[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

May 28, 2012 - 6:56 am

Hi Does anyone has Peter Comben DVD or Carly Crutchfields CCORP for Sale? Please PM me

Or any other good resources, thanks

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:28 am

Matt007 wrote:

I asked Adelaide Bank to revalue my property, as it hasn't been done for about 4 years, and I know it's increased enough to bring my LVR to 80% or below. I didn't ask to increase my loan amount, just to have the property revalued at today's current prices rather than early 2007. I wanted to get the LVR down to get rid of LMI or any influence they have over my account.

This is what I got back:
While your home may have appreciated since originally valued, there remains the chance that over the future course of the loan, the value may reduce again due to adverse economic circumstances etc. For this reason, once the Bank holds lenders’ mortgage insurance, it will be retained for the term of the current loans. At some point the exposure may increase to above 80% again. Should you wish to independently have your property revalued, that is up to you.

Please note that any valuation commissioned by you would generally not be accepted or used by the Bank.

<moderator: delete language>

Hi Matt,

as stated below, LMI is usually paid upfront for the whole loan term.

so revaluation of your property will not impact LMI, most likely that you won't get any refund for your LMI.

However if your loan/property value is 75% after valuation, there is lender who is willing to give you lower interest rate because of lower LVR

so do your residex report /research and if you think your LVR is 75% or lower, find lender who will give better rate for lower LVR

No need to pay LMI again as LVR is 75% or lower

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:22 am

Hi Rob, (Fix my previous post)

at the moment 2 years fix from ING is 6.09%.

You should only get fix loan for the right reason.

see article below, hope it helps

http://www.expresshomeloan.com.au/_blog/Property_and_Mortgage_Blog/post/Understanding_Fixed_Rate_Home_Loan/

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:16 am

mattnz wrote:

Thanks Richard, Loved the rate cut today, was loaded up short AUD and came out a big winner

Matt, I am short AUD too

and still short now, I think should take part profit around 0.94 level

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:12 am

Hi Richard,

yes I was surprised too.

some people think they go down because of commission refund

but from memory they only refund small percentage of their commission.

so could be many other reason.

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:10 am

Agreed with Michael, above 500K you can get 1%. Bigger loan=bigger discount but sometimes you have to ask for more discount

also there are banks which give more discount as LVR goes down, 75% or lower.

Annual fee for offset acc (professional package) usually $350-$400,
but there are 1-2 banks which only charge $120 or $200 for this type of loan per year.

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 16, 2011 - 3:02 am

Hi Richard,

I am not suggesting to offer their PPOR as sole security for the investment loan.
 
What I meant was even if the security is your  your PPOR (which is Lefty situation),  you can still set the investment loan separately

This was my original post "Best if you set the investment loan separately. This can be done even if security is only 1, your PPOR"

Same reasoning with the offsec acc.

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 10, 2011 - 12:49 am

Best if you set the investment loan separately.
This can be done even if security is only 1, your PPOR.

it will be much easier to do your tax return too.

the drawback of multiple loan account is there could be multiple annual fee for offset acc.
I know a bank which only charge low annual fee for loan account with offset.
email me to find out more

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 10, 2011 - 12:42 am

Hi L,

Richard is correct,

stamp duty is payable irrespective of the vendor

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 9, 2011 - 10:48 pm

Hello,

In short no you can't redistribute debt.

that is why it's best to use offset account from the start to avoid this happening, because you can redistribute saving from offset account from deductible to non deductible offset account debt.

In saying this , I heard there are accountants out there who would "redistribute" the debt, but just up to the purchase price only
This is not legally correct. ATO might not caught this if you're small but definitely will catch if you're a big player.

[Ron the Mortgage BrokerParticipant@ron-the-mortgage-brokerJoin Date: 2011Post Count: 13]

November 9, 2011 - 10:25 pm

(Comment fixed and repost)

Hello,

I have just finished writing articles on whether you should fix your loan or not.

Please click on the link below:
http://www.expresshomeloan.com.au/_blog/Property_and_Mortgage_Blog/post/Understanding_Fixed_Rate_Home_Loan/

The keypoint is that do not fix your loan for the purpose of trying to beat the market, i.e trying to predict interest rate direction and be ahead with it.

This is a very hard thing to do as you are up against so many economist and expert in financial market.
(Warrent Buffet the world's greatest investor agreed with this, email me if you want to know more)

I also describe exception to when you should fix and what negatives it has.

Please check out and let me know what you think:

http://www.expresshomeloan.com.au/_blog/Property_and_Mortgage_Blog/post/Understanding_Fixed_Rate_Home_Loan/