Search found 7729 matches

by Otto Dargan
Mon Sep 16, 2019 7:49 pm
Forum: Home Loan Forum
Topic: Can I buy a second place and rent out my first property without providing deposit?
Replies: 5
Views: 2643

Re: Can I buy a second place and rent out my first property without providing deposit?

Hello Susan, Welcome to the forums and thank you for reaching out to us. You can use your equity to buy a second property even with no deposit . A home equity loan basically lets you borrow against the equity you have in your home and invest it in another property, renovate , repay your debts (conso...
by Otto Dargan
Fri Sep 13, 2019 8:11 pm
Forum: Home Loan Forum
Topic: How much of a debt can I consolidate into my mortgage?
Replies: 5
Views: 2581

Re: How much of a debt can I consolidate into my mortgage?

Hi Topeka, Yes, some lenders do request a property revaluation as a safeguard against borrowers who might default . If you feel like the property valuation has come up short, you can challenge the valuation . However, make sure to understand why the valuation came low as the success rate for a succe...
by Otto Dargan
Fri Sep 13, 2019 8:03 pm
Forum: Home Loan Forum
Topic: How much of a debt can I consolidate into my mortgage?
Replies: 5
Views: 2581

Re: How much of a debt can I consolidate into my mortgage?

Hi Topeka, When looking into refinancing to consolidate debts , you should be aware of the following factors: Make sure to cross-check the interest rates of the old and new home loans, as the interest rate will indicate what your repayments will be. You'll also need to decide on whether you want to ...
by Otto Dargan
Fri Sep 13, 2019 7:47 pm
Forum: Home Loan Forum
Topic: How much of a debt can I consolidate into my mortgage?
Replies: 5
Views: 2581

Re: How much of a debt can I consolidate into my mortgage?

Hello Topeka. Thank you for reaching out to us and welcome to the forums. Refinancing for debt consolidation might be a good option if you're struggling with making payments. How it works is that you will be taking all your debts and rolling them into your mortgage, making it easier to manage your f...
by Otto Dargan
Thu Sep 12, 2019 8:32 pm
Forum: Home Loan Forum
Topic: Using personal loan as a house deposit. A bad idea?
Replies: 5
Views: 2493

Re: Using personal loan as a house deposit. A bad idea?

Hi Tabitha, What matters to lenders is how much is the remaining loan amount against the value of your property. The ideal time to remove the guarantee is when you owe less than 80% of the loan to value ratio of the value of your property. For example, if your loan amount was $650,000 on a $700,000 ...
by Otto Dargan
Thu Sep 12, 2019 8:29 pm
Forum: Home Loan Forum
Topic: Using personal loan as a house deposit. A bad idea?
Replies: 5
Views: 2493

Re: Using personal loan as a house deposit. A bad idea?

That sounds about right. I do not want to keep my mom as a guarantor for a long time. So, how do I know the right time to remove her as a guarantor?
by Otto Dargan
Thu Sep 12, 2019 8:28 pm
Forum: Home Loan Forum
Topic: Using personal loan as a house deposit. A bad idea?
Replies: 5
Views: 2493

Re: Using personal loan as a house deposit. A bad idea?

Hi Tabitha, Parents are usually guarantors for their child when they are buying their first home. However, it is understandable to have doubts about being a guarantor as the parents would be using their own property as collateral for your home loan. A limited guarantee is a way to reduce the risks a...
by Otto Dargan
Thu Sep 12, 2019 8:19 pm
Forum: Home Loan Forum
Topic: Using personal loan as a house deposit. A bad idea?
Replies: 5
Views: 2493

Re: Using personal loan as a house deposit. A bad idea?

Hello Tabitha. Welcome to the forums. To be eligible to use a personal loan as a deposit, you have to be earning a high income and have some savings and be less than $10,000 in debt. You will have to meet the stringent criteria for getting a home loan and personal loan. You'll need a high income to ...
by Otto Dargan
Thu Sep 12, 2019 4:18 pm
Forum: Home Loan Forum
Topic: As a nurse, how much can I borrow without having to pay LMI?
Replies: 5
Views: 2604

Re: As a nurse, how much can I borrow without having to pay LMI?

Hi Harley, For a property valued at $550,000 in NSW, you will be paying $5,700 for FIRB approval and you also avoid paying foreigner stamp duty surcharge which would save you over $60,000. Furthermore, you also get to apply for a First Home Buyers Grant which in NSW is $10,000 to purchase a new home...
by Otto Dargan
Thu Sep 12, 2019 3:47 pm
Forum: Home Loan Forum
Topic: As a nurse, how much can I borrow without having to pay LMI?
Replies: 5
Views: 2604

Re: As a nurse, how much can I borrow without having to pay LMI?

Hi Harley, If you cannot save up for a deposit, there are other ways you can avoid paying LMI : Try to reduce your loan amount, since the larger the loan amount, the higher is the percentage of the loan amount the insurer will charge. Even when you're borrowing only $300,001, reducing your mortgage ...
by Otto Dargan
Thu Sep 12, 2019 1:39 pm
Forum: Home Loan Forum
Topic: As a nurse, how much can I borrow without having to pay LMI?
Replies: 5
Views: 2604

Re: As a nurse, how much can I borrow without having to pay LMI?

Hello Harley. Welcome to the forums. The best way to avoid paying Lenders Mortgage Insurance is to have a big deposit so you can reduce your loan to value ratio (LVR) to below 80% of the property value. However, since a nurse is considered a low-risk profession by some lenders, you might qualify for...
by Otto Dargan
Wed Sep 11, 2019 2:55 pm
Forum: Home Loan Forum
Topic: How much super do I need to purchase a property with a SMSF?
Replies: 5
Views: 2530

Re: How much super do I need to purchase a property with a SMSF?

Hi Su Lin, Yes, the liquidity requirement with this is quite high, however, they’re also offering great interest rates on SMSF loans currently. So, even though you may have to meet stricter lending criteria, you get better rates. Generally speaking, lenders want you to keep 10%-20% of the property v...
by Otto Dargan
Wed Sep 11, 2019 2:34 pm
Forum: Home Loan Forum
Topic: How much super do I need to purchase a property with a SMSF?
Replies: 5
Views: 2530

Re: How much super do I need to purchase a property with a SMSF?

Hi Su Lin, Generally, lenders will typically use 80% of the rental income to account for property maintenance, repairs and management. For new trusts, lenders will look at the current income of the trust beneficiaries, the previous super contributions, and their new proposed super contributions. Len...
by Otto Dargan
Tue Sep 10, 2019 8:15 pm
Forum: Home Loan Forum
Topic: How much super do I need to purchase a property with a SMSF?
Replies: 5
Views: 2530

Re: How much super do I need to purchase a property with a SMSF?

Hello Su Lin. Welcome to the forums. We specialise in self-managed superannuation fund (SMSF) loans both new and established. Here’s a breakdown of all the funds required in your SMSF to purchase a $450,000 property with a SMSF loan: Deposit: 20% or $90,000 (Please note that even though you can borr...
by Otto Dargan
Mon Sep 09, 2019 7:30 pm
Forum: Home Loan Forum
Topic: Redraw or Offset? Which one is better for a first home buyer?
Replies: 5
Views: 2492

Re: Redraw or Offset? Which one is better for a first home buyer?

Hi Clarice, No one can say for certain if the interest rates will go up or down. However, leading industry analysts have predicted that further rate cuts may be on the cards. Having said that, when choosing between a fixed rate home loan vs a variable rate home loan , your personal financial goals a...

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