a stupid question at all and one develpers and investors ask regularly.I guess you Bank is going to argue that there is no money in them lending to you over the short term (les than say 36 months) and therefore they are going to want to charge the relevant early repayment fees etc.A couple of altenatives would be:1) Take out a…[Read more]

Hi Scottie GirlFirstly welcome to Oz.I emigrated from the UK 13 years ago so now things can be tough to start with. Actually back for there now for 4 weeks holiday and can't wait to get back to Brissie in the warm.You wont find that you will be able to obtain a long term deposit bond without equity in a current Australian property. I have several…[Read more]

Discharging a loan is done every day of the week in every state the only varying expense will be the mortage discharge / transfer fee for Victoria. This is a cost incurred by your lender from the State Govt and passed onto you the borrower.Each individual lender will have its own early repayment penalty or early discharge fee.

Hence i am not intending to sell any of my properies on the peninsular.

Hence i am not intending to sell any of my properies on the peninsular.

Hi ElkaA couple of lenders offer the product but it would not have been taken out in the last week or 2.Adelaide Bank are one that offer 100% offset on their fixed rate products but there are a couple of others including fixed rates on line of credit products which can be useful for investment when you dont want to X collateralise.

I am suprised the OFT had anything to do with t is certainly a BC matter.Dependant on which State you are in will determine the higher authority but certainly you are not allowed to make any alterations like that without BC approval and possibly Building Approval again depending on the State and the Local Authority requirements.

Dont help you Hans when you have a $106 Optus default or any form of credit impairment whatever it is. 

To save around $340 do you think it is worth the risk ?

Terry is correct about his comment about fixed rate loans and offset accounts.In saying this many of the mainstream lenders will offer this on their 1 year rates so could e well worth for peace iof mind.

Good surname by the way.You could also consider life, IP and trauma. These are individual policies and not related to your property.

Why not ring Leonie at CSM Conveyancing Beenleigh on 07 38079521.She has acted for me on over 200 deals over the last 13 years and probably the same again twice over for clients of mine.She is excellent in her service, competively priced and will certainly look after you.Tell her i told you to ring her and she will look after you ……. or she…[Read more]

KingBThis is precisely as i have outlined and yes it works.i probably do a deal a week at the moment on this basis.

if you only borrow 80% of the value of the property,  you should be able to get a morgage without a clause in it that allows the lender to claim against non-morgaged assets if you default on your loan. [ or even other morgaged properties].also without having LMI to pay. – Hate to say it doesnt work that way. The Bank are not going to change t…[Read more]

MarkYes it would involve duty at the normal rate charged however the SD is then added to the cost base for any future sale and the entire debt becomes Tax deductible.At the moment i probably do a deal a week for clients in the same position. Usually they have paid off their PPOR and then decide they wish to buy a bigger home yet keep the old PPOR…[Read more]

AnitaMany applications these days are lodged electronically so where you broker is located reallt makes no difference at all.I have clients all over Australia and the world many of whom i have never spoken to or actually met. With the electonic age and internet /  email the world is certainly becoming a smaller place. The exception maybe if you ar…[Read more]

What about selling the investment property into a Unit Trust and borrowing the full valuation price being say $240K and then using the residual net proceeds ($240K minus loan owning of $100K) to pay down your PPOR non deductible mortgage.This shifts $140K of the loan from non deductible to deductible debt.You need to crunch the numbers depending…[Read more]

Hi AnitaOf course it is wise to shop around.Obtaining finance is like buying any commondity. You wouldn't go to your local mechanic and get a quote to repair the car and if you thought it was a bit on the expensive side just get it done anyway you would get a second quote and compare what both had to offer.Finance is similar however if you find…[Read more]