http://www.somersoft.com/forums/member.php?u=4703 Posts from Somersoft Property Investment Forums by Qlds007 en Fri, 10 Sep 2010 11:42:12 GMT vBulletin 60 http://www.somersoft.com/forums/images/misc/rss.jpg http://www.somersoft.com/forums/member.php?u=4703 http://www.somersoft.com/forums/showthread.php?t=64987#post710441 Thu, 09 Sep 2010 21:49:06 GMT Thxs Rolf i didnt notice myself. Wonder where the years have gone sometimes. Thxs Rolf i didnt notice myself.

Wonder where the years have gone sometimes. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post710441 http://www.somersoft.com/forums/showthread.php?t=64987#post710400 Thu, 09 Sep 2010 12:45:54 GMT Dont think Phil is a member of SS......yet. Dont think Phil is a member of SS......yet. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post710400 http://www.somersoft.com/forums/showthread.php?t=65165#post710399 Thu, 09 Sep 2010 12:44:20 GMT I agree at 45% lvr you would seem to have sufficient equity however under NCCP affordability is very important. In saying this every lender calculates its servicing differently and you might find what doesnt fit for one lender does for another. I agree at 45% lvr you would seem to have sufficient equity however under NCCP affordability is very important.

In saying this every lender calculates its servicing differently and you might find what doesnt fit for one lender does for another. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65165#post710399 http://www.somersoft.com/forums/showthread.php?t=65153#post710221 Thu, 09 Sep 2010 05:00:39 GMT Last Years Individual Tax return will be fine then if that is the case Aaron. Last Years Individual Tax return will be fine then if that is the case Aaron. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65153#post710221 http://www.somersoft.com/forums/showthread.php?t=65153#post710160 Thu, 09 Sep 2010 03:12:34 GMT 2 consecutive payslips within the last 4 weeks should do you especially if they have your YTD income on them. Some lenders like to see the previous years Group Certificate. As long as the payslips are not handwritten you should be ok. 2 consecutive payslips within the last 4 weeks should do you especially if they have your YTD income on them.

Some lenders like to see the previous years Group Certificate.

As long as the payslips are not handwritten you should be ok. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65153#post710160 http://www.somersoft.com/forums/showthread.php?t=64502#post709993 Wed, 08 Sep 2010 21:26:02 GMT Pete so the new manager in every Branch didnt step in and sort the problem. I thought they understood your business (or that is what the ad says). Pete so the new manager in every Branch didnt step in and sort the problem.

I thought they understood your business (or that is what the ad says). ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64502#post709993 http://www.somersoft.com/forums/showthread.php?t=65051#post708753 Sun, 05 Sep 2010 08:46:19 GMT Hate to say unless you score high up on the credit score ladder it wont be a matter of negotiating a better deal that that advertised with your Bank but more of a matter of whether you can get a deal approved full stop.

If LMI is involved be preapred to be thru the ringer by the mortgage insurer who after you have provided them with everything may still say NO.

Borrowing these days is not a forgone conclusion and i guess like many other Brokers on the forum nothing suprises me these days when i hear a loan has been declined irrespective of the quality of the applicant.

Let your Broker do the negotiations for you by sourcing a lender to meet your needs rather than grabbing a lender and trying to get them to relax their policy or T & C's. It just wont happen. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65051#post708753 http://www.somersoft.com/forums/showthread.php?t=64987#post708750 Sun, 05 Sep 2010 08:42:10 GMT Ridin high All you got do is grab the July copy of API it is all in there. Ridin high

All you got do is grab the July copy of API it is all in there. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post708750 http://www.somersoft.com/forums/showthread.php?t=64987#post708729 Sun, 05 Sep 2010 07:16:16 GMT Has already happened over the last couple of years. Nothing to stop a lender saying 0.4% discount from $250-$500K and 0.5% from 500 - 750K. $750K + 0.7% max. Also do you have the 100 bps in writing or was it like so many Wesuck customers who were granted it over the phone when they said they were going to refi away. That can be cancelled at any time and revert package to the applicable package fee. Just wait for the Big 4 to put there rates up in the next 4 weeks or so. All a matter of who wants to be first. Has already happened over the last couple of years. Nothing to stop a lender saying 0.4% discount from $250-$500K and 0.5% from 500 - 750K.

