Forum Replies Created
Jamie
I think Mark gets the point now lol.
Whilst Jamie has made some good observations there are a few other points to consider.
Off to my sons soccer final now but will come back and answer it this afternoon.
Richard Taylor | Australia's leading private lender
Very simple NAB dont capitalise LMI at 95% lvr.
Richard Taylor | Australia's leading private lender
You would suprised how many Brokers have no idea about Trusts or Companies so maybe that is not a good test as the pass rate maybe fairly low.
I would try and ensure the Broker has similar thoughts to creating wealth to you.
No point in using him to purchase additional IP's only find out he doesnt own properties himself and is in fact still paying of his own mortgage.
Richard Taylor | Australia's leading private lender
Well you will need to disclose your current loans so your new Broker will now what you have and havent got.
Your old Broker will never now on the basis you dont ever go back to him.
i am unsure as to why this is a problem. if you are unhappy with his service or level of experience then move on anyway.
Richard Taylor | Australia's leading private lender
Obtaining a lodoc loan especially a refinance wont be easy unless you have BAS / Trading post NCCP.
Also high Credit card debt will also have a bearing on your Credit score so the firstthing i would be doing is getting rid of this as quickly as possible.
Again with limited information it is difficult to make any real suggestions on funding.
By the way financing a studio unit on lodoc could also be fun in the current climate.
Richard Taylor | Australia's leading private lender
Regretfully you thinking you can afford the repayments and a lender agreeing with you are two separate issues.
Your first IP must have been purchased as a PPOR as otherwise you would not have received the FHOG or Stamp Duty concession. For future purchased you will pay Stamp Duty at the normal assess rate in your State for an Investment property.
Richard Taylor | Australia's leading private lender
LMI will vary depending on the loan amount and lvr and the scale will change so without having an actual numbers that question cant be answered.
No lender will waive the LMI on a 90-95% lvr.
You will need to finance 5% deposit plus LMI if LMI is not capitalised or $25,000 if the lender will fund it.
Richard Taylor | Australia's leading private lender
Without having 12 months employment with the same employer you would be pushed to get any more than 90%.
You will need to funds the balance plus acqusition costs from your own equity or savings.
Also with a combined income of 65-70K i think your serviceability will be a wee short even with assumed rent.
Richard Taylor | Australia's leading private lender
Still lenders doing 95% + LMI but good luck on ever getting one approved if you do not have an existing arrangement with a lender.
Richard Taylor | Australia's leading private lender
Agree with Terry would go the good old fashioned Interest only loan over a LOC anyday.
Richard Taylor | Australia's leading private lender
JR
Yes you would be suprised how many clients tell me their Broker wants them to refinance all of their current loans purely and utterly for the income.
There is no reason to refinance all of you properties (assuming interest rates are much of a muchness).
Without additional information it is difficult to comment however there is usually a way around things.
The introduction of the NCCP effective July 1 has not helped however as long as the recommendation is not unsuitable then often a way around it.
Richard Taylor | Australia's leading private lender
niffnuff
Pesonally i wouldnt have any dramas with Chan & Naylor but would certainly get a quote from them before you give them the green light.
For an Accountant on the Gold Coast feel free to contact my Accountant who is an expert on property structures and based in Southport.
His name is Steve Hodgkinson and he is a partner at the Gold Business Group.
Contact number is 07 5532 2855.Steve is a forum member and has helped hundreds of my forum clients.
Tell him i sent you as most good property accountants are not taking on new clients especially this time of year.
Richard Taylor | Australia's leading private lender
If you dont want to go the Trust route you could look at your husband merely buying out your share and borrowing accordingly.
In some States there is no Stamp Duty charged where the transfer is between related parties under the "love & affection" clause.
Richard Taylor | Australia's leading private lender
Brad
Welcome to the forum and i hope you enjoyr your time with us.
Certainly i would look to take advantage of the FHOG and Stamp Duty concession and then after the qualifying period look to rent the property out and move again.
Property selection is important as financing a inner city unit / 1 bedder (depending on the size will not be easy in the current climate).
Property accumlation does take time but the early you start the quicker you get there.
I have written in July API magazine which you might find of interest.Richard Taylor | Australia's leading private lender
No.
Richard Taylor | Australia's leading private lender
Ok cheers.
NAB have the same promo but wont cover Reg / Transfer costs.
Richard Taylor | Australia's leading private lender
Ok Banker agree there.
Maybe i was giving the Mortgage Choice Broker too much credit.
It is probably his second week in the job.Richard Taylor | Australia's leading private lender
Hi Steve
Yes nothing to stop you doing that an in fact that is the way most Brokers would structure the loan for an investor client.
I am of course assuming that the 20% line of credit is secured against your PPOR. As long as you have sufficient equity in the PPOR then LMI will not be charged on this loan either. If it was you may be better off either paying down the PPOR loan with your savings and then reborrowing the same amount as it is non deductible debt and can be claimed.
Also link the offset account to your PPOR loan and not your investment loan.
Richard Taylor | Australia's leading private lender
LMI not only varies between the 2 insurers but also from lender to lender.
As Banker mentioned the majors self insure so a Anz deal going through PMI could be cheaper than the same loan going through say Suncorp.
Then depending on the lvr you have the odd lender who will pay the LMI for you or in some cases not charge it at all but charge a reduced equity fee which is cheaper still. If your Broker has given you the figure i tend to think he is likely to be more accurate than the Banks online calculator.
Richard Taylor | Australia's leading private lender
No Anz use PMI and to me bought them back to where everyone else was.
They were the first to reduce to 90% and the last to come back but all in all good signs.
Banker were CBA covering the discharge, reg fees as well ?
Richard Taylor | Australia's leading private lender
