Mate you are keen. It may be a bit too soon. Do you think the property is worth much more now?

You could do it by going for high lvrs and paying mortgage insurance. It would also depend on your income etc.

Terryw
terryw@froggy.com.au

Fixed rates have dropped (probably) since you took out the loans. Therefore will have probably have to pay the bank a large penalty for getting out. May not be worth it. (I recently paid more than $3000 exit fee on one of my 5 year fixed loans).

It would hurt to ask your lender, if you could keep the loan in place and just change it to IO. they…[Read more]

Agent

I am surprised too. I don’t think that will be the case for the average investor!

Terryw
terryw@froggy.com.au

John

You could get a pre-approval, but these only last a short time. usually max 3 months, and then they will want updated details such as payslips etc.

If you get a LOC, you could use that to live on, and for deposits. You could possibly use low doc loans, but some lenders require you to be self employed for a min 2 years. There are some that…[Read more]

I agree. Definetly go IO on any future IP. And I would change teh existing ones to IO as well – as long as the fees in doing so are too much. And I hope your mortgage offset account is set up against the PPOR loan.

Terryw
terryw@froggy.com.au

Kirby

You can look up the title of the house to find the owners. It can be done on the web and should cost less than $10. Look for the Land Titles Office in your state.

You could just pay them the deposit, but You should probably have your deposit held in their solicitors trust account, just incase things go wrong.

Terryw
terryw@froggy.com.au

Suart

Good to see what you look like.

Terryw
terryw@froggy.com.au

Wild nothing

I have found that many people actually buy property and then get the finance.

If you send me all of your figures (all income, debt, credit cards etc), I can give you a rough idea of what you can borrow.

Terryw
terry@discoverhomeloans.com.au

I think with a corporate trustee, you have to have separate accounts. Probably a business account, (as the banks want you charge you extra fees). With an individual trustee, you can just have an account in the persons name, ie normal savings account.

Terryw
terryw@froggy.com.au

Wild

I wouldn’t beleive anything a real estate agent says.

Your broker should be able to tell you how much you can borrow.

If you get your subject to finance clause worded correctly, its water tight. Worded incorrectly could cost your dearly.

Terryw
terryw@froggy.com.au

Refinancing shouldn’t take that long (max a month?). Once that is done a pre approval should only be 2 days. Your broker could also arrange a pre approval at the same time. At the very least he/she should be able to tell you if you qualify for another loan and how much you could borrow.

You can also make offers subject to…[Read more]

Hi Maveric

As the courses do not relate to current income, I beleive they are probably not deductible. Check with an accountant.

Terryw
terryw@froggy.com.au

Kristoffer

I haven’t really considered buying a franchise, but have heard that Westpac will lend 100% for the top performing francises such as McDonalds, so it may be worth giving them a call.

Terryw
terryw@froggy.com.au

Fullout

Yes you can do that, banks will lend you the money as a LOC. I don’t know what they would think if you told them it was for living expenses tho! Most just say for ‘investment purposes’.

When buying a property banks insist on a valuation to protect themselves. I could sell you a $100,000 property for $200,000, and if the bank lent you…[Read more]

Thats cheap. One of mine charged me about $600, but a solicitor that I went thru was $1200!

Terryw
terryw@froggy.com.au

Watch out for getting credit cards as they appear on your CRAA. Most banks when assessing serviceability assume that 3% of the limit is outstanding each month. This can really eat into your serviceability!

Here’s a tip. Start off with a low limit. then get credit increases as these will not appear on the CRAA. Any card held more than 5 years also…[Read more]

hi NoviceM

The short answer is: you can’t.

As far as I can see, t his is not covered in Batten’s book. And I can’t see any way in which super could be used to reduce your PPOR debt (until you retire?).

Terryw
terryw@froggy.com.au

Trying

Yes, I beleive Steve Navra has applied for a tax ruling so that the ‘loss’ is claimable. But it is still a loss, and then there is Navra’s fee as well. I am not sure what it is, but have heard around 3% of the bond! Maybe a Low doc is easier and cheaper?

Scott

You property sounds excellent. I agree, if you can find these sorts, it solves…[Read more]

David

It all varies depending on location etc. Generally up to 80% based on valuation.

Terryw
terryw@froggy.com.au

There are private lenders that do not check your CRAA at all. They don’t even care about it. They lend purely on the valuation. BUT (and that’s a big BUT) the interest rates are around 12%.

So if you are willing to pay for it and can still come up with the deposits, you can get unlimited finance!

Terryw
terryw@froggy.com.au