Sorry, thought you were talking about ‘saving’ a file you had already received, not ‘downloading’ a new file.

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Of course they will lend on contract price. Isn’t this when you would refinance a wrap? When the contract price is less than the value?

Also, there may be some difficulty if they do it early and the contract price is substantially higher than the value. I can’t see any lenders lending in this situation either. LVRs have to be right.

TMA
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I think all the supporters of living off equty are totally missing the point. It must be assumed that to draw down on equity to ‘live on’ (non-deductible) occurs only when the person borrowing ‘NEEDS the extra money’. There is no other reason to do it. I am referring to LIVING off equity and NOT INVESTING off equity. It may also be assumed that…[Read more]

There is just too much uncertainty surrounding workers comp. You may never get back to work as far as the lenders are concerned and no-one knows where future income will come from or if a payout will be forthcoming.

TMA
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Your brother will definately need to sign for any loan application you submit but you may be able to have the loan in your name only. You can submit with just your own details if his finances are not the best.

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You should tell us the lender so we know to stay away.

You might have been charged LMI on all loans on both properties then. BankWest just tried to do it to one of my clients. I put a stop to that quick smart!!!

TMA
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Wizard, you make it sound sooooo easy!

You should never assume anything. Many people start investing at retirement age.

Also, how would your example stand up with a 20% drop in property value for a couple of years and interest rates trending upwards???

Also, the 10 year doubling average is across the country. Specific areas move up and down. In…[Read more]

One account is fine for all investment properties in one name. Just keep rental statements, expenses receipts etc. There is no need to complicate investing.

TMA
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Permanent part time is what I was referring to. Casual is very difficult unless there is two years consistent history. Even then, they may only use 50% of the income.

TMA
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I would not let the vendor know you checked out their mortgage. I would tell you where to go if you were buying from me and I found out you went into my personal details.

TMA
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There is nothing special about refinancing a wrap. All lenders will do it under normal lending criteria. The problem lies with the initial funding to offer a property as a wrap.

TMA
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They don’t ‘have to’ do anything. They ‘SHOULD’ be honest. They have no sympathy from me if they are doing it tough.

TMA
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That’s right EZ!!! It is very common to have interest only loans with offset.

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Just ask for a 3 month settlement on the property you are looking at buying. 6 weeks is standard. That takes you to two months. Really, you only need 10-11 weeks to settlement.

Most lenders will do a loan conditional on you having worked for the full 3 months probation period just before settlement OR if you can get a letter from your employer…[Read more]

I have never used them but heard they are ok.

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Nat, 106% is the LVR. Only for new purchase as you said.

Guys, there are lenders who lend much more than this but they require additional security on top of the property you are buying. This additional security can be an unencumbered car, boat, etc… They will also put it all together as a single loan. The rate will be much higher than standard…[Read more]

If the broker told you a specific amount for mortgage insurance and you relied on it and then were forced to pay more when you were committed, you should be able to recover. If it was a bank, see the bankingomudsman. If a broker, see the Credit Ombudsman Service Limited.

By the way, mortgage insurance will always apply to the total loan amount(s)…[Read more]

No serious lender will look at workers comp payments as an income with any stability. As was pointed out, unless it is certain how much you will get and for how long, you will have difficulty.

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You have to transfer the funds from your Offset Account. They cannot just take it. An Offset Account is a name given to a transaction account when it is linked to a loan and offsets the interest on that loan when funds are parked in it.

TMA
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I am not offended at all. I just like using punctuation!!!

I think the person from the ATO just neglected to define the full scope of borrowing money. What if you borrow from a friend and pay back with interest under an agreement and the funds are for investment? They are not a financial institution but the funds are clearly for business…[Read more]