Hi jonglen – and welcome to the forum. Based on what you have posted, one idea may be as follows. Normally 90 or 95% LVR loan is good for an IP – 100% is possible with some lenders, but there are often conditions, and it's a big chunk of LMI you will get stuck for. As you mentioned you are on a good income, saving up a bit more to add to your…[Read more]

Hi Debden – good on you for doing your Cert4 – it will help with work that's for sure. Did you know many brokers/staff do not even have the old 'Cert3', and have done very little to educate themselves on the market and how to treat customers. Of course, I am a great believer that genuine practical experience outweighs any 'qualifications……that…[Read more]

Hi Lisa. Yes, with Lo-doc loans that 20% deposit bit does hold back – shame your westpac boy did'nt congratulate you on the work you've done but……… My only suggestion would be as follows-1) Is there any 'meat' you could pull out of the first two units if you refinanced with another lender and a favourable val? Depends how long ago were done,…[Read more]

Hey Boshy – and congrats on the purchase. DOn't be too hard on your partner – we all change over time, and at least you have your fist – one more than most. You will freak your partner though if you sart talking about jumping from thsi one, to owning four IP's though – it is an alien thought to how most of us have been/were brought up. Most of us…[Read more]

I think there is a side to Hutch's comments that ring all to true sadly – I have seen people who could have walked in and out of a bank with a 'yes' have a brokered loan take a week or more to get the same result. While there are always excpetions and anumber of varying factors, many lenders do tend to treat the brokered loans with a bit of slack…[Read more]

Hi Lisa – Welcome to the forum – BIG CONGRATULATIONS on a nice portfolio. It does not have to stop there tha'ts for sure. I'm guessing you are all with the one lender eh? THought so. And it's a bank too? Yup thought so too. See another lender, and probably a non bank or different bank if you must. Some banks (which bank) only count 75% of your…[Read more]

Hi Devo….never one to knock someone elses wheels….and we won't discuss what even holden nuts called these (the two nciknames…rmember???) …but honestly, if you can get anywhere near the price you are talking (more than a XY GT) mate…Grab it and use that sweet profit….don't take that the wrong way either…….THink of all that CGT free…[Read more]

Hey Miily. I would suggest take what has happened so far 'on the chest', but arrange to show them (or all who live there) how to do it, step by step, even blow it out and get them to have a practice or two while you are there, smile, be nice, and advice them this is not covered as a repair, and there is no need for them to pay someone else to do…[Read more]

Hi passnby. Heard that they were getting that award yesterday. They are a cheaper 'internet' based loan company, or in other words, have no retail presence. If you are happy with that, comfrotable with finance, (ie are doing a refi or know what you are doing) don't need a branch to walk into, and don't plan on reselling the property anytime soon -…[Read more]

Hi Kirsteh, and welcome to the forum.  Sounds like you have done your homework, and found something with potential. Good on you. As far as finance goes, it should not be much of a problem, as long as you can 'service' the loan (ie in the lenders eyes-or-spreadsheet meet the repayments, which will included of course rental income) I imagine that…[Read more]

Hear Hear. Did'nt see the show, but Fincorp and others like them advertise in a manner that attracts many to trust them with their hard earned money as a 'safe investment' (including the financial advisers whoi recommend them) and while many point at the returns and call them unrealistic, I can appreciate how someone wanting to fund a retirement…[Read more]

Hi Hannah. Sorry no one has replied to your post yet – nothing to do with the contents I'm sure. With your scenario, people choose fixed interest rates for a reason, some regret it later others are pleased, but regardless of which way you choose (you can also split a loan too and 'hedge your bets' or structure it to suit your lifestyle….)  the…[Read more]

Just wondering if anni, or anyone that has done similar, would like to share with other forum members the type of work available in 'mines' etc. All hard manual yakka? Or are there other areas (ie drivers/admin etc) that have opportunities reasonably readily available? A lot of people seem to have done this very successfully, others have not, with…[Read more]

Congrats on the pending property purchase. The main things you will need to be mindful of is that there will be a reasonably hefty early repayment fee if you plan on selling the property in the first couple of years. I am not familiar with this company, but the rate is very reasonable for a loan of this type and most lenders charge fees, for…[Read more]

Hi Leilah. After a certain period, the loan converts from interest only (say, 1st 10 years) to P&I for the remaining term (last 20 years) with payments adjusted acordingly.Hard to plan that far ahead eh? All the best.

Hi. You generally would not refi a loan like this for the first 2 years. You will be up for 2% of the loan amount (for first two years)plus the discharge fee, currently $295. This loan product is a great lo-doc loan though, with a very competitive interest rate, currently 7.47 %, so unless you are selling the property, it would hardly be worth the…[Read more]

Hi Brizza – Does not matter what your income is as long as it is enough to service the loan amount. 100% loans are readily availalbe for anyone, with the main criteria being a clean credit history and stable employment. The 100% loans are a key part of the market, and generally what many first homebuyers avial themselves of – and a major part of…[Read more]

Hey Hannah. THis topic has been covered frequently – most agree with you, and times have changed since that book was written. As far as the groups you mention, I have had no personal experience with them, but the ones I have seen similar show highly unrealistic rent returns on their so called 'cash flow' properties. (eg. Town with population of…[Read more]

Hey Brizza. The first thing lenders look at is the ability to 'service' the loan. In round figures, using your two scenarios, around$182k loan with car, and around $245 without. Gives you a rough idea. The FHOG would be looked after by the lender, and go towards costs etc on a 100% homeloan as you mentioned. All the best,

The reason your mortgage choice broker, and other brokers won't recommend these lender types in most cases is……because they are not available to the broker channel, so of course the broker gets no commission. Even if they were, they would get less, as the margins are so low. Ah ah!!!! Of course they will not say 'yep, they are good and…[Read more]