Yep some will consider FHOG as genuine savings…but the LVR for construction will be max out at 90% LVR…less if it’s a rural area ( depending on the location/postcode)

Whats the postcode?

Regards
Michael

Robbie- there are 4 major banks in Australia…and around 12 smaller banks and 100’s of mortgage Originator + private funders.

Since this is your first loan in Australia, best to stick with the major so you understand how it works in term of the Australian system etc..

There are plenty of brokers on this forum – likewise you can go to…[Read more]

It sounds like your broker have never fought or argued a valuation before…it’s not common but if the difference is large and you have proof of comparative sales in the last 3 month…then your broker can request with the valuer to revalue the price.

Going to a different lender may help, but make sure you order Val first before you do a credit…[Read more]

Terry has hit the nail on the head….the one you hear about do it as part of their professional “job” or for “frame and recognition” – Nothing wrong with this at all!!

i have dealt with a selective few clients who has over $400,000 PA passive income NET after all expense; and this is all they do- it’;s their job…but they choose not to “publish…[Read more]

ferdinandch – Hi again! firstly sorry for this late reply; i been busy Franchising the business ( very exciting!!) and also had a flood of loan application …but today is my “propertyinvesting forum” day

I have done a 16 page loan personalized recommendation for you ( explains everything you need to know): but i will just add the “summary of…[Read more]

If the directors solo income is from this “company” then its Self employed.

Regards
Michael

Top stuff Jamie!

Regards
Michael

Stamp duty aggregation is not “allowed” but rather Compulsory

I be happy to be proven wrong! could save me thousands on my next block of unit purchase !!

Regards
Michael

This will be a double post-

MrsC – I’m currently buying a block of 4 units myself…slightly different too you as it’s under one title.
With your one, since it’s 4 sperate title then you WILL need to go to separate lenders – as most lenders have a policy where they will not take in more then 25-30% of the total risk in one building…even if…[Read more]

With one default under $500- it wont be a problem with the LMI providers…i say they are more scared of the number of inquires you have on your CR.

There are a lot of lender these days who dont credit score + look beyond “large numbers of credit inquires “- as long as you can explain each one.

Which lender you ask? most likely one you may not…[Read more]

It depends on the area. some Mining towns has max 70% …some at 95%-

Give us the postcode and i can give you the list of max LVR with some of the top lenders.

Note: mining towns where banks will lend openly at 95% = normally means a safe town

Regards
Michael

Hi Dave!

Congrate on the new Business!

lenders takes in consideration your income + the Business income ( + some add backs, depreciation etc..)
Generally speaking for a good deal it’s preferred that you have 24 month ABN + proof

But there are a selective number of lenders who will lend with 6, 12 ,18 month ABN-Depending on what your wanting…[Read more]

unfortunately there are no easy answ or solution.
Even if he place this loan into a mortgage debt refinance structure and the interest rate WAS at the standard rate of 7%- the loan would be over 30 years…so in effect his monthly repayment would be less but over a long period of time he would have paid a higher interest and amount.

16% on a…[Read more]

So did you end up with CBA or a different company???

Regards
Michael

http://www.ubank.com.au/ub/web/home

6.51% – internet account – NAB platform and part of NAB.

– Paid monthly
– Can redraw anytime ( not a term deposit)

Regards
Michael

Matt- your thinking is justifiable and make sense…however it’s an old and simple way of thinking.

The way i look at IO is…
1. Repayment is less = better cash flow
2. Any “extra funds” that “could” have been your principle just transfer it too an offset account = works the same way as P&I – your interest charged on your loan amount is still…[Read more]

ferdinandch – i have saved this tread to my fav…and i will answer your question on Thursday- sorry really busy right now with the amount of refinance and new loans coming through.

Regards
Michael

This is a great tread!!!

Regards
Michael

Name – Michael Chan

Live- Sydney NSW

Property investor/ Finance Broker- enjoy helping and educating my fellow investors on how to achieve the great Australian dream sooner; which is to own their own property ( Some IP would be a bonus ^^)

Regards
Michael

It’s true that will fix any dmg to the property minus the wear and tear. But trust me they take a LONG time to fix!! i know departmental of housing NSW have contract with certain company and tradies ( group discount) and they are slow…i know of a house that was unlivable for a good 2 month before the repairs were done….that’s 2 month worth…[Read more]