Try Wide Bay Capricorn. When do you have to settle?

Terryw
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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 may do it with no change. Or you may even end up saving if you break the loan and then go for a lower rate.

Terryw
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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 don’t, but rates are a bit higher – around 6.95%. Get an ABN now!

I know the feeling, you are sort of stuck aren’t you. Don’t ahve time to make money! What I did was to get as many wraps as I could which gave me income to live on when I quit work to set up as a broker.

G-man007
Sounds good in theory, but if they are your businesses or companies or trusts, banks will probably just deem you to be self employed. It may work, I’ll have to think about this one.

Terryw
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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
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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
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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
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Hi Maveric

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

Terryw
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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 $150,000 and you defaulted they would oly have an asset worth $100,000. ie $50,000 shortfall.

Some banks will not do a valuation if it is under 80% LVR and under a certain amount. Otherwise a valuation is usually conducted,

Terryw
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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 will not appear.

Terryw
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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 a lot of problems.

Terryw
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