Total Members: 149,133

RMAA

  • We have some friends who signed a contract to purchase a block of land OTP.
    Their circumstances have changed, titles keep being delayed, so they made the decision to sell.
    They actually had it promoted to them by the land sales agent that they can help as they have plenty of people happy to do an ‘under the table’ deal of taking over the contract…[Read more]

  • We have some friends who signed a contract to purchase a block of land OTP.
    Their circumstances have changed, titles keep being delayed, so they made the decision to sell.
    They actually had it promoted to them by the land sales agent that they can help as they have plenty of people happy to do an ‘under the table’ deal of taking over the contract…[Read more]

  • So my updated response if anyone cares.
    After another couple of weeks with emails back and forth, sending the ‘proof’ that I tried to do this before the change I’ve been told that they will honour fixing one property (2 loans) at the old rate but not the other.
    I’ve questioned this yet again because the only way the banker I’m dealing through got…[Read more]

  • So my updated response if anyone cares.
    After another couple of weeks with emails back and forth, sending the ‘proof’ that I tried to do this before the change I’ve been that they will honour fixing one property (2 loans) at the old rate but not the other.
    I’ve questioned this yet again because the only way the banker I’m dealing through got this…[Read more]

  • RMAA replied to the topic Best financing structure in the forum Finance 2 years, 5 months ago

    Hi Matt,
    My 2 cents.
    LMI paid may be claimable in your tax return if you refinance but honestly I can’t remember the specifics in regards to timeframes, you’d need to speak to your accountant.
    But have either of the brokers run the scenario with you properly so you can make a decision?
    What I mean is, did they work with you to run the numbers. You…[Read more]

  • I wish it was me being difficult!

    Update being, I am no further in my endeavours now than I was a month ago and the month before that.

  • I wish it was me being difficult

    Update being, I am no further in my endeavours now than I was a month ago and the month before that.

  • Benny, What I was trying to fix was-

    Sec 1 – $600,000 was planning to fix at 4.19% 3 years now moved to 4.49%
    another $77,000 as variable using same security but for purchase of sec 2
    Val in January was $810k

    Sec 2 – $815,000 was planning to split $100,000 variable and fixing balance at 3.98% 2 years now moved to 4.38%.
    Val in April -…[Read more]

  • You’re all right.
    Unfortunately we’re like many caught in the new APRA trap, we don’t have any other options to move to.
    I’ve been trying to consolidate some things for myself (and family as per other posts) but we’ve been told we can’t do anything. If I could sell the kids I might have more hope.

    I’ve been collecting education online and as a…[Read more]

  • Nathan yes it’s a big 4. How’d you guess?!
    Jamie, it is totally unacceptable.
    Every one I’m dealing with lately (not just the fixing saga) is so focused on sales/ targets it seems they forget there’s a customer attached so anything admin related or seeming remotely like work is involved is not important.

  • Sorry for the lengthy post but I needed to get this off my chest.

    About an hour ago I checked my lenders interest rates on their website and lo and behold they have upped their fixed rates like everyone else.
    Ok so yes you take the punt with everything and you will say that I am whinging, which I am.
    The reason why is because this may have cost…[Read more]

  • Lending with STG other with ANZ.
    Spoken to multiple brokers, finance strategists if you want to call them that, some even with the luxury of no response once details have been given.
    looking at speaking to them directly again, as last time was 12 months ago, just to see if anything has changed.

  • Thanks Ethan. I know it’s a weird one.
    I’ve seen it before when they were crossed so they only needed to reduce enough to keep the LVR under 80%.
    But I was just asked the question and I hadn’t come across anything like it before when the properties weren’t crossed. So a bit like substituting security as Terry said but using another property that…[Read more]

  • Thanks Terry, but could they substitute the security the bank already holds if they don’t want to purchase again to leave access to the funds for contingency?

  • Hi all,
    I’ve got a weird question and I’m guessing the answer but wondering if anyone had come across it.
    I’ve got some family members, who due to age, are in the situation where they cannot service anything more according to the banks but don’t want to lose access to funds because obviously they will never get it again.

    They have a couple of…[Read more]

  • Not those initials Corey. But all approved. Docs signed. Were just waiting for a couple of land transfer documents to be signed and given to the bank.
    I don’t want to bad mouth anyone as there could be a reason, I just can’t think of why.
    I guess just venting as I thought maybe my expectations were off.

  • Just an update we’ve decided to keep the property at the moment.
    One thing I can’t fathom though, going a bit off track is that we’re finally ready to settle with the refinance and I haven’t heard back from my broker for nearly 8 weeks.

    Is this normal practice for a broker to get everything approved etc and then just disappear not returning calls…[Read more]

  • Thanks for the reply Terry.
    We discharged around Jan 15 but moved in during the 13/14 FY (passed the 2 years for amendments) and about to make IP so i’m guessing that we’ve missed out on the ability to deduct any of the lmi cost.
    I wish my accountant had given us better instructions/advice.

  • Absolutely.
    I’m on the lookout but the time of year has killed me for that.
    We have some foreign investments that seem to have stumped them as well. Been waiting since Melbourne cup day for a response on that one.
    Might be another direct call to the ATO is in order but then I’ve been waiting for them since Julyish too. 😜

  • Hi all,
    Is anyone able to give me some insight? I’m aware that you can claim LMI on an IP as borrowing costs over 5 years but how does it work if it was originally a PPOR then is turned into an IP within that time?
    Also if you refinance, and are not required to pay it with the new lender due to CG, can you still claim the original amount paid…[Read more]

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