loan

Hi all I currently have an and simplicity plus home loan that has been made interest only as the home is now an investment property with approx $110,000 in equity. I have another investment loan of $35,000 and 2 credit cards totalling $20,000 in debt. I want to buy and duplicate IP's moving...

Hi guys We have a IP that is currently valued approx 80k below what we paid (dont bother, long story). Anyways, given that it may never produce any CG, should I have the repayments as p & I or should I move to interest only and focus on reducing some other personal loans in the hope that...

Hi All, Due to a growing family my wife and I are planning to sell our existing house and pool our funds together with my mother-in-law to upgrade to a new PPOR for us all to live together in. Once moved in my wife and I are keen to look at purchasing our first IP (separate from...

Looking at purchasing a property as primary place of residence in Brisbane: Numbers: Purchase price: 782k Stamp & Fees: 25k Tot: 807k Deposit: 181k Loan needed: 626k LVR =0.8 The only problem is my base salary is only 81.5k/annum. I'm not to concerned about servicing the loan...

I want to start building my investment portfolio in property, I need to understand will my future debt in IP hinder my ability to buy more expensive PPOR? I'm a contractor so it's not an easy to get good loan nowdays. Do banks calculate total debt for a person before approving him a loan...

Hi guys. I am having some finance problems and hopefully someone has been through something similar before. I have a contract on a piece of land in QLD. The previous owner has development approval going through council (not approved yet) to sub divide the lot into 20 blocks. The bank is...

Hi all, I was wondering what 99% of investors do; interest only or principle + interest. I take it that it's the first and a dumb question to ask. My situation is that I plan to buy my first PPOR but it has a lease attached for a couple of months before I can move in. This means it won't...

Hello Experts, I am a newbie and following this forum since quite time.I am educating my self for buying a IP in coming days, have some questions though. kindly correct me if any of my assumption/belief are wrong- 1) I wanted to take a loan as PPOR , stay there for 6 months then covert it...

Hi, My wife and I are looking at purchasing a property, initially as an investment and further down the track as a principal place of residence. Does the bank have different lending criteria for investment loans and PPOR loans? Or does it purely depend on the figure that you are asking for...

Hi all, I'm looking at trying to buy my second I.P (thanks to the wonderful help of you magnificent forum members). I have a question on the acquisition of funds for settlement costs (such as stamp duty, conveyancing fees etc). I plan on taking a new loan at 95% LVR and have enough funds...

Hi all, I'm an Australian web developer and have just recently created a simple home loan calculator: http://www.homecalc.com.au Even though there are a lot of home loan calculators out there, the idea behind this was to have a site which is simple, easy to remember and can perform some...

A friend of mine is having some troubles - thought that someone in this forum might be able provide some directions to take. Her email: ---- We came to Australia in Jan 2011 - I was granted 457 visa in March 2011 and it is due to expire Mar 2015. Despite having been told by my...

Can someone please explain to me how do loans work with a discretionary trust? If a trust wants to purchase a property, I can understand a proportion will be based on the value of the property and a deposit will be required. but does the bank look at serviceability? how does this work, is...

I've been given the not-entirely-unexpected news that my big four bank won't finance a four-unit development (in Melb) under a resi loan. The scenario is that we will keep all four when they are built so pre-sales isn't an issue. Are there any banks which will finance this under resi...

Hello I currently have one loan with Westpac. Paying interest only. I am repaying the loan on a Monthly basis. I realize that if I was to pay weekly, my total interest repayment would be smaller as I won't be paying interest on interest. I called Westpac today and they said that I...

Hi Guys I currently hold one property in Elwood (apartment) and am looking to purchase my second one. I have released equity from my initial property and am looking to buy a new one around the 300-350k mark in Melbourne. I'm looking for a property with land which I can potentially develop...

What is the Loan dispursal bank cheque fee? Looking at my statement I already have a Loan Disbursal Fee of $60. Then I find another $100 for the Loan dispursal bank cheque fee. I realise that there is a fee for using bank cheques but $100 seems excessive. The only thing a can reason is...

Hi all, Was wondering whether I could get some advice from all the pro's out there, I've been interested in investing in property for about the last 2 years and have read countless threads in the last 12 months here on Somersoft, so feel like I have a pretty good idea of what to do, but...

Hi everyone, We are new migrants and bought our first house in Melbourne by cash one year ago. Now we are thinking to buy another bigger house (for owner occupied) and turn our first house to an investment property. Our first house is worth about $330K now and our budget for the second house...

Hello, We are looking to purchase an investment property however, we are planning to get a lone from our family rather than financial institutions. We have made an agreement with our family that they will be receiving approx. 6% interest on the loan. My question is are we going to lose...