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  1. Peter_Tersteeg

    Which Charity(ies) to donate to?

    Children's charities and cancer research. Roughly $600 / month. I'm O negative (universal donor), so I also donate blood and plasma on a monthly basis. They told me that if you donate blood, you'll never need it back. Seems legit.
  2. Peter_Tersteeg

    Buyer wants to cancel contract..can they?

    Solicitor is the best place to start. Did he obtain unconditional approval? If the contract has gone unconditional the buyer would have a difficult time justifying their finance is no longer approved. The could call the bank, have it declined, but as you suggest when it came to a court...
  3. Peter_Tersteeg

    ANZ loan redraw question

    I think your terminology is a bit off, but yes, ANZ will allow you to access equity to 90% of the property value. There will be some mortgage insurance to pay, but it can certainly be done.
  4. Peter_Tersteeg

    Changes / tightening on servicing for investors

    I mean you can only borrow a maximum of 80% in an SMSF, but in your own name you can potentially borrow 90% for investment purposes. I noticed in another thread you were told that SMSF lending is restricted to 65%. This might be true in the case of commercial property, but not for residential...
  5. Peter_Tersteeg

    Getting a better rate

    INGs upfront valuation doesn't cost anything. To avoid LMI with any lender the loan generally needs to be 80% LVR or lower. Given your loan is $470k, you'd need the valuation to be about $587,500 or more. Given the purchase appears to be recent, most likely you'll get a valuation result very...
  6. Peter_Tersteeg

    Getting a better rate

    From a brokers point of view negotiating rates with the NAB is a matter of sending an email and waiting about a day for the response. I can't imagine it would be that much difference in house. If this is an investment property, they're not going to negotiate at all at this point in time. The...
  7. Peter_Tersteeg

    Getting a better rate

    You get the property revalued and if the valuation confirms the 80% or lower LVR, you request the loan to be repriced based on that. It does depend on the lender. NAB is fairly responsive to this in my experience whilst some other lenders aren't repricing within as much as 12 months. (CBA...
  8. Peter_Tersteeg

    Changes / tightening on servicing for investors

    The same lending policies for individuals also apply to SMSF lending. An SMSF also needs to service the potential debt at an assessment rate, but the SMSF's income sources are a bit different from that of an individual. There's already significant restrictions on LVR for SMSF lending. Rates...
  9. Peter_Tersteeg

    IP depreciation question

    Is the property going to be leased after the 30/6/2015? A depreciation report doesn't just apply to what you can claim this year, but what you can claim for potentially the next 40 years. Whilst it's a good idea to get new reports after a renovation or other changes to the property, you don't...
  10. Peter_Tersteeg

    Changes / tightening on servicing for investors

    Unfortunately these changes take them from 'reasonable', to 'pretty average'. In the grand scheme of ranking lenders by serviceability, not much has actually changed, only the numbers have dropped (except for AMP who went from best to worse).
  11. Peter_Tersteeg

    Finance on smaller block of units

    I think you'll find that 3 is still fairly easy with quite a few lenders to 80% or even 90% (in a couple of cases). 4 units can be a bit more restrictive but there are still a decent rate of lenders that can accommodate this at 80% LVR. This is all under their residential policy, so...
  12. Peter_Tersteeg

    Bad bad bad Journalism! Young Property Gun

    Not sure what the problem is. * According to her she'd had very little handed to her from her parents other than an excellent education. She's clearly very intelligent. * She did receive good pocket money, but unlike most, she saved it and put it towards deposits instead of spending it like...
  13. Peter_Tersteeg

    ANZ staff lend 90pc no lmi?

    About 20 years ago I worked for an IT company contracted to write and maintain databases for the white and yellow pages directories. The software around the databases was written with inbuilt auditing systems. If someone accessed anything, it was all logged, even if it was a simple transaction...
  14. Peter_Tersteeg

    How long did it take banks to loosen lending after GFC

    From a policy perspective, not a lot actually has eased off since the GFC. 95% lending policies are still uniformly in place with the first and second tier lenders, genuine savings can still be fairly brutal. What has eased off has been things like credit scoring and risk appetite, but these...
  15. Peter_Tersteeg

    loan repayments weekly, fortnightly or monthly

    If it's an interest only loan, you don't have a choice. Monthly repayments are the only option available. An offset account will negate the benefits of weekly or fortnightly payments.
  16. Peter_Tersteeg

    21 day settlement possible?

    I have participated in 21 day settlements. I wouldn't want to rely on it however, especially in the current lending environment.
  17. Peter_Tersteeg

    advice needed on first investment property

    "Huge development" is not a selling point, it's a reason to avoid the area.
  18. Peter_Tersteeg

    Facing a war

    Honey crystalises over time. You simply heat it a little to rectify this; a hot window will do it. Pure honey never goes off. Edible honey has been found in Egyptian tombs.
  19. Peter_Tersteeg

    95% + lmi

    Mick my information for the 10% equity component was straight from my BDM yesterday. It's possible it was for their non-genuine savings product.
  20. Peter_Tersteeg

    95% + lmi

    That is correct, if you have 10% equity in another property. If the LVR is your only concern, you'll get a better deal with Westpac.