Banks only insure loans above 80% LVR. Below this and you are free of LMI restrictions.If you think your rates will just go up in line with the RBA just ask Macquarie Mortgages clients how they feel about this!I wouldn't think security is a reason to go to big banks, but the other reasons I listed are.You also misunderstand offset accounts. The…[Read more]

if it is your main residence and you have no other, and the land is under 2 hectares, then it may be CGT exempt.You should run this by your accountant

you could be

If there is LMI involved then the LMI company will dictate the requirements you will have to meet. So if in the future you apply for a increase and your postcode is no longer allowed with then you won't be able to increase the loan. Or your employment may change casual and they won't allow it etc etc.Also there is only 2 major LMI companies, so…[Read more]

no, the original post was about something totally different

legal fees on the sale. approx $1k

new houses attract GST as does the sale of new land.

I would personally never use one of these non-bank lenders for a number of reasons such as1. There is no guarantee they will remain low. (neither are the banks)2. usually high exit feesand the main one3. LMI is applied to the whole loan which could limit you in the futureand4. difficulties dealing with them in the future5. difficulties in trying…[Read more]

yes, no need to tell the agent unless you wish to.

1. yes, but check with the OSR in your state as you may lose your FHOG. It may be ok if you remain there too.2. Doesn't work like that. If the tenant was renting half of the house you could claim half of the interest (not whole repayment) and other costs3. If rented you could claim depreciation4. yes. If you rented out half you would probably lose…[Read more]

because the potentially illegal part was removed.

will probably be able to keep it CGT if you buy in your own name and have no other property being your main residence at the same time.

These days there is not much choice, unfortunately. There are low docs still, but you will need to prove you are self employed to qualify – usually this is done by having an ABN for 2 years + and probably GST registration too. Some lenders are even asking for BAS statements for low docs – to see if the income declared in the loan application…[Read more]

kevroy99 wrote:
Sorry didnt explain myself properly my main concearn was my  Finance Broker wants me to pay him the $1100 upfront before he talks to the bank about finance is this normal?As you can guess this is the first time i have done this sort of thing thanks heaps for replying..

Yes it is common in many cases, especially commercial ones.

You will generally need permission to sub-lease out party. Have a read of the lease agreement, it will probably be covered.

no worries. its easy when you know where to look

should be possible with their consent. Maybe you could offer an incentive.

Would you offer vendor finance for those unable to come up with the full $1? I have a client who could pay in installments at 7%pa interest over 25 years.(sorry, couldn't help myself////////)I have seent these sorts of sales on TV – it is a way of attracting people to the town and for the council to get more income from rates etc and for the…[Read more]

kevroy99 wrote:
 Hi all need some advice I have found a motel nsw west 46% yeild  L/hold $300k nets $139 and vendor finance $150 k/ 3 yrs +1%on current rates freehold worth 1.5 mil 21 units broker suggests refinance on our private home equity $160k with bank….Broker wants us to pay $1100 upfront to apply for finance says banks dont pay c…[Read more]

Hi.Yes, can use FHOG for stamp duty etc (or buy in NSW where no stamp duty up to $500k). There are still a few 95% loans left, St George, Bankwest and I think Suncorp still offer them.