Q: How do banks assess income from bank share dividends? Is an averaged out income of $200/week from dividends considered the same as $200/week of income from a job?
A: If declared in tax return then averaged over the past two years
Q: If my partner & I buy an investment property together where I provide the deposit via a line of credit & she provides the main loan (80% value), what would be the best way to structure ownership to ensure we both claim our % of interest in our own names?
A: As tenants in common with shares at 80/20
Q: I own my own house and car outright and need $15000 to set up a new business. How can I borrow $15000 to get started?
A: Yes and you have a few different options, being a home loan, a personal loan or a business loan. Call me for a confidential chat about different scenarios. I can also help with getting the loan application Approved!
Q: Hi, I’m looking to buying a house and I will obviously need to get a mortgage. I’d hope to not spend more than 500,000 on a house. I’d say I’d have a decent savings and should be ok for a deposit by time I’m ready, I work full time (135k pa). My issue is I’ve never borrowed/owed money before and lack a credit score of any sort. How do I go about making sure I’ll be able to get a mortgage easily, while not wanting to have fees for money I don’t really need to borrow?
A: A credit score won’t stop a loan being approved... the banks look at a loan application as a whole and mostly assess on repayment ability and deposit and work history....I can help with a confidential chat and discuss some scenarios with you and also assist with loan application and approval.
Q: I have been separated for 2 years, and have just sold the family home. I believe a 50/50 split of the equity is fair but my estranged partner believes she is entitled to more as my father passed away 10 months ago and she is wanting some inheritance as well. My fathers estate is still in probate and overseas. I am self employed, pay maintenance for our child, the ex does not work and has never worked.
Does my ex have claim on my future inheritance, or for a higher split in the equity?
A: I suggest you speak to your family law solicitor or if you don't have one I can recommend Abbi Golightly a partner of Marino Law in Brisbane phone 55260157 who specialises in family law.
Q: What would be more likely to be accepted by the bank for a land & house package loan.
My credit history is good with no defaults, just credit inquiries. Also I have a personal loan where I owe the bank $25000 and making my $880 monthly payment on time.
I am looking to get a home loan for $400000 from the bank and have got $40000 in savings.But I don't know if I should pay off my personal loan first then I have less deposit or I could get the home loan without paying my personal loan.plz help?
How much you can borrow is really determined by income and liabilities and expenses. So in order to give you a good idea of how much you can borrow , you need to complete an living expenses sheet and provide the broker with some income verification. It is possible that you will NOT need to pay off your personal loan if you have the income to support paying that as well as your new home loan and any other liabilities. However, if it IS REPAID, then obviously your borrowing capacity will be higher as then you can contribute another $880 per month to your home loan, but then you wouldn't have as large deposit and would incur extra fees such as Lenders mortgage insurance and the range of banks that lend with small deposits shrinks. We could look at both scenarios on paper and then you would be informed to make the correct decision for your circumstances.
I would be happy to have a chat or meet in person.
Call me 0417364718
Q: Hi. I'm a fulltime nanny working for a family (not a company) and I'm trying to get a car loan. I've told that because I don't get payslips (I have an ABN) it is difficult for me to get a consumer loan. I was told to get advice about apply for a commerical loan? I'm not sure what to do as the car isn't for business use, it's for myself.
A: I may be able to help...but you will need to complete a full application of assets & liablities. I may also need bank statements, bas statements and tax returns.
If you hold an ABN you can apply for either commercial or personal car finance, whether you claim it or not is up to you and your accountant.
happy to have a chat on the phone first if you think thats more comfortable.
Q: My partner of 12 years and I are separating. He’s always controlled his income and I've worked and paid the household bills and taken care of our child. He also refinanced the loans in his name and bought a car without consulting me.
He has always told me he was paying above the minimum loan payments but hasn't been and now the property is worth less than we owe.
I have no idea where something like $200,000 has gone over the past 6 years. What do I do? What can I do without going bankrupt?
A: You need a solicitor and You need to find all the paperwork you can find. If the property is still in your name (find a council rates notice) and he refinanced the loans without your signature you need to get solicitors involved...You will need to establish a papertrail and find out exactly what has happened and dates and any paperwork you have are crucial to you getting what you entitled to, especially if something illegal has gone on because even if he refinanced from his name to your name you still would of needed to sign a discharge authority from the bank you refinanced from and if you didn't, it may be possible that a case of fraud has happened, which in the case of separation it might be difficult to prove without involving solicitors. I highly recommend
Partner - Marino Law
Suite 2, Level 1 2485 Gold Coast Highway Mermaid Beach QLD 4218
Q: If I go for a 2 or 3 year fixed rate, what happens to the rate when it finishes?