$750K + 0.7% max.

Also do you have the 100 bps in writing or was it like so many Wesuck customers who were granted it over the phone when they said they were going to refi away. That can be cancelled at any time and revert package to the applicable package fee.

Just wait for the Big 4 to put there rates up in the next 4 weeks or so.

All a matter of who wants to be first. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post708729 http://www.somersoft.com/forums/showthread.php?t=64987#post708670 Sun, 05 Sep 2010 00:49:24 GMT I assure you i didnt post it to win any title. Just to say that in the current climate your borrowing needs to fairly high to get a decent above normal discount or the Bank needs to want your business. At the moment the later is unlikely so assume you can service the higher boorrowing you can but try. If anything as time goes by i think you will see lenders cut the discount offered not increase it. I assure you i didnt post it to win any title.

Just to say that in the current climate your borrowing needs to fairly high to get a decent above normal discount or the Bank needs to want your business.

At the moment the later is unlikely so assume you can service the higher boorrowing you can but try. If anything as time goes by i think you will see lenders cut the discount offered not increase it. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post708670 http://www.somersoft.com/forums/showthread.php?t=64915#post708443 Fri, 03 Sep 2010 22:06:33 GMT Interesting topic and one that hopefully all will find a level playing over the next year or two. I have just had an email from a client this morning to tell me that as his full doc loan was all approved he went out yesterday to buy a lounge suite on interest free credit. As he was negotiating with the 20 year old female shop assistant she said why not apply for a separate Myer Card with a $7500 limit whilst you are here. He filled out his name, address and a few contact numbers and the fact he owned his own home had the card approved in a few minutes. There was no question or evidence of about income (not that would have been an issue) nor asking him about his liabilities. How could she had known whether such a credit contract would not be unsuitable. Certainly will be interesting to see when the likes of Myer and HN have to comply with the new legislation and every member of the sales staff advising on credit has to be licensed. Finally as Rolf mentioned there are no regulations and never has been on what documentation a lender offering a lodoc product can ask for. Interesting topic and one that hopefully all will find a level playing over the next year or two.

I have just had an email from a client this morning to tell me that as his full doc loan was all approved he went out yesterday to buy a lounge suite on interest free credit.

As he was negotiating with the 20 year old female shop assistant she said why not apply for a separate Myer Card with a $7500 limit whilst you are here. He filled out his name, address and a few contact numbers and the fact he owned his own home had the card approved in a few minutes.

There was no question or evidence of about income (not that would have been an issue) nor asking him about his liabilities. How could she had known whether such a credit contract would not be unsuitable.

Certainly will be interesting to see when the likes of Myer and HN have to comply with the new legislation and every member of the sales staff advising on credit has to be licensed.

Finally as Rolf mentioned there are no regulations and never has been on what documentation a lender offering a lodoc product can ask for. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64915#post708443 http://www.somersoft.com/forums/showthread.php?t=65025#post708440 Fri, 03 Sep 2010 21:55:06 GMT Insight - As Rolf has mentioned Perpetual have nothing to do with any of the Anz products so if you asked them i am not suprised they had problems giving you a straight answer.

We have found that dealing with Perpetual for Anz settlement has been a big improvement as at least you have someone who knows what they are doing and only deals with the file settlement.

Now if you had said you have a problem with assessment or documentation which comes out of India then i would have understood. Be suprised how many times i have had a call on my mobile at 10.30pm Saturday saying" Good morning how is the weather in Brisbane this morning. When you tell them it is dark and nearly midnight they move on very quickly'.

