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Q: Hi, we need some advice about our home loan application
We are due to go to auction on Saturday and been waiting for our mortgage broker to finalise the approval. It has been 4 weeks and we have been promised each day this week the approval is on its way. We are obviously concerned, what should we do and can we call the lender directly?
A: Hi Regina ,
This is NOT a good thing
No way any preapproval would take 4 weeks
How did you feel with the Brokers knowledge ??
Was their any reference to concerns ( part time employment, adverse past history, limited deposit )
Do you know the bank the loan was submitted to ?
Would you like my team to conduct an emergency investigation
Without a Pre Approval please do not bid
My email is
Rosco@mylocalbroker.com.au
0411 696 696
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Q: We have too many loans and want to see if we consolidate a $485,000 home loan, personal loan $7,000 and 3 credit cards $17,000. The rate on our loan is 4.29% with Westpac and the house would be worth around $750,000.
Can we get a lower rate and what would the repayments be? thanks
A: Hi Megan
We are rather local
Naturally you can investigate a number of options
However , one advantage of using a broker is that we are compelled to complete a full fact find and establish exactly what best suits and be candid in the ramifications of each decision
So many variables
Do NOT look at Rate alone as a number of cheaper rates have higher costs which affect what the industry must disclose .... Comparison Rate ( the real cost of the loan )
So unfortunately your request is not as simple as you would have hoped .
I recommend
Meet a quality qualified Mortgage Broker in person and have a robