I guess you know that you will be paying interest on interest doing what you plan so your costs will be more than they could otherwise be.

If you have not done so already…

Have you looked at restructuring your finances to take advantage of potentially cheaper loans or interest only options which may improve your net position?

Have you…[Read more]

Regarding your stamp duty question, it is only stamp duty on the mortgage which is not that expensive.

As you are concerned with costs, I would suggest losing all your expensive LOCs and using standard loans or setting up a structure with an offset account attached.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Does their information extend beyond negative geared property?

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

What happens is the deposit (usually 20%) and any costs (like stamp duty etc totalling about 4% of purchase price) are borrowed using the existing security. The remaining 80% would be borrowed against the property you intend to buy. This structure enables you to avoid mortgage insurance.

An example:

Property 1 – Existing Property
$100,000…[Read more]

This forum makes it hard. I had a single response to my request for bird-dogs in WA who deal with Geraldton properties and they wanted to sell me something. I wanted to offload something. Maybe someone would take up the opportunity and start some bird-dogging around Geraldton.

Robert Bou-Hamdan
Mortgage…[Read more]

Originally posted by superman:
You paid 650k for assets that currently return >150k? Or you have assets currently valued at 650k returning >150k? There is a big difference.

Neither. What I said was I know that I can earn $3,000 per week (gross) without working or worry with a capital base of $650,000.

I suggest one of the following is…[Read more]

Thanks Rod. I just like trying to help people by providing ALL the information I think they may require and then some more that may be of interest or helpful in some way if I have the answers they seek.

I should probably let people here know that I have also decided to retire from being a mortgage broker in the very near future (a couple of…[Read more]

Originally posted by brahms:
as Rob has said, other factors apply to any finance application.

the original question from uforia was concise – refering to mortgage insurance only.

get it??

Brahms, I must sincerely apologise for trying to provide a more complete and comprehensive response which incorporated responses to points made by some of…[Read more]

Doing some rough figures, I would say a maximum of about $50,000 which assumes the following:

– your 50k income is a gross annual figure
– your wife is on unpaid maternity leave and her 15k is not used
– you have no credit cards

This would increase once your wife recommences work. Serviceability is calculated at your position at the time of…[Read more]

Originally posted by brahms:
Rob, this forum isn’t about you….or me….

get it??

Actually, no I don’t ‘get it’. I thought we were discussing finance and I merely questioned one of your comments providing an example from my experiences to support my point. Have I missed something?

If you cannot or do not want to answer, just don’t. Your above…[Read more]

Just regarding the ANZ LOC, it also costs $150 per annum when a standard loan with an Offset Account costs nothing.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Why does it have to be a LOC?

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

If the Brisbane market is anything like the Sunshine Coast, I would be running for cover. I had 3 seperate clients all who bought units in low rise developments which came in at 5-10% below purchase price and they bought 2 years ago also.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Fantastic Nat!!!

Dinner????

My shout!!!!

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

But it is 7.55% instead of 6.76% and NOT a LOC as was being advised to be taken by many on here. The LOC would cost more.

If I told my clients the rate I got them was “commercially acceptable” when I could have got them one 0.79% cheaper from day one, I would not have any clients left and would lose in court when sued by them.

Each to their own…[Read more]

Nat, I don’t believe I threw my credibility down the drain at all. I believe my credibility is impeccable!

I risked my business and a lot of time, money and effort (as did many others) to check out a new product offering so my clients could potentially benefit and would not incur any costs or losses by having to check things themselves…[Read more]

brahms, how exactly does a lender demonstrate serviceability for the “total maximum term of the loan”?

In all the full doc 30 year loans I have ever done, I have only ever asked for two current payslips and a payment summary and the loans get approved. I have never asked for a 30 year plan and have never been asked by the lender for the…[Read more]

Thank you for your valuable and intelligent input Nat.

One thing… who told you that I think the product does not work?

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Brahms, the rate also goes up as outlined above and reduces back to the MMS rate in the fourth year.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

If the company does not have sufficient history to borrow, it is always necessary. When a company can show at least two years of profits sufficient to service a debt, the guarantee may not be required.

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links