I have nothing against any lender processing offshore however all you ask is they can speak english. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65025#post708440 http://www.somersoft.com/forums/showthread.php?t=65012#post708367 Fri, 03 Sep 2010 11:17:19 GMT CKW Yes there are a few tricks to the trade in doing the transaction however your Broker should be able to point you in the right direction. CKW

Yes there are a few tricks to the trade in doing the transaction however your Broker should be able to point you in the right direction. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65012#post708367 http://www.somersoft.com/forums/showthread.php?t=65012#post708366 Fri, 03 Sep 2010 11:16:21 GMT bene Hate to say but you are wrong there. When you purchase the interest of your spouse in the property for 50% of the current valuation and then in turn rent the property out the interest on the loan is 100% fully deductible. Assuming the current property is valued at say $450,000 CKW could purchase his wifes share for $225,000 taking out an interest only loan. In turn Stamp Duty in Qld is payable on the $225,000 only. The net funds could then be used to purchase land / part fund the construction of the new PPOR. If the property is sold into a Unit Trust for $450,000 then Stamp Duty is payable on the full consideration however the entire interest on the entire loan becomes deductible. Both are strategies we have been using with clients for over a decade now. bene

Hate to say but you are wrong there.

When you purchase the interest of your spouse in the property for 50% of the current valuation and then in turn rent the property out the interest on the loan is 100% fully deductible.

Assuming the current property is valued at say $450,000 CKW could purchase his wifes share for $225,000 taking out an interest only loan. In turn Stamp Duty in Qld is payable on the $225,000 only.

The net funds could then be used to purchase land / part fund the construction of the new PPOR.

If the property is sold into a Unit Trust for $450,000 then Stamp Duty is payable on the full consideration however the entire interest on the entire loan becomes deductible.

Both are strategies we have been using with clients for over a decade now. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65012#post708366 http://www.somersoft.com/forums/showthread.php?t=65012#post708311 Fri, 03 Sep 2010 08:47:25 GMT It is a question we get asked regularly by clients and depending on the numbers there are a couple of options: 1) Purchase your wifes 50% share in the property. 2) Purchase the entire property using a Unit Trust structure. Both will incur Stamp Duty. Of course the duty on # 1 will only be 50% and if you intend to live in the property for some time could well be worth. I have 2 clients here in Brisbane going through exactly the same restructure as suggested and both of them agree it will be in their favour to Transfer the Title. It is a question we get asked regularly by clients and depending on the numbers there are a couple of options:

1) Purchase your wifes 50% share in the property.

2) Purchase the entire property using a Unit Trust structure.

Both will incur Stamp Duty.

Of course the duty on # 1 will only be 50% and if you intend to live in the property for some time could well be worth.

I have 2 clients here in Brisbane going through exactly the same restructure as suggested and both of them agree it will be in their favour to Transfer the Title. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=65012#post708311 http://www.somersoft.com/forums/showthread.php?t=64987#post708287 Fri, 03 Sep 2010 07:26:45 GMT Sure GC Portfolio size $18.9M outstanding loan $2.4M Sure GC

Portfolio size $18.9M outstanding loan $2.4M ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post708287 http://www.somersoft.com/forums/showthread.php?t=64987#post708089 Thu, 02 Sep 2010 12:05:14 GMT 6.41% - Anz 6.41% - Anz ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64987#post708089 http://www.somersoft.com/forums/showthread.php?t=64951#post707888 Thu, 02 Sep 2010 02:23:36 GMT Stark do you have that in writing as i have never known a lender promise something that 6 months in advance. Stark do you have that in writing as i have never known a lender promise something that 6 months in advance. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64951#post707888 http://www.somersoft.com/forums/showthread.php?t=64915#post707065 Mon, 30 Aug 2010 09:15:48 GMT Small dont worry give it until Jan 1 11 and the Banks will fall into line. Yes strange that you can get a deal from a client that you know the Bank will do at 80% lodoc with no information required yet you are required to ask them for BAS / Trading Statements. Taking it a stage further nothing to stop a Broker charging a client a fee for giving them the name of a lender and documentation requirements. Small dont worry give it until Jan 1 11 and the Banks will fall into line.

