Mushroom, if your still thinking about this- just to let you know, for serviceability point of view the bank will convert all income into Aus currency and discount it off by 10%. so only 90% income considered.

Regards
Michael

?? ummm from your post i take it your NOT a Australian resident or citizen?
Then NO. sorry –

If you are an Australian resident or citizen- then yes i can help, i have done it plenty of times for a selected bunch of my clients.

Regards
Michael

Gee you sure have big plans! ahah which is good.

Im going to take a stab in the dark here; since you mentioned your eligable for the FHOG and your asking about the LVR- that means NORMALLY, you dont have much cash and no equity .

If that is the case, then NO it;s not possible- even getting this at a commercial loan would take some skills and…[Read more]

Just apply for a “non genuine savings” loans- yes it’s 0.3% higher but if it’s a good buy; worth considering.
As long as you can afford it and meet serviceability

Regards
Michael

Yes it’s possible because i done a few before, but to be honest it wont be easy….The lender will want to see the following:

1. Good financial for both your existing business and the new one
2. At least 2-3 years and not a “suddenly” increase in profit from the last year only – they will average it out
3. A business plan or exit strategy if…[Read more]

It depends on your security and purpose…that will determine who the “BEST” lender is for “YOU”.
But just to answer your question, 5 years interst only is the most common becasue that’s what the big 4 offers. However there are more banks out there then the big 4… SO here a quick run down for the interest only loans for IP:

1. CBA- interest…[Read more]

Dean Potter wrote:
Hey guys, Can anyone offer advice or guidance regarding off the plan apartments and whether they tend to be valued ok on completion etc. Would you advise doing it? Will the banks lend on it? What type of deposit is required? And what are the potential problems I may run into? Richard, or anyone else, any thoughts?? Cheers…[Read more]

AIF QLD wrote:
CBA or Adelaide bank will do this type of security!

True, but for only block of 4 unit under one title – Most of the lenders would finance it 20/41 of them…however it gets tricky but possible when you want block of 10 units under one title for residential rate 0.0

regards
Michael

carlrsullivan wrote:
All, I have an investment on the cards and need assistance with the financing of the property The Background:It is a bombed out shell of a property, in a basement of a cool heritage building in Sydney, it is zoned mixed use and I plan to turn it into a serviced office scenario. The woman selling needs to sell quickly as s…[Read more]

Runway wrote:
Hi Jamie,The broker said that they offer 'flexible' products and low interest rates.Upon investigation though, it seems their products have high ongoing fees. I wondering if this is done to offset the low interest rate.To me it's just another product. However, it's one thing to use a 'flexible' product and another to get superior…[Read more]

wblack wrote:
Can anyone  advise if home insurance is required to cover the period between signing the contract and settlement date. Our insurance company aren't prepared to give us advice on this.

VIC and QLD = yes.
NSW, ACT = at settlement

Speak to a “INSURANCE broker” – as i mentioned they are not free ( different to us)

But im sure if you have a chat with your MB he might have contact with a IB that he has worked or dealt with in the past.

Regards
Michael

st81hp79 wrote:
Hi Micheal,I have purchased a block of 2 units before and  done huge reno to the property.But I have'nt purchase anything on a 10% dep B4 using my dep funds from a equity loan.I have read plenty of books and attended property investing seminar they all have the same quotes" Savers are Loser" us other people money to make money.I…[Read more]

One last point- you mention your going to be doing some renovations to the property; if the property is run down and not "rentable" in it's current positions it will be very hard to get finacne with any of the banks due to the valution falling short – for a run down property  chance of approval would drop from 70% to 30%. Also where would you…[Read more]

st81hp79 wrote:
Thank you for your helpful replies,My 2 previous IP is with Westpac. I took a $120,000 equity loan from my first IP with westpac.to fund a deposit for my next IP which will be with CBA.This time I am interested in purchasing a block of units which I only have enough for a 10% dep + stampdutyWe are looking for reno block of…[Read more]

Might want to speak to a insurance broker, they should be able to give you a few quotes on different lender based on your “requirements”. They normally charge a flat fee of $80-100 a year.

st81hp79 wrote:
Hi guys,This is my first post,I have 2 IP no.1 is positive and no.2 is neural.This time I am interested in a block of 4 units in the 1 title. I was hoping if anyone can help solve my confusion as I have researched in the net about financing for a block more than 2+ units, I heard you will needing a 30% deposit down, under a…[Read more]

Will need to speak to a tax accountant who deals with dual accountancy. ATO as a list. But in term of finacne, a few selected lenders will consider using an NZ property as equailty. ie ANZ, AFM.

ING bank -will do a “reduced” LMI for LVR up to 85% , but up must be in your current job for more hten 2 years and no default history on your credit file at all.

AFM – The offer no LMI up to 90% BUT the LMI payable must be under $4380 (meaning the place you buy is under $250k)

HSBC – From time to time they have deals for no LMI ( did one 2…[Read more]

Hi.I recently apply for finacne for a client , who bought a 21 sqaure meter student accomdation – mind you it was NOT easy- but we got there eventually. Currently CBA no longer offer this product as of 01.07.2010- ANZ is also pulling out from this product, but since i deal with student accomdation on a regular basis i find they do accept them on a…[Read more]