Recent content by Finance guru

  1. Finance guru

    How do banks view using vendor finance as the deposit?

    Why Vendor finance? if the property belongs to your grandfather why not discuss moving the property into a trust via a living will. You get to live in it, and when there is a estate event the property or a least the agreed value would be transfered to you name.
  2. Finance guru

    Loan when investing with friends

    Hi Beej, I was going to suggest having a look at the CBA loan too, but Medine got in first! From what you've said it sounds like what you're looking for. It's called a property share loan. cheers
  3. Finance guru

    Is this possible?

    Hi Wasp, If you check your loan specs, you'll probably find that there is only a limited amount (prob around $10K) that you can pay against your fixed rate loans at Bank A before incurring a break cost. So you'd most likely get charged that fee regardless.
  4. Finance guru

    Can the banks make us change our loan??

    Wow Jen! It's the first time I've read this thread and WOW you've been having a rough go. I worked in 2 of the Big 4 banks for years before I became a mortgage broker (including ANZ) and I think your bank manager has been acting shamefully. And frankly, I'm furious on your behalf. At this...
  5. Finance guru

    Changes to finance made LOE difficult?

    Hi Land, There are still ND lenders out there who will give you 70% lend. With the LD loans, the main morgage insurer, GE has cut back cash out to 70% LVR with no restrictions, or to 80% with restrictions, so a lo doc may not be the answer to all your problems either. Unless you have a...
  6. Finance guru

    Professional packages offered by major banks

    Hey Tobe, The ING Mortgage Simplifier can certainly be taken as an interest only loan, up to 5 years. You are quite correct tho. If you have a number of properties with one lender, under the pro pack, it will be cheaper for you than taking loans at diverse lenders. The things to be...
  7. Finance guru

    No-doc recommendations

    Hi RE, Most lenders who are still offering No Doc loans must have them insured by GE mortgage insurers and GE won't do a No Doc loan in that postcode, or even a Lo Doc loan for that matter. There is the option of non bank lenders who offer uninsured no doc loans, but the rates and costs can...
  8. Finance guru

    I'm confused - meaning of income for lo doc loans

    So I want to pose a question for those people who are concerned about declaring anything beyond their PAYG income as income. How do you propose to grow your portfolio past the limits of your PAYG income? And how do you imagine people who have done it have been doing it? Let's do a general...
  9. Finance guru

    I'm confused - meaning of income for lo doc loans

    Wow! 5 pages in to this thread! We're certainly inciting a lot of debate on this aren't we? As has been said before (as most everything has by this stage) Each of the lenders have a different interpretation of what income for a lo doc loan is. For some lenders Lo doc is only for self...
  10. Finance guru

    Professional packages offered by major banks

    The pro packs at the banks can be useful for customers who want the fee free transaction account, and credit card and discounts on insurance and financial planning, and whatever else your package may include. You can certainly save a considerable amount on bank fees this way. But what if you...
  11. Finance guru

    Brokers, what sort of deposit would I need for this?

    Hey W2W For a rough idea of what you can borrow, have a browse around some of the banks websites. Most of them have calculators that you can use to get a general idea of your borrowing capacity. But Richard and Rolf have hit the nail on the head with servicibility. What the bank is...
  12. Finance guru

    Broker says Im not able to apply for FHOG if I own an IP??

    Hey Want2be, It sounds like he's gotten confused between the first home owners grant and the first home owners benefits. The FHOG is the (in NSW) $7,000 Grant. The FH benefits in NSW are the stamp duty exemption or reductions etc In NSW you should be eligible for the FHOG, but not...
  13. Finance guru

    Having cash available - tightening credit - LOC vs Redraw/Offset vs Term deposit

    crc error, A couple of lenders have offset accounts that are normal transaction accounts. Westpac, St George and AMP do (off the top of my head), but I'd have to check the others. My preference is an offset account above a redraw or a LOC. Because they're usually cheaper and have more...
  14. Finance guru

    How to make loan tax deductible for owner occupied property?

    Hi Thedude, I didn't add any details of the strategy to my post because I don't know the ins and outs of it. This is a strategy created by Chan & Naylor Accountants And I feel it is better not to pass on information that is inaccurate. And please let me be perfectly clear here. I work...
  15. Finance guru

    Refinance PPOR loan to sructure for future conversion into IP??

    Hey Dan, What I actually said was... So, yes I am referring only to the debt used to purchase the property, not any funds used for consolidation of other debts, or for personal use like holidays, cars etc... Cheers
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