Yes strange that you can get a deal from a client that you know the Bank will do at 80% lodoc with no information required yet you are required to ask them for BAS / Trading Statements.

Taking it a stage further nothing to stop a Broker charging a client a fee for giving them the name of a lender and documentation requirements. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64915#post707065 http://www.somersoft.com/forums/showthread.php?t=64838#post706792 Sun, 29 Aug 2010 10:08:38 GMT Hate to say you may have a problem. All depends on the lender and the extent of the pre-approval. A nod and a wink and all is good sorta pre-approval means nothing but a full application, CRAA etc etc might just need some updating and go through under the old policy. Other than that start saving madly. Hate to say you may have a problem.

All depends on the lender and the extent of the pre-approval.
A nod and a wink and all is good sorta pre-approval means nothing but a full application, CRAA etc etc might just need some updating and go through under the old policy.

Other than that start saving madly. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64838#post706792 http://www.somersoft.com/forums/showthread.php?t=64838#post706758 Sun, 29 Aug 2010 06:57:27 GMT Or should that read used to get lodoc loans of 60% or less. Anz have withdrawn their PAYG lodoc (Sept 4) and come Jan 1 all lenders are going to change their minimum documentation requirements. Or should that read used to get lodoc loans of 60% or less.

Anz have withdrawn their PAYG lodoc (Sept 4) and come Jan 1 all lenders are going to change their minimum documentation requirements. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64838#post706758 http://www.somersoft.com/forums/showthread.php?t=64821#post706755 Sun, 29 Aug 2010 06:55:49 GMT Hate to say the legistlation is further reaching that than. I also covers Mrs Smith who wants to lend Mr Jones $50,000 by way of a 2nd mortgage and she might only do this once or twice. Hate to say the legistlation is further reaching that than.

I also covers Mrs Smith who wants to lend Mr Jones $50,000 by way of a 2nd mortgage and she might only do this once or twice. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64821#post706755 http://www.somersoft.com/forums/showthread.php?t=64859#post706583 Sat, 28 Aug 2010 07:24:21 GMT I own a couple in Brissie and we have a loan with Bank West and 1 with Mac Bank. The later very aggresive in the market if you use their DEFT system for the tenant payments. I own a couple in Brissie and we have a loan with Bank West and 1 with Mac Bank. The later very aggresive in the market if you use their DEFT system for the tenant payments. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64859#post706583 http://www.somersoft.com/forums/showthread.php?t=64821#post706065 Thu, 26 Aug 2010 11:23:57 GMT As Rolf said NCCP covers 2nd mortgages, private loans, wraps instalments etc etc etc. And in a few years think of all the fun you will have with NCCP at Harvey Norman when some 18 year spotty teenager asks you did you want to have the computer on credit and then has to wait an hour for the License holder to drive in from his day off only to say to you that the loan would not be suitable and you need to pay cash or go elsewhere. As Rolf said NCCP covers 2nd mortgages, private loans, wraps instalments etc etc etc.

And in a few years think of all the fun you will have with NCCP at Harvey Norman when some 18 year spotty teenager asks you did you want to have the computer on credit and then has to wait an hour for the License holder to drive in from his day off only to say to you that the loan would not be suitable and you need to pay cash or go elsewhere. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64821#post706065 http://www.somersoft.com/forums/showthread.php?t=64815#post705735 Wed, 25 Aug 2010 12:52:21 GMT There is the odd lender who wont consider any rental income for serviceability where the security is inner city or within certain inner city postcodes. A couple of lenders have blocks of units they shade the lvr but that has always been the case. There is the odd lender who wont consider any rental income for serviceability where the security is inner city or within certain inner city postcodes.

A couple of lenders have blocks of units they shade the lvr but that has always been the case. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64815#post705735 http://www.somersoft.com/forums/showthread.php?t=64573#post702253 Sat, 14 Aug 2010 06:57:46 GMT Just interested how the Broker managed to do the loan without requiring Trading Statements or BAS under NCCP. There are a couple of lenders still doing stated income lodocs for both purchase and refi but if you went thru a Broker i am not sure he would be able to hold his hand on his heart and sign off on his fact find. Just interested how the Broker managed to do the loan without requiring Trading Statements or BAS under NCCP.

