Forum - have your say

Latest Forum Topics

  

• what to do
  (views : 58)

  I have 2 investment properties, is it better for me to have both mortgages with one financial institution or each mortgage with a different financial institution? can you also tell me why you would ch ... read more

  Mortgages
• How to buy property when you don’t have money
  (views : 4648)

  Feeling short of a deposit or savings? We reveal the numerous strategies you can use to purchase property without putting a lot of money down read more

  Borrowing against the end value ,,did work in the good old days but these days the normal housing lenders, Banks credit unions etc ,,,will only lend against the Valuation or purchase price which ever ... By John Macalyk(16/05/2013)
• Investing with limited funds
  (views : 257)

  I read with interest the article in this months mag about investing with limited funds, a friend and i are currently saving towards getting our first investment deposit together but it is going to ta ... read more

  Investment Strategies , How to start investing in property , Borrowing , Mortgages , Lenders & Mortgage brokers , General investing

• Interest only or variable
  (views : 901)

  We have two investment properties and are thinking of changing to interest only. Which is best as an investment strategy? Will going interest only give us more borrowing power as our equity is al ... read more

  Hi Ellen, As Eos property correctly points out - It's difficult to answer as there are many variables, and comments here should not be accepted as entirely appropriate or suitable to your specific ... By Daniel Shillito(05/04/2013)
  Two separate issues here - interest only will reduce your monthly repayments. In addition to this the principle component to your loan is not deductible so there are no tax advantages to P & I. Moving ... By Eos Property(29/11/2012)
• Cross Collateralisation - how not to
  (views : 583)

  Hi there, I am structuring loans for my first set of IPs. I have fully paid off my PPOR and need to use equity in it to the tune of 20% of the value of each IP. (thus giving an LVR or 80% for each ... read more

  Hi Tallowood, How have you progressed since your post? Have you purchased 2 properties you might tell us about? I would say that the post here from Eos Property (not a broker) is very accurate a ... By Daniel Shillito(05/04/2013)
  Not a broker but my preferred option would be a three loan scenario. I would take your business to a broker rather than using a bank loans officer. The bank will be focussed on looking after their int ... By Eos Property(13/12/2012)
  Borrowing , Mortgages , Structure
• Need advise on getting our first home in Melbourne by using our home equity in Wellington New Zealand
  (views : 287)

  We are wanting to purchase our own home here in Melbourne we have a home equity from our house in Wellington New Zealand. Will we be able to use our home equity in New Zealand in applying for a home m ... read more

  Hello Noreen, You can potentially use the equity in your New Zealand property, using a New Zealand based lender. I can assist you with that process, if you would like to contact me. If you ha ... By Daniel Shillito(05/04/2013)
  I investigated this for a client some time ago and the only lender at the time doing NZ mortgages was Pioneer Mortgages, they however dont do them now. I suggest you engage a NZ broker for your wel ... By geoff mckenna(20/03/2013)
  NL By NL(20/03/2013)
  It has been sometime since I was familiar with this matter. I seem to recall ANZ were pretty comfortable with the arrangement you are seeking - there may be others now. I suggest you speak wit ... By Eos Property(12/03/2013)
  Overseas Investments , Mortgages

• Fixed Interest Break Fee
  (views : 659)

  Does anyone know if there are any banks offering assistance in paying a fixed loan break fee when switching to them from a competitor? I would have thought this would be worthwhile for Home Lenders ri ... read more

  Best you can expect is about $700 (special with various lenders from time to time) to cover standard refinancing costs. Every time I have done the calculation for a client / potential client the co ... By geoff mckenna(20/03/2013)
  I would expect a fixed interest break fee would be too high for most banks to consider 'taking on' - how much i are you looking at? Just do your maths - if you broke your fixed interest loan how lo ... By Eos Property(15/12/2012)
• Mortgage broker and Mortgage banker
  (views : 627)

  What is the difference between a mortgage broker and a mortgage banker? read more

  dealing with one bank has meant cross collaterisation which I now know is not a great thing and holds me back. There are some great deals with on-line financiers with rates as low as 5.12%, so I wi ... By Rob(19/02/2013)
  Keep in mind that while a good mortgage broker will source you the best loan given your needs and personal financial circumstances, the industry itself is not as neutral as would seem. Commissions pai ... By trackone(14/12/2012)
  n essence, mortgage brokers know where the money is. Rather than lending their own funds, they lend money from other sources such as banks, pension funds, insurance companies, and savings and loan ass ... By JoemelY(01/08/2012)
  I think the value of a mortgage broker is their ability to pre-qualify you with many lenders (hundreds, even) which can save you a lot of time when shopping around. I'm not in finance myself at all ... By AuPropertySpectator(05/06/2012)
  Alexiskirk - your information is totally incorrect for Australia as our credit system works completely differently. If you have more than a handful of credit enquiries on your file in a short period i ... By Smartline Chiswick(30/05/2012)
  There is no one answer for your question, each lender has different guidelines for lending and one maybe able to get you the loan, but the rates maybe considerable higher. If you give your informat ... By AlexisKirk(30/05/2012)
  mortgage broker can be seen as a home finance expert. In most cases, lending is all they do and they can give you professional advice to match your needs with a suitable lending solution. Given that ... By RayEthell(21/05/2012)
  KatieD Your post makes no sense whatsoever. Cheers Jamie By Jamie M(08/05/2012)
  The key difference between mortgage banks and mortgage brokers is that banks have more of a standardized and set approach to setting fees. Bankers are told what fees to charge and are told not to stra ... By KatieD(29/04/2012)
  Well a mortgage broker is middle man between the home buyer and the lender while the mortgage banker is the lender. By Herman(09/03/2012)
  Hi there I think you mean the difference between a mortgage broker and a banker? Here's a good article explaining the key differences - http://www.passgo.com.au/blog/25-the-project/72-mortgage-b ... By Jamie M(27/08/2011)
  
  Mortgages
• Want to start a investment portfolio should be continue to rent our ppor or buy ppor first?
  (views : 630)

  We have sold our PPOR and are currently renting. We are looking to start a residential property portfolio asap but don't know whether we would be best to buy a ppor first or continue renting. We hav ... read more

  Maryanne, saving for a deposit is always a challenge, moreso if you are one income. Bottom line is you will need to get a deposit together - whichever route you choose. Sometimes it is case of get ... By Eos Property(01/02/2013)
  I am finding it a very slow process in saving enough deposit to purchase my own home on just the one income. I would appreciate your thoughts on the idea of saving enough deposit to purchase a small ... By Maryanne(31/01/2013)
  You can probably do both. Buy the house and use the equity in your new home to fund your investment property. Each option has advantages and disadvantages and your short and long term plans, along ... By Eos Property(30/01/2013)

• Should we refinance or sell our investment property to pay off our mortgage?
  (views : 789)

  Hello, we have a mortgage of $250,000 which we are having problems reducing. We have an investment property in Gladstone that has probably increased in value approx. $200,000. We are now in our early ... read more

  Without knowing the full details of your situation it is hard to comment fully. Based on the numbers provided your could make some serious inroads into your mortgage by selling your IP and using the p ... By Eos Property(11/01/2013)
• ING Direct cuts variable rate by a full 0.25%
  (views : 484)

  Kudos to ING Direct for passing on the full rate cut of 0.25%. Are you going to match this ANZ, Westpac, CBA and NAB? read more

  Borrowing , Mortgages , Lenders & Mortgage brokers