Addition – Low Doc at a major bank too with a good rate.

since you have such a large deposit, you could possibly qualify for a 60% LVR low doc.

A guestimate is to allow for 4 to 5% of the cost of the property to cover everything.

google for 'tenants union' in your state and you will find a lot of free info on tenants rights. That will help you know what they can do and if you can get them out somehow.

SamYes, that is the way to do it. Set up a separate loan securred against the PPOR and drwan down on this for the 20% deposit and other costs.

No. Deductibility is determined by what the funds borrowed for a used for.In this case you will be withdrawing equity = borrowing to buy a new owner occupied house. So the interest on these funds will not be deductible.There are options to help you increase deductions though and this includes borrowing for all expneses on the old PPOR (eg rates,…[Read more]

Get some advice from a mortgage broker and a tax expert.Taking the deposit from your offset account is not the ideal way to proceed.

This reminds me, i had a loan from ANZ once with the settlment dragging out. They ended up doing another credit check just before settlement. I guess this could have alerted them to changes in my circumstances, eg. getting a default, which could have lead them to start asking questions. So be aware of this.I also had a friend who had a client with…[Read more]

Yesterday I heard of a person that has been asking to reduce their LVRs as they were deemed a higher risk now. ie like a margin call. Not sure if it is true as not first hand info,

The lender probably won't know if you don't tell them – as long as the mortgage documents have been issued. But, be aware that sometimes if it drags on too long the bank may want to reassess the application and do some more checks. There are probably also conditions in the offer that you notify the bank of 'any changes in your…[Read more]

VLC is good for viewing certain type of movies. i think i use it for ones downloaded from youtube.If you want to change the default player, jus right click on a movie file and selec 'choose default player' and then you can select from a few different programs. just select the one you want and tick the default player button and that should be it.

Depends on the figures. If you can rent somewhere cheaper than you would have been paying in interest it may be best to rent.But also other factors to come into consideration such as not being able to do the same things in your rental as you could in your home. eg paint, pins in the walls!. And you could be asked to move out after the lease expires etc.

Why not just use a broker in the first place (not me please!)?

And, just because it is cashflow positive doesn't mean it is a good buy. You would want capital growth too. if the value doesn't up there is no point.

KevinWhat about it counting for the main residence exemption for the period it was rented after they lived in it. They can only claim 6 years, so what happens if it is rented for 7? are the first 6 years countable or do the lose the lot because of the time exceeding 6 years.

You should put a caveat as various things can happen between signing the contract and settlement. There was a case about 2 years ago where someone signed a contract and then at the last minute, 2 hours before settlement, some other party registered a writ for a debt owed. It was deemed the other person had priority as they registered their…[Read more]

I think if your new lvr will be 86%, then you will need to get the approval of the mortgage insurer, so you would probably need some sort of application with updated proof of income etc.

That means if you sign you are locked in. You are waiving the cooling off period – which is very dangerous, get legal advice before signing.

I think in NSW it is 3 months or on settlement, which ever is sooner.I just bought some land off the plan in tasmania and it settled about a year after exchange and no stamp duty was paid till settlment

What happens if you sign the contract and cannot get finance? You are stuck then. Don;t exchange before finance as too risky.