There are a couple of lenders still doing stated income lodocs for both purchase and refi but if you went thru a Broker i am not sure he would be able to hold his hand on his heart and sign off on his fact find. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64573#post702253 http://www.somersoft.com/forums/showthread.php?t=64467#post700961 Tue, 10 Aug 2010 08:01:20 GMT Hi Alex Adelaide Bank have no probation policy but their mortgage insurer might. Hi Alex

Adelaide Bank have no probation policy but their mortgage insurer might. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64467#post700961 http://www.somersoft.com/forums/showthread.php?t=64467#post700662 Mon, 09 Aug 2010 10:28:23 GMT Same with Adelaide Bank or NAB. Both would accept it. Same with Adelaide Bank or NAB.

Both would accept it. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64467#post700662 http://www.somersoft.com/forums/showthread.php?t=49423#post700150 Sun, 08 Aug 2010 04:17:34 GMT Dear Mr Ormond By a posts made on 6 February 2009 (Post) I made certain statements to a number of people directed at Wayne Ormond The Posts contained serious allegations which I regret having made. I am pleased to take this opportunity to withdraw them. Contrary to the impression which the Posts may have given, neither Wayne Ormond nor Refund Home Loans Pty Ltd has engaged in any unsatisfactory conduct. I deeply regret that the Posts may have given any misleading impression about Wayne Ormond. I understand that Wayne has acted in an honest and reputable manner, both professionally and personally. I deeply regret my suggestion that Wayne has been involved in legal battle with the Queensland Office of Fair Trading or any mortgage lender that would affect the viability of the establishing or dealing with a Refund Home Loans franchise. I apologise that my suggestion has damaged his reputation and goodwill and has an adverse effect on his business operations. I also apologise for the personal distress and anxiety which misstatements, errors and omissions in my Post has caused Wayne Ormond, his family and employees. The defamatory imputations conveyed by my statements are withdrawn without reservation and I sincerely apologise for the damage and distress that my statements and similar publications may have caused. Yours faithfully Richard John Taylor Director Taylored Financial Solutions Pty Ltd Dear Mr Ormond

By a posts made on 6 February 2009 (Post) I made certain statements to a number of people directed at Wayne Ormond

The Posts contained serious allegations which I regret having made.

I am pleased to take this opportunity to withdraw them. Contrary to the impression which the Posts may have given, neither Wayne Ormond nor Refund Home Loans Pty Ltd has engaged in any unsatisfactory conduct.

I deeply regret that the Posts may have given any misleading impression about Wayne Ormond. I understand that Wayne has acted in an honest and reputable manner, both professionally and personally.

I deeply regret my suggestion that Wayne has been involved in legal battle with the Queensland Office of Fair Trading or any mortgage lender that would affect the viability of the establishing or dealing with a Refund Home Loans franchise. I apologise that my suggestion has damaged his reputation and goodwill and has an adverse effect on his business operations.

I also apologise for the personal distress and anxiety which misstatements, errors and omissions in my Post has caused Wayne Ormond, his family and employees.

The defamatory imputations conveyed by my statements are withdrawn without reservation and I sincerely apologise for the damage and distress that my statements and similar publications may have caused.

Yours faithfully



Richard John Taylor
Director
Taylored Financial Solutions Pty Ltd ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=49423#post700150 http://www.somersoft.com/forums/showthread.php?t=64316#post698652 Wed, 04 Aug 2010 00:28:02 GMT Personally i think it would fail on Credit score on lack of Assets given the disposible income. Might be different if you were only putting in 10% deposit but had Assets in the background you didnt want to cash in. Personally i think it would fail on Credit score on lack of Assets given the disposible income.

