Hi Mandy
Firstly welcome to the forum and i hope you enjoy your time with us.
Must admit there is insufficient data on your own circumstances or longer term goals to provide a structured answer however i would not suggest selling the IP unless you have catered for possible CGT and selling fees. This will reduce your net funds available for…[Read more]

Hi Hifo

Firstly welcome to the forum and i hope you enjoy your time with us.

Be surprised how many investors we talk to say the same thing.

Certainly i advocate to all of my clients that the IP and PPOR are kept separate and not crossed collateralised but unless you are providing some cash input (which is not recommended whilst you still have a…[Read more]

Hi Gerald

Firstly welcome to the forum and I hope you enjoy your time with us.

Must admit the question is rather confusing so i am not entirely sure i understand what you are asking.

If the question is can you restructure or borrow additional funds for a new purchase using the security of your current property then yes subject to equity and…[Read more]

Hi Mitch

Firstly welcome to the forum and i hope you enjoy your time with us.

If you are looking at buy at an investment property you are better off to set up a separate sub loan and use these funds as deposit for your new IP.

Assume you had 25K to invest you would reduce the PPOR loan by 25K and then set up a separate 25K interest only…[Read more]

Must admit i am soccer tragic and have spent 44 years following my home own team of Bournemouth who have made it to the Championship for the 2nd time in their history.

Knocking at the door of possible Premium League play off and trust me i will be there for these games if it happens.

Don't worry always take the laptop so will answering emails…[Read more]

As Terry entity is second consideration and not something you can answer on the fly.

More important question is are you licensed to do so.

Without a Credit License there is no point in spending a small fortune on setting up a structure only to find you can't legally transact.

Cheers

Yours in Finance

Had a forum client quote me 12.5% today so rates might be creeping up again.

Cheers

Yours in Finance

Probably also a good idea to contact your State MFAA office as they are often aware of Brokers who want to Mentor a new Broker.

Cheers

Yours in Finance

If at all. 

Spent 2 days last week in the Blue Mountains with the heads of Residential Mortgages for the top 6 Banks and the general opinion they may not use or report data to aid Positive Reporting due to the cost factor.

if the top 6 lenders aren't going to bother what hope have the smaller lenders got.

Cheers

Yours in Finance

Kystal wow it sounds like your Bank have absolutely no idea on how to restructure your new loan which is a concern.

Depending on the lvr there are a few things you could look at doing to reduce the LMI etc and yet still free up extra equity for future investment or spending on your new PPOR.

Cheers

Yours in Finance

95% + reno loan in 1 go would have been possible so no idea why your broker didn't recommend that upfront.

No LMI charged on the reno loan so would have a lot cheaper than refinancing later.

Cheers

Yours in Finance

Hi Sam

Regretfully the better aggregators are unlikely to take you on at this stage so wouldn't worry about that.

More a matter of finding someone you can work with.

You can always switch in a few years time.

Personally i work with FAST and have done for 11 years. For what i what they provide everything i need.

Cheers

Yours in Finance

Hi Ezz

Welcome to the forum and I hope you enjoy your time with us.

With Positive reporting upon us the fact that you had a loan pre-approved but then decided not to proceed with it is really not an issue.

Of course most lenders have not embrassed PR however as long as when your Broker submits the new loan submission this is explained it really…[Read more]

Yes you are right The New Guy and this is the way it should be.

Cheers

Yours in Finance

As a lender what they think.

Spent a long weekend in the Blue Mountains at a conference with the Head of Mortgages for the 6 largest lenders in Oz.

Talking to them about it they thought it was better than an interest rate rise.

Not sure who your Mentor but unless they have a vested interested I would say they are new in the game.

Certainly no…[Read more]

Hi Ben

As Jamie says.

Unfortunately with some loan planning at the start you could have done a reno loan at home loan rates from day 1 and this would have saved you the higher interest rate on the personal loan and also the LMI.

We do a fair of this type of loan where the client borrows say 90% of the purchase price and then a further amount to…[Read more]

Have to say if you are looking over the last 10 years you will get some distorted figures due to a variety of reasons.

Also have to say the past is no indication of the future.

Several areas in the town we are buying in now that we weren't 10 years ago.

Cheers

Yours in Finance

Agree we have picked up some cracking properties for our clients recently in the region.

My partner knows most of the agents in the area and we are starting to get some interesting calls prior to official listing.

In fact we are just closing on a Call Option opportunity in the area which is set for an interesting re-zoning.

Matter of watch this…[Read more]

I wrote an article in API a few years back on the subject.

We had 14 reasons why you wouldn't cross your loans and 3 reasons why you would.

Needless to say it is not a preferred strategy.

Cheers

Yours in Finance

Jacqui i have edited it already.

Cheers

Yours in Finance