Terrys example is text book perfect – explained 100% spot on, and unfortunately occurs daily………………….a great reason why anytime money is borrowed for property, you really need to look at what you want to achieve, and your  l-o-n-g  term goals/plans prior to making a committment.Cheers

Hi MCB1 – and welcome to the forum.A touchy subject indeed at the moment – and one that to put things in perspective, everyone with a fixed rate loan needs to recall a couple of things – such as why they got one in the first place, have there plans changed since then (such as not keeping house 'indefinately' ) and how would they feel if rates were…[Read more]

Hi Tim,I guess it will be the majors only that balance sheet lend – which at the moment is LVR<60% for lo doc borrowings. Its a real shame for those with genuine need, that could service a loan, and do have income, but I know from what I have seen from a couple of 'confidential internal memos' myself , that there is a significantly higher default…[Read more]

I concur wholeheartedly. It is both fraudulant and dishonest – and is not 'creative' – although some unscuplous types may consider it so.One of the reasons we have a 'financial crisis', and why bank valuations are not as 'straighforward' as they used to be, why valuations interstate are now more involved, and why some now want to see the whole…[Read more]

As already mentioned, RAMS  (the old one) did indeed have a couple of excellent lo doc products, and were very popular lenders for first home buyers that wanted to borrow 100% finance – not something done with the mainstream lenders in most cases. Rams were huge with the mortgage broking industry, having the significant majority of their loans…[Read more]

Hi Rohan,It is different for all states – but in NSW you would still receive grant, but miss out on stamp duty concession.However, a quick look at the ACT site, does indeed say that if you qualify for the FHOG, you can apply for the s/d deferment concession. and based on your provided info, you do qualify.Read the top of page 2 on the act FHOG…[Read more]

How can you claim borrowing costs for a PPOR or place that was purchased as such? are you saying you already had a PPOR in your name, and purchased one in your partners name as a 'PPOR" with the intention of making it an investment property?So that's where my taxes are going……….If it is all legit, re-read Eddie C's comments, as you would…[Read more]

hi jbp – welcome to the forum, and back to sunny old Oz!Dont completely discount a bank loan.as long as you had steady employment overseas, and can confirm via your employer that you arre not on any type of probation or trial period, if you have a reasonably strong asset postion and no stupid amounts of personal debt (ie storecards, P/loans etc)…[Read more]

Hi Sdainty – and welcome to the forum.main shortfalls are as follows.1) You will not be able to get finance for this type of property. In other words, you will have to buy with your savings/own funds2) Other than the odd exception, capital growth is little if any other than very long term, so you would need to make sure you had plenty of positive…[Read more]

Qlds007 wrote:
No suprise there. GE attract their funds from the US and the credit crunch is showing now sign of abating there.Wonder how all those Wizard franchises are doing now.

I understand so many have simply walked away form their hard worked for / money thrown into / nothing given back franchises, particularly around sydney.The others?…[Read more]

Hi Redleaves.  Sad to say – I think you will find none.6mths is a different story,  but you are talking  nearly two years. Hope the refi goes okCheers

Tools wrote:
You have missed my point. I haven;t bought the place yet, but in speaking with the vendor they said they are concerned about the insurance implications of allowing us early access. Normal landlord insurance will not cover us for renovations, especially on a property we don't yet own.

Your post did not indicate this – I assumed…[Read more]

Hi Bardon,You would have to do the sums – depends on the loan size, the time you work it out over, and what happens with rates in the future – only one of whcih you have control over.There are a stack of people who have done similar, and without going into the pros and cons, I would simply suggest if you are going to do it, do it quickly (For an…[Read more]

Happy to comment on my experience with One Direct. I have done loans (ie borrowed from personally) with ANZ, (whom own one direct – clearly stated on their docs) NAB, CBA, Wizard, and Westpac, and all bias aside, one direct was the easiest and quickest experiece I have had. At trust me, I work for one of the above mentioned lenders, and…[Read more]

For people paying off a mortgage, and thinking of buying a home or investment property, finally we have some good news.Now if only my next deposit had not been parked in the sharemarket I could………..Cheers

Hi Tools,Every purchaser should take out insurance as soon as contract is signed/exchanged. No exceptions.I would hope your solicitor would have advised you to do this. Get it in place, and hopefully this will alleviate the vendors concerns. All the best.

Hi TuggerwaughWith construction a home and the FHOG, it is a lot easier to have your finance provider process for you, and as far as the actual grant goes, you would not receive any payment until the OSR receives notification (ie proof) of youf first loan drawdown claim, which would be no earlier than completion of your slab.Not sure how that fits…[Read more]

If you are married or in a so called defacto relationship, if you want to use both incomes (for servicing / higher borrowing amount purposes) this is pretty standard stuff. Most lenders will encourage it. Maybe something has got 'lost in translation' somewhere along the line, as in a relationship technicly asset are joint anyway. If you cant get…[Read more]

From memory Wizard only have ever sold about three 'ratebreaker' homeloans. …..and it looks like two of them are here. Seriously. Wizard franchise owners get virtually no commission from selling these loans, so just like most brokers, would not recommend a product that they don't get paid for. Seriously, this loan product was introduced just so…[Read more]

You could also try the "I work for the ATO, tsk tsk – but I'll keep quiet and give you a $160k to walk away no questions asked' approach : .