Might be different if you were only putting in 10% deposit but had Assets in the background you didnt want to cash in. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64316#post698652 http://www.somersoft.com/forums/showthread.php?t=64213#post698149 Mon, 02 Aug 2010 09:17:54 GMT Spoke to a major provider of such funding in Sydney only the other day and they have removed all of their nodoc or lodoc style advertising and were sitting there waiting for the phone to ring. Really hard to see how charging 6% per month you could comply with the NCCP requirements on suitability. Spoke to a major provider of such funding in Sydney only the other day and they have removed all of their nodoc or lodoc style advertising and were sitting there waiting for the phone to ring.

Really hard to see how charging 6% per month you could comply with the NCCP requirements on suitability. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64213#post698149 http://www.somersoft.com/forums/showthread.php?t=64213#post697784 Sun, 01 Aug 2010 06:57:09 GMT Dazz

I totally agree but fighting ASIC and the ongoing legislation isn't that attractive when you see what lenders get away with.

Have had to put up with this in the Fin Planning arena for enoughs years and really dont need it again.

Thankfully my kids are 6 years older now and almost old enough to look after themselves. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64213#post697784 http://www.somersoft.com/forums/showthread.php?t=63945#post697490 Fri, 30 Jul 2010 21:37:17 GMT While i'ts only a matter of time before the XJO uptrends again and breaks it's all time high

Personally i wouldnt be too sure about this. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63945#post697490 http://www.somersoft.com/forums/showthread.php?t=64165#post697198 Fri, 30 Jul 2010 00:10:14 GMT jaycee you have it bang on. jaycee you have it bang on. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64165#post697198 http://www.somersoft.com/forums/showthread.php?t=64213#post697195 Fri, 30 Jul 2010 00:08:44 GMT Rolf agree with every word you have to say and could list a dozen more examples since July 1. And they wonder some of us mortgage brokers are looking at walking away from the industry and going back to managing our own rental properties and collecting rents. Rolf agree with every word you have to say and could list a dozen more examples since July 1.

And they wonder some of us mortgage brokers are looking at walking away from the industry and going back to managing our own rental properties and collecting rents. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64213#post697195 http://www.somersoft.com/forums/showthread.php?t=64165#post696678 Wed, 28 Jul 2010 08:58:59 GMT Couple of considerations but in essence look to access equity on your current property through your existing lender to cover a partial deposit and acqusition costs. Then Jointly look to take out a standalone loan on the new property. If his debt is for non investment purposes with non deductible interest i would look to pay it down as quickly as possible. Keep you new loan Interest only with 100% offset so that you maximise the Tax deductions once you move out and make it an IP. Assuming that you qualify for the FHOG I would not use these funds to reduce the borrowings but place the money in the offset account. Your Broker should be able to structure the loan for you correctly. Couple of considerations but in essence look to access equity on your current property through your existing lender to cover a partial deposit and acqusition costs.

Then Jointly look to take out a standalone loan on the new property.

If his debt is for non investment purposes with non deductible interest i would look to pay it down as quickly as possible.

Keep you new loan Interest only with 100% offset so that you maximise the Tax deductions once you move out and make it an IP.

Assuming that you qualify for the FHOG I would not use these funds to reduce the borrowings but place the money in the offset account.

Your Broker should be able to structure the loan for you correctly. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64165#post696678 http://www.somersoft.com/forums/showthread.php?t=64064#post695240 Fri, 23 Jul 2010 21:44:58 GMT Or the entire loan be taken by the same lender they have their first mortgage with and they can support both their current loan and 20% of your loan. Or the entire loan be taken by the same lender they have their first mortgage with and they can support both their current loan and 20% of your loan. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=64064#post695240 http://www.somersoft.com/forums/showthread.php?t=63811#post693981 Tue, 20 Jul 2010 01:50:46 GMT NAB owned and funded available thru FAST / Choice and Plan Brokers only. NAB owned and funded available thru FAST / Choice and Plan Brokers only. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63811#post693981 http://www.somersoft.com/forums/showthread.php?t=63945#post693822 Mon, 19 Jul 2010 11:45:53 GMT With the introduction of the National Consumer Credit Protection from July 1 2010 i cant see any lessening of lending policies only further tightening. With the introduction of the National Consumer Credit Protection from July 1 2010 i cant see any lessening of lending policies only further tightening. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63945#post693822 http://www.somersoft.com/forums/showthread.php?t=63897#post693071 Sat, 17 Jul 2010 10:57:31 GMT Yes sorry Rolf silly me forgetting there is a double standard in the industry. Yes sorry Rolf silly me forgetting there is a double standard in the industry. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63897#post693071 http://www.somersoft.com/forums/showthread.php?t=63811#post693059 Sat, 17 Jul 2010 09:45:03 GMT DFT will not affect the discount either NAB or Advantage will offer you as both have no issue with this structure. Some lenders will do where a Corporate entity is the Trustee. DFT will not affect the discount either NAB or Advantage will offer you as both have no issue with this structure.

