There are a lot of lenders that will look at doing this. Some don’t require any proof of income and some will give really good deals with full proof (low rates and fees). It really depends on the quality of the development.

Some considerations will be:
– Amount of your equity.
– Location and type of development.
– Builder reputation.
– Estimated…[Read more]

Hi Marie

Some potential costs may include:

Settlement fee Approx. $50 – $100
Title searches Approx. $20
Mortgage registration and deregistration (govt charge) $128 per property
Discharge fee** $150 – $300 per loan
New application fee ?

** Discharge fees should be confirmed with your lender as these costs can vary significantly from lender…[Read more]

Liar, liar, liar Richo… I agree with that at least!

I am 28 (29 in Dec). I look like Disco Stu off the Simpsons (at least to Richo anyway).

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Thanks to everyone that replied. I have enough people testing the spreadsheet at this stage. Once its completed I’ll let you know.

Thanks.

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Here is the link… http://www.mycreditfile.com.au/personal_information/free_credit_services.asp?CountryID=1&UserTypeID=11

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Suncorp may or may not be the best answer… I just thought that I would get some discussions going on the lenders that may be able to help Harold. Talking about the specific lenders will help Harold and other readers increase their knowledge. Just a thought…

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Hi Harold

I think Suncorp Metway may be best for you.

– They will do units over 45 sqm.
– They may do 80% LVR.
– You sign a Low Doc declaration setting out your income (you will need to provide an ABN to prove that you are self employed).

The loan details are:
– Interest rate: 6.47%
– Application fee: $550
– Ongoing fees: $10 per month.
– Break…[Read more]

Come on guys… I’ve only got 3 people so far.

Is this something people would be interested in doing? Would you guys spend 5 minutes checking your statement now and then or is it a bit too bean counterish?

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

I understand that property is not defined as a security under the financial services legislation (including the Financial Services Reform Act). Therefore, dealing in property is not heavily regulated. I think this is the whole problem.

I think property advisers should be licensed (in the same manor as financial planners). This might take some air…[Read more]

Full disclosure is required.

Couple of things you can do is:

– put all cards in partners name.
– decrase limits and increase them again after settlement.
– use charge cards instead of credit cards (Amex/Diners). These do not affect your borrowing capacity.

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

I’m yet to find a good consistent lender. Do you agree Terry?

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

You may also want to try:

– Liberty (www.libfin.com.au)
– Pepper (www.pepperhomeloans.com.au)
– GE Mortgages (www.gemortgages.com.au) but they do not deal with the public direct – must be through a broker.

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Hi Resurrect

CBA’s offset is very ordinary… so probably not indicative of a normal offset in the market. CBA LOC is too expensive. On the whole I don’t think CBA is the lender for you.

Perhaps try ANZ. It’s offset and LOC are exactly the same interest rate (which is becoming less common). They also offer the best LOC rate on the market……[Read more]

Hi Dogs

1. Don’t have loans cross collateralised so that you don’t have to revalue all properties.
2. Most professional packages will not charge for this (e.g. Westpac, ANZ, CBA, NAB). Most allow you to do at least 1 revaluation per year at no cost… CBA & NAB are unlimited.

The Big 4 are by far the most competitive in this…[Read more]

Hi Alf

Yes, it may be a “balancing item” when calculating the “cost base” for CGT purposes.

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Hi Alex

I understand. No worries.

I do have a solution… I’m planning to open an office in Sydney and Brisbane in 2004.

Until then feel free to drop me an email if you ever want a second opinion (not that I’m doubting Melanie).

Cheers

Stu

P.S. Distance doesn’t impact ability to assist… we have clients in nearly all States and even in UK,…[Read more]

Hi Doogs

Yes, I’ve heard that LMI is refundable. However, I thought the period was 12 months. It does differ from lender to lender.

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Go Richo… if only your footy team was doing as well as you!

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Hi Alex

Here is Melanie’s email address:

melanie@homeloanconnexion.com.au

Cheers

Stu

Property & Finance News
at http://www.prosolution.com.au

Watch this space.

The government are going to release some draft legislation in a couple of weeks. This legislation may require mortgage brokers to have an AFS (Australian Financial Services) License (or be an authorised representative of an AFS holder). This will really shake the market up and make it more difficult for unqualified new brokers…[Read more]