Q: Can someone please advise the advantages doctors get with homeloan mortgages, and/or point me in the direction or a broker/financial advisor in Perth that specialises in doctor loans?
A: Hi Rhys, one big advantage is no lenders mortgage insurance up to 90% of purchase price of home.
We are local and can give you credit advice around the product package.
Just call or visit www.diversifi.com.au
Q: If I am refinancing to another bank, will I need to pay stamp duty?
A: Short answer, no. Other refinance fees may apply.
Q: I am keen to use the equity in my home to invest - maybe real estate. Maybe another option. Does anyone have any firm advice on the available options at the moment?
A: Hi Jimmy.
I'm sure you have received many responses to your query as this is exactly what we like to help with.
Fortunately you would have many options, most of the outcomes though will depend on how much equity and your borrowing capacity.
Happy to do a RP Data report on your address if that will help?
Q: Just about to sell house due to separation and owe money on a car, should I pay car off 28K and save the 400 a month or keep paying car and buy?
A: Hi Michael, great question.
Having a loan repayment on the car will affect the amount you can borrow, however, having the cash available will help with your deposit. Unless you have additional funds that can be used as a deposit?
Q: I want some bridging finance for a residential home purchase. I need to borrow $2 million on 6/6/2015 to settle a purchase and bridge for 22 days when the sale of my property settles for $3,080,000. Need an interest rate and what security the lender need?
A: Hi Andrew.
There is a facility called a 'no end debt' bridging loan. Sounds like the perfect loan product for you.
Let me know if you wish to pursue.
Q: I wish to finance a number of commercial solar installations at client premises. I will own them and make revenue from a service agreement with the clients over a 10 year period. What are my best options for financing?
A: Hi John.
Very interesting question.
I would need to research the best options for you. Would you be interested in meeting so that I can get a better understanding of your finance needs?
Rose 04111 81938
Q: Has anyone used a P2P lender to obtain a personal loan? If so, would love to get your feedback on the process and how the loan compares to other providers
A: I haven't. Saw an article in the latest Adviser mag, but haven't had a chance to read yet.
Q: Other than comparing interest rates, what are things to look for in a home loan?
A: At our office we always say "it's not just about the rate". So, you have asked the right question.
I would suggest that you should consider whether you would have the need for an offset account. This can be a real money saver in terms of how much interest you can save over the life of your loan.
Another feature could be whether you are able to split your loan and have some on a fixed rate and some on variable. With rates so low it could be an opportune time to lock some of it away.
Having internet access is a biggie for some. We are going to the branch less and less and having that convenience of Internet banking is a time saver.
Find out whether your home loan allows for additional repayments, especially if it's a fixed rate loan. Putting extra into your loan will mean that you can build a buffer and have access to redraw the available funds in an emergency or to pay a large bill.
A policy of some lenders is the ability to capitalise the mortgage insurance on top of the loan amount. Will save you upfront costs.
Of course it goes without saying that your broker should be looking at the best rate also as part of the holistic approach. Banks and lenders are still offering discounts off their standard variable rates.
Best of luck.
You can make an enquiry on our website www.diversifi.com.au
Q: I'm thinking of buying a holiday house. Is there a way to make it a negatively geared investment property?
A: Interesting question. I suggest speaking with your accountant. I'm sure others would love to know the answer too! I would.
Q: I have a personal car loan and interest free store cards, shall we consolidate with our home loan? Or continue to pay all separately?
A: Hi Paul,
The catch with consolidating your personal loans into your home loan is that you will be paying interest on these loans for the next twenty years or so instead of the remaining loan terms. Yes, your cash flow may be improved by consolidating into one loan, but you could be better off once the smaller Ioans are repaid and you only have the home loan repayment to pay.
Either way you need to see what's the best for your own situation.
Q: Are banks still able to penalise you for paying out the loan early?
A: Hi John,
Early repayment penalties were abolished a few years ago. However, if you try and break a fixed interest rate you may still find that a interest penalty may apply.
This could even apply if you try and refinance the loan, not just pay it out.
Check payout fees with your bank before you do anything with your home loan.
Q: They say changing lenders is easy and you should look for a better price and service - but how often should I do this?
A: Hi Jimmy,
We suggest every twelve months. Two years max. The finance industry is constantly evolving and new products are added by lenders all the time. A review should include your rate, product and complementary services that you may not have yet considered. For example, a will or life insurance.
Good luck with your finance health check.