A: Hi Jackson,
Paul and Scott are both correct and you should revert automatically back to the variable rate of the bank. You can check this by ringing the bank or checking your original contract or contacting your Broker :)
I contact all my clients on a fixed rate approx two months before expiry to do a Loan Health check and go over their financial position to see what changes have occurred since the loan was originally fixed.
Also the variable rate of that bank may be higher than what you need to be paying and you could look at either re-fixing it again or refinancing again to another bank.
Happy to peruse your contract or statements to see if I can help.
Q: Is there an avenue for someone who desperately wants to own their own home but through previous poor business and investment decisions has little to no deposit and a less than favourable credit rating? Is a joint venture situation a possibility?
A: There are lenders who will still lend with previous lending history that is not squeaky clean, however a full financial analysis and good explanations will be required by both the mortgage insurer and the lender but it will all depend on how badly your credit rating has been damaged and how long ago it happened and servicing of the loan and deposit will be the determining factors in the bank approving the loan. Happy to have a discussion over the phone to see if i can help.
Q: If you could pay up to $600 a week off a mortgage, approximately how much could you borrow currently?
A: Servicing a loan is not simply calculated by how much you can actually pay off, but the banks all have different ways of calculating how much you can borrow according to your income and will need to be assessed in relation to your FULL financial position ie all current debts...You will need to have a full financial analysis completed prior to your loan being approved and then the broker can analyse how quickly you can pay off the debt by paying your $600 per week.
Give me a call if you wish to discuss.
Q: I don't live in NSW & am looking to buy an investment property in Sydney. Will I have to pay land tax?
A: if you look to purchase a property in QLD then land tax does not apply :) and you would be better able to manage the investment
Q: My bank said they are increasing their fixed rates. Should I lock in now or are there other lenders who will not be raising fixed rates that i should approach?
A: Forbes, it does depend on your individual circumstances and your plans for the future plus you could also look at splitting your loan into part fixed and part variable to have certainty of repayments and flexibility in paying off your loan with extra payments...so best to have a broker review your needs and then give you alternatives that you can choose to best suit you...Give me a call for free discussion
Q: I got pre approved for a $420,000 home loan 6 months ago and now the bank say I can only borrow $390,000. If my situation is the same how can the bank change their mind like this?
A: Six months is a long time to have a pre-approval as so many things can change during that period especially where banks are concerned...however every lender is different and I would be happy to assess you to see if we can re-approve you at the higher amount 😄
Q: Is now a good time to be looking at a fixed rate, what are the pit falls of fixed rates?
A: Fixed rates are very low at the moment and it makes locking in attractive if you want to be able to know exactly what your payments are in a volatile market. The downside is some banks restrict the amount of extra money you can pay off your principal and if you are wanting to sell property or change loans whilst in the fixed period it could prove costly! However a good broker will analyse your needs and goals and you could maybe even look at a split loan which gives the opportunity for the best of both worlds, fixed and variable so you can pay off a larger portion whilst still having the assurance of a fixed portion....it all depends on your needs 😄
Q: What is the smartest way for an unmarried couple to go about buying a property together?
A: You need to be aware of the differences in title and tenants in common vs joint tenants, doesn't matter so much on the loan side unless you want a seperate loan each 😄
Q: Hi We wish to refinance home loan & credit cards. Is there any IO home loans available for more than 80%LVR without mortgage insurance? Would like a split loan. Also are banks now doing valuations online instead of a physical valuation? Thanks
A: Yes to interest only yes to greater than 80% lvr and yes to split loans and yes to online valuations....that's why u need to have your full needs assessed by a broker and then they will present the best deals in the market for your needs for you to select your preferred options 😄
Q: Hi there. Trying to work what makes more financial sense over a longer period ...paying out a higher interest personal loan with withdrawing cash currently sitting on my house mortgage OR leaving the $$ on the mortgage? The interest rate is 12% v 4.95%
A: Hi, maybe set up a seperate home loan and then
Pay the same payment you are paying in the personal loan which will dramatically reduce interact using equity In your home. 😄
Q: Are there options for being a guarantor to help your kids buying their first home for only part of their loan, say for the deposit only, instead of their whole loan?
A: Sure! What a great thing to be able to do for your kids...there a a couple of different ways , one is family pledge and your needs need to be assessed at the same time as your kids to establish which facility and Lender is the right fit for you and your kids as each facility is different and assessed differently by each bank. 😄
Q: I'm getting a loan for an investment property which I intend to pay back quickly, can I redraw against that to buy a car in a few years?
A: Sure can ! Just make sure that you have a seperate redraw facility in order not to confuse tax eligible debt. You should have your needs assessed each time you borrow money by your broker as loans are changing all the times and what facility you have today might not be the best fit for you in a few tears time there might be something new on the market that suits you better 😄
Q: Which banks can offer 95% plus mortgage insurance? Looking for a home, thanks
A: St George and some other lenders which aren't banks but have some pretty special rates at the moment. Feel free to contact me for comparison 😄