Thanks for that redeem
I just wanted to ask a few more questions. your post has cleared up everything so well that it makes me think of more questions
When i got my home loan on poor i maxed to 80% lvr with nab not knowing any better and used the extra proceeds for deposits on 2 investment properties which i have settled and 10%deposits on 2 off the plan apartments due for completion late 2016
1)So now i have ppor lvr<80% with nab, IP no1 <80% with nab, IP no2 with stgeorge<80% and 2 10% deposits for off the plan apartments not yet settled
As the loan amount is high and i have several properties, going back the other way to a foundation lender and refinancing from nab may not be possible because of lack of serviceability.
I was wondering because i would have taken out equity from the foundation lenders or refinanced later anyway, would it make a big difference if i max out nab now first without using the foundation lenders
If that is the case, and if also the mid tier banks, cba wbc don't allow serviceability either then is it better to max out nab first and then go the other 5 easy lenders or should i share it around.
I was thinking more along the lines of 1-2 more with nab, which brings ip number to 4 and then foliowed by amp till i hit 10 because of their generous servicing and 100% rent use , back to nab and finally macquarie at the end as a long term plan
Of course, this all relies on sufficient deposit and servicibility and other property considerations
Sounds reasonable enough, but best to talk to your broker and map it out with them more specifically. Its hard to get into specifics without knowing more info about your situation. Also just be aware of concentration risk.
2) with the easier lenders e.g. amp nab macquarie as they take actual payments from ofi rather than buffered, is that the same with their own lending
Also would fixing interest rates in todays environment as they are significantly lower than the banks sir, would that increase borrowing power with them
No, they treat their own debt much harsher than OFI debt. Macquarie (and NAB on exception) have a quirky policy that allows them to treat their the same as OFI debt after 6 months. Another reason to keep them up your sleeve.
3) with apra threatening to intervene with the banks, do u think nab, amp macquarie and co ,will start adding a buffer for ofi in the foreseeable 2 yrs
if so, would that mean all the structure will d
Personally I can see some banks tightening up here. I think APRA will work on an approach of tapping individual banks on the shoulder and telling them to get their house in order. The 'actual repayment' lenders carry more risk to interest rate changes, so are more likely to be tapped. But i'm only speculating here. Time will tell I suppose.
4) do these easier last stage lenders calculate interest only or as P&I for ofi and their own lending
5) What regional banks does Adelaides funding line cover
I use mortgage managers to access their 'advantage' funding line. Can also be accessed direct through Adelaide.
6) after how many inv properties do firstmac start calculating rent at 70%
Not too sure actually, they just state it as a policy. Likely to be when rental income > 50/100% of salary
Many thanks and sorry for dragging on