Search found 60 matches

by Norman Isaac
Wed Apr 08, 2015 3:02 pm
Forum: Home Loan Forum
Topic: First Home Buyer VIC - Established Property
Replies: 1
Views: 5164

Re: First Home Buyer VIC - Established Property

Hi a_scott

Thank you for you post. Please see my answers below:

- being first home buyer, I plan to purchase around for $300-$400,000, established property. I'm not interested in fhog as i don't believe in small yards for such extreme prices around my area. I am eligible for 50% stamp duty concession, will this be discounted at start of homeloan?
Yes the concession will apply upfront and therefore you only need to fund 50% at the time of settlement

- I plan on using minimum deposit of 5%, $20,000 (genuine savings), plus enough for 50% stamp duty and extra's. Will I struggle getting a loan with this amount?
The 5% is the minimum deposit required by lenders and the fact that this is genuine savings will open the door for more options. Please note however you also need to allow for Lenders Mortgage Insurance (LMI). Some lenders will expect you to fund this whilst others may cap this on top of the loan (either to 97% or fully capped). Other factors that will determine your eligibility is credit score, assets and liability position, account conduct etc

- I plan on using ppor as future investment, possible subdivision. Can I subdivide property within 12 months of purchase (with VIC's 50% stamp duty concession)?
The question needs to be directed to a conveyancer who is better equipped to answer this

We are credit experts who specialise in getting these tough loans approved. We have helped hundreds of clients in similar scenarios achieve their dreams so please feel free to contact us if you require any further assistance.
by Norman Isaac
Mon Feb 23, 2015 10:53 pm
Forum: Property Investment Forum
Topic: Invest commerical building by foreigner and mortgage
Replies: 1
Views: 55382

Re: Invest commerical building by foreigner and mortgage

Hi ginvest

Thank you for your forum post.

Please note that the rules are the same whether investing in residential or commercial real estate - that is a new property must be purchased as opposed to an established property. You also need to seek FIRB approval.

With commercial lending the parameters are subject to each individual application and therefore rates, fees etc are based on a case by case. Rates will start from approx 5%. The maximum percentage (LVR) will range between 60-80% depending on the type and location of the property.

Feel free to email me at norman@homeloanexperts.com.au should you need any further assistance.
by Norman Isaac
Wed Sep 17, 2014 8:22 pm
Forum: Property Investment Forum
Topic: Calculation of CGT Please
Replies: 2
Views: 14102

Re: Calculation of CGT Please

Hi James61

Given that everyone's circumstances are different you will need to refer this question back to your accountant.
by Norman Isaac
Tue Jun 17, 2014 4:36 pm
Forum: Home Loan Forum
Topic: rural home loan
Replies: 1
Views: 4759

Re: rural home loan

Hi Aaron,

Thank you for your post.

Generally if the property is <120 Acres and is non income producing, we can achieve a loan to 95%. You would be required to inject the 5% deposit plus stamp duty from your own savings. Please note we may be able to add the LMI on top of the loan up to a maximum LVR of 97% (subject to lender approval)

Please note the 5% deposit must be genuine savings (and depending on the lender) this can be a mixture of savings and sale of an asset.

Please feel free to let us know if we can be of any further assistance.
by Norman Isaac
Fri Mar 28, 2014 6:48 pm
Forum: Home Loan Forum
Topic: Too Hard Basket for Banks???
Replies: 1
Views: 6233

Re: Too Hard Basket for Banks???

Hi there,

Thank you for your forum post.

Unfortunately we cannot assist as you have too many credit issues including but not limited to:

* Banks generally will not refinance vendor finance
* Credit scoring will be too low because of the excessive enquiries
* Banks will not accept the late payments and arrears
* Banks will not take a partially completed property as security
* The pension and allowance are generally not accepted as income from most lenders
by Norman Isaac
Fri Mar 21, 2014 3:39 pm
Forum: Home Loan Forum
Topic: Commercial or Residential for units?
Replies: 3
Views: 6925

Re: Commercial or Residential for units?

Hi la0,

You are in great hands with Isma. She will look after you.
by Norman Isaac
Thu Mar 20, 2014 7:11 pm
Forum: Home Loan Forum
Topic: Commercial or Residential for units?
Replies: 3
Views: 6925

Re: Commercial or Residential for units?

Hi la0,

Thank you for your forum post.

