I know this is a bit similar to another topic on this forum about LVR and lodocs.
I want (or think I want) a lodoc, no LMI, 70% at least, an offset account.
I want to stash some $$ for a while and earn 7%.
Does this make sense?
Any suggestions anyone?
Thank you in advance….Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Giddo,
How much is your loan amount, if it’s under $500k,
call and try City bank. If over $500k, Try maquaire bank. Alternatively speak to Morgage Hunter. he is a mortgage broker, also a conributor of this forum.Cheers,
hermanHi Giddo,
There are a large number of lenders that offer low doc products with an offsett facility, the correct lender product etc will depend on your personal situation investing plans etc., Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
giddo
Adelaide Bank is one that will go to 76% without LMI and still offer an offset.
I believe you are in SE Qld so in Brisbane we use Greater Pacific one of the Bank’s resellers for the area and their rates are quiet competitive if you need to go that high.
Citibank charge LMI over 60%.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Richard,
Citybank can offer lo-doc 80%, without LMI, up to $500k at present. Please check with your BDM. And please let me know if it does not.
Cheers,
hermanHerman
Apologies comes of typing too fast.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
To clarify, with Citibank the LMI is applicable on lending over $500K on 1 security, however $500K plus on multiple securities should not attract an LMI premium. Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
I think it is really important to compare the rate when considering whether LMI will matter in the long run because some products have no LMI up to 80% (instead of above 60%) but they are at a higher interest rate – if you go with a lender such as ANZ or Bankwest they have excellent interest rates for low doc with 100% offset but they do charge LMI above 80% – as long as you are keeping the loan for longer than 12 months the interest rate should outweigh the LMI anyway. You really need to sit down with a broker to compare all the products available.
Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
[email protected]Hi Anita,
LMI is applicable on lending over 60% LVR with the Bankwest and ANZ low doc products.Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
hi giddo
sorry to say this put for me its not the best place to stash money away in a bank account even at 7% cash is a very valuable item thats why banks love it look around for investments that give you alot more then 7% start to peel that envelope.
real estate is for the long haul for me but not for cash, (equity for me).
cash is short term investments and there are alot around put call on the ords will give you better then 7%.
In any market cash is king so don’t put it in the lowest market put it in the highest unless it gives you leverage to purchase a item that knocks out a competitor.
If you are cashed up in this market with a bull share market and a fallen real estate market with a futures market that is going left and right and commodities that change daily up or down this is the best market for any of them for cash.
It also the best to learn as all wish there market to stabilise and the only way to do that is for investors to invest.
real estate goes up, shares go down, shares go up, real estate goes down, some people hedge to cover these movements.
look at hedging.
you can hedge everything from wheat to car tyres and for that matter real estate.
diversification is the key to any portfolio
this is not advice nor should it be seen as suchhere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]
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