Some lenders will do where a Corporate entity is the Trustee. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63811#post693059 http://www.somersoft.com/forums/showthread.php?t=63897#post693058 Sat, 17 Jul 2010 09:43:41 GMT Although under NCCP whilst at a 60% lend it is stated income you will still need to show BAS and Bank Statements to comply with the "responsible" part of the legislation. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63897#post693058 http://www.somersoft.com/forums/showthread.php?t=63811#post692313 Thu, 15 Jul 2010 03:06:45 GMT Brett you have nailed it on the head. What will happen next with the majors whinging about the funding costs is that a client will get offered a bigger Pre-package discount going direct than you will going thru a Broker for the same amount. Course they will say that the broker is offering advice but we all know it is just an excuse to remove us from the industry. In the UK it is solely fee for service but you have 85 lenders to choice from and they want you business. When i was over there there was over 300 lenders and most had a little niche area. Many only dealt with Brokers. Went to a seminar recently where someone asked a ASIC representative why the mobile manager from the Bank of Qld who originated the fraudelent loan to enable the clients to invest in Storm Financial had not been prosecuted some 18 months later whilst the Brokers involved had the book thrown at them. She couldnt answer saying it was an ongoing investigation. What 2 years later !!! On the Fin Planning side i regularly get clients just ask me for a rough premium quote for a bit of life, trauma cover etc and fail to see why i cant just give them a figure when some girl from a Bank call centre can ring them at night (without even knowing them) and offer them a premium over the phone. Brett you have nailed it on the head.

What will happen next with the majors whinging about the funding costs is that a client will get offered a bigger Pre-package discount going direct than you will going thru a Broker for the same amount. Course they will say that the broker is offering advice but we all know it is just an excuse to remove us from the industry.

In the UK it is solely fee for service but you have 85 lenders to choice from and they want you business. When i was over there there was over 300 lenders and most had a little niche area. Many only dealt with Brokers.

Went to a seminar recently where someone asked a ASIC representative why the mobile manager from the Bank of Qld who originated the fraudelent loan to enable the clients to invest in Storm Financial had not been prosecuted some 18 months later whilst the Brokers involved had the book thrown at them.

She couldnt answer saying it was an ongoing investigation. What 2 years later !!!

On the Fin Planning side i regularly get clients just ask me for a rough premium quote for a bit of life, trauma cover etc and fail to see why i cant just give them a figure when some girl from a Bank call centre can ring them at night (without even knowing them) and offer them a premium over the phone. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63811#post692313 http://www.somersoft.com/forums/showthread.php?t=63811#post692161 Wed, 14 Jul 2010 13:09:13 GMT Rolf agreed. Bet Henderson never realised what the new poverty line would be under NCCP. Rolf agreed.

Bet Henderson never realised what the new poverty line would be under NCCP. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63811#post692161 http://www.somersoft.com/forums/showthread.php?t=63811#post692139 Wed, 14 Jul 2010 12:12:50 GMT Agree with the guys. Also like the Advantage wholesale product if you want no frills, low interest rate, long interest only term and no set up or ongoing costs. They do however require a decent explanation under NCCP as to the benefit for the client in refinancing. Interest rate savings would be one benefit. Course full fact find required to ensure the loan is not unsuitable. Agree with the guys.