Generally when we have more than 4 units on one title this would be considered as commercial. In saying this there are residential lenders who will consider multiple units however the LVR would be restricted to 65-70%

In your case with 12 units you will definitely need to look at a commercial lender. The max LVR is usually 65% however depending on the overall strength of the application we may be able to achieve 75%

Please let me know if you need any further assistance.
by Norman Isaac
Mon Mar 03, 2014 10:59 am
Forum: Home Loan Forum
Topic: Questions about ex bankrupt in near future.
Replies: 1
Views: 4763

Re: Questions about ex bankrupt in near future.

Hi Zaychri,

Thank you for your post.

Your assumptions are correct ie a 10% deposit will be required as well as approx 5% for stamp duty, conveyancing fees etc. However please note that Lenders Mortgage Insurance (LMI) or Risk Fees will need to be paid on top of this. Based on $400K these LMI or Risk Fees could be as much as $8,000.

Please feel free to play around with the calculators on our website.

Good luck with the savings plan and let us know if we can assist you further.
by Norman Isaac
Tue Feb 04, 2014 10:51 pm
Forum: Home Loan Forum
Topic: First Home Loan - Credit File Question
Replies: 1
Views: 4611

Re: First Home Loan - Credit File Question

Hi Ryzlee,

Thank you for your post.

Your credit report looks ok. It shows that you have had 8 credit enquiries however it depends on when these enquiries were made. If they were all made in the last 12 months then this could be a credit issue. If the majority were made more than 12 months ago then this will have less of an affect on the credit score.

Please also note that other factors contribute to ones credit score. Such factors can be found on our Credit Scoring page.

Please let us know if we can be of any further assistance.
by Norman Isaac
Mon Jan 06, 2014 9:20 am
Forum: Home Loan Forum
Topic: Settlement and refinance from joint to one person
Replies: 1
Views: 4686

Re: Settlement and refinance from joint to one person

Hi ELH,

Thank you for your post.

Your question needs to be directed to your accountant as he/she best knows you current financial position.
As a general answer, yes capital gains tax is applicable if indeed you made a gain from the property. Your share would be apportioned accordingly.

Best to speak with your accountant.
by Norman Isaac
Mon Dec 23, 2013 5:08 pm
Forum: Home Loan Forum
Topic: Veda scoring
Replies: 1
Views: 4593

Re: Veda scoring

Hi Savman79,

Thank you for your post.

The average credit score is approx. 600 and so your score of 508 is a little below average. Although a good score is very important for a loan application, please note that lenders look at many aspects of your application and not just this score.

If you are looking to apply for a loan then please feel free to contact one of our brokers who can assess your situation fully. This will allow you to gauge if you are eligible for a loan and which lenders are best suited for your situation.
by Norman Isaac
Tue Dec 17, 2013 2:27 pm
Forum: Property Investment Forum
Topic: UWS Madison
Replies: 1
Views: 10665

Re: UWS Madison

Hi ewyl,

Thank you for your forum post.

Please note that your questions are quite specific to the development you mentioned. Please note we are mortgage brokers and cannot comment on the suitability of this unit and whether it is the best option for you. You would probably best to contact some local real estate agents to gauge their perspectives.

Please feel free to ask us any mortgage specific questions as this is our specialty.

In the meantime please visit our off the plan page for some useful info
by Norman Isaac
Thu Dec 12, 2013 10:59 pm
Forum: Home Loan Forum
Topic: Stamp Duty VIC
Replies: 1
Views: 5403

Re: Stamp Duty VIC

Hi Alexali,

Thank you for your forum post.

Stamp duty is payable on or before the date of settlement. The concession can be applied for at the time of your loan application/approval and we can lodge the forms to the lender to process the concession on your behalf.

Please let us know if you have any further queries.
by Norman Isaac
Thu Oct 31, 2013 5:31 pm
Forum: Home Loan Forum
Topic: ATO Debt
Replies: 1
Views: 5112

Re: ATO Debt

Hi noosachick,

Applicants must always disclose the correct information in their application form. Failure to do so could discredit you and lower your credit score should the lender find out that information was undisclosed.
by Norman Isaac
Thu Oct 31, 2013 5:28 pm
Forum: Home Loan Forum
Topic: Hobby farm 125 acres (50.6 hectares)
Replies: 5
Views: 13778

Re: Hobby farm 125 acres (50.6 hectares)

Hi HobbyNew,

At that land size you could potentially get away with a 20% deposit plus costs. If you can restrict to 120 acres with a house then smaller deposits can be considered.