The only person benefiting from cross-collateralising is the lender taking the security. Having multiple properties provides them with the opportunity to sell the most ‘saleable’ property in the event of default (taking possession).

I think people are mad to cross-collateralise unless there is a security type issue that requires it to increase…[Read more]

Anna, try this….

http://www.mortgagepackaging.com.au/index_files/professional_pack.htm

I would also advise interest only.

You can set up the investment loans as you need them. Stay away from a Line Of Credit (http://www.mortgagepackaging.com.au/index_files/line_of_credit_all_in_one.htm) as they are usually more expensive and the main…[Read more]

You do not need big deposits to buy property. You need an imagination and some knowledge. You can buy properties for less than $50,000 where the deposit is minimal and you can buy properties worth $750,000 and the deposit can still be minimal or nothing. It is how you want to proceed that must be decided.

Robert Bou-Hamdan
Mortgage Adviser

M:…[Read more]

Life,

Just quickly, it does not need to be a LOC.

Regarding your example, I would assume you did the CoCR calculation when you bought the first property that you now have equity in. Taking equity to buy another changes a lot of figures. I personally do not see this as a new CoCR but as a continuation of the existing CoCR figure if I have not put…[Read more]

Adrian,

This applies to all loans. In any case, if the acreage is less than 50, it should not pose a problem and vyvyen said it was in Perth so it does not sound remote.

Also, being a “licensed” broker has nothing to do with reputation. Licensing is a WA thing and means nothing in the rest of Australia. I have more qualifications, as do most of…[Read more]

Do you really care if it is ’embarrassing’ or not? If I could get a property for 100k or 200k cheaper, I would dress up in a chicken costume on national television. Who cares what other people think?

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related…[Read more]

By the way, lease options can be used there can’t they?

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

Comments made are of a general nature and should not be construed as…[Read more]

DOCEP!!!! I HATE those guys!!!

Minister Kobelke (Minister for Consumer and Employment Protection) has absolutely NO IDEA!!!

GRRRRRRRRRRRRRRRRRRR

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See -…[Read more]

Sorry Monopoly,

I was assuming the gross figures everyone was talking about was before tax. Why would they state a figure before expenses?

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See -…[Read more]

Being self-employed enables you to apply for various low doc loans. Low Doc just means income does not need to be proven. As long as you can service the debt, you can borrow what you can afford.

Note:
The ATO checks people who overstate their income. Talk to your adviser if you decide to go low doc.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414…[Read more]

Good luck with it all.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

Comments made are of a general nature and should not be construed as individual advice.

© 2004 M…[Read more]

Regarding NET figures, it is not hard to work out the worst case scenario. Just take the gross figure and take away 48.5%. The sceptics should be happy that they have a NET figure then.

I met the mappers and I think they did a great thing!!! They are doing an even better thing now by motivating many more people.

Robert Bou-Hamdan
Mortgage…[Read more]

Hey, good info.

One question, why are there two websites for the same thing or did I miss something?

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

Comments made are of a…[Read more]

10% deposit is not a hard and fast rule. It is just a standard unless you ask for a different amount. Deposit BONDS tend to be written for 10% of the purchase price for simplicity in most cases.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter:…[Read more]

I find it interesting that all the wrappers I see on here go on about all these deals with “A BIG BANK” but never tell anyone the names of the bank they deal with. Unless you are an experienced wrapper, I highly doubt any of the major 5 will permit a loan to go through as a wrap deal.

Regarding getting a bank to put it in writing that they will…[Read more]

It has nothing to do with the buyer’s broker either. They send an unsigned bond to their client. The client signs it and hands it to the real estate agent or sends it to the vendors solicitor or even gives it to the vendor.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE…[Read more]

May I ask the principal and interest loan advocates to outline one situation where setting the loan up as P&i is more beneficial than setting it up as Interest Only?

Please disregard the obvious argument that some people are bad with money.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W:…[Read more]

I like to make offers with “subject to acceptance by a certain date” or contract with “subject to settlement on a set date”. I use these to speed up the process or reduce the offer if the time passes. They are great to use with new cars as they are always late to be delivered.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E:…[Read more]

I think crj means renovate to increase your rental income but sell to someone who is happy to develop the block – ie strata the units if you don’t want to.

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See -…[Read more]

Investors from overseas need FIRB approval. Go to http://www.firb.gov.au/content/default.asp

Robert Bou-Hamdan
Mortgage Adviser

M: 0414 347 771
E: robert@mortgagepackaging.com.au
W: http://www.mortgagepackaging.com.au

FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

Comments made are of a general…[Read more]