Also like the Advantage wholesale product if you want no frills, low interest rate, long interest only term and no set up or ongoing costs.

They do however require a decent explanation under NCCP as to the benefit for the client in refinancing. Interest rate savings would be one benefit.

Course full fact find required to ensure the loan is not unsuitable. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63811#post692139 http://www.somersoft.com/forums/showthread.php?t=63732#post691196 Mon, 12 Jul 2010 02:51:33 GMT The MISA A/c offered by CBA under their package is a non transactional account so ideal for everyone as IMO it is a bit cumbersome. I prefer to guide clients into a 100% fully transactional offset account with someone like the NAB at 95% lvr. Interest only at 95% for a FTB buyer might be slightly harder than you think so if this causes a problem take the loan over say 30 years so the principal reduction is minimal. Always make the payments monthly so there is no real reduction in the capital balance other than the basic principal component. The MISA A/c offered by CBA under their package is a non transactional account so ideal for everyone as IMO it is a bit cumbersome.

I prefer to guide clients into a 100% fully transactional offset account with someone like the NAB at 95% lvr. Interest only at 95% for a FTB buyer might be slightly harder than you think so if this causes a problem take the loan over say 30 years so the principal reduction is minimal.

Always make the payments monthly so there is no real reduction in the capital balance other than the basic principal component. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63732#post691196 http://www.somersoft.com/forums/showthread.php?t=63663#post690424 Fri, 09 Jul 2010 09:28:02 GMT Angela No they are not accesible through the Broker network (thankfully). Angela

No they are not accesible through the Broker network (thankfully). ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63663#post690424 http://www.somersoft.com/forums/showthread.php?t=63575#post690006 Thu, 08 Jul 2010 07:30:58 GMT Hi Pete There are still the odd Bank lender that doesnt require them my point i guess was how as a Broker can we do the loan when we have to comply with NCCP yet the Bank doesnt. Spoke to a client who wanted a Lodoc 80 loan at the start of the week and couldnt provide BAS or Bank Statements. I couldnt do however could have charged him a fee and told him which Bank would do it and then he could have gone and applied direct . To me it is ridiculous that a Bank johnny can flout the legislation for 6 months using a stated income but you and I have to make additional verification of the clients income on our Fact Find. Hi Pete

There are still the odd Bank lender that doesnt require them my point i guess was how as a Broker can we do the loan when we have to comply with NCCP yet the Bank doesnt.

Spoke to a client who wanted a Lodoc 80 loan at the start of the week and couldnt provide BAS or Bank Statements. I couldnt do however could have charged him a fee and told him which Bank would do it and then he could have gone and applied direct .

To me it is ridiculous that a Bank johnny can flout the legislation for 6 months using a stated income but you and I have to make additional verification of the clients income on our Fact Find. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63575#post690006 http://www.somersoft.com/forums/showthread.php?t=63575#post689090 Tue, 06 Jul 2010 06:11:46 GMT Whilst i respect Pete i am not convinced that under NCCP you could get away without BAS or Trading Statements post July 1. Lenders arent covered until Jan 1 2010 but Brokers and non bank lenders certainly are. Whilst i respect Pete i am not convinced that under NCCP you could get away without BAS or Trading Statements post July 1.

Lenders arent covered until Jan 1 2010 but Brokers and non bank lenders certainly are. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63575#post689090 http://www.somersoft.com/forums/showthread.php?t=63381#post686257 Mon, 28 Jun 2010 22:14:30 GMT Mal wont get anyone from Oz to lend in the UK but try someone like John Charcoal in London (Think they are still with us) as they are the biggest Broker in the Uk and certainly should be able to assist. Mal wont get anyone from Oz to lend in the UK but try someone like John Charcoal in London (Think they are still with us) as they are the biggest Broker in the Uk and certainly should be able to assist. ]]> Property Finance Qlds007 http://www.somersoft.com/forums/showthread.php?t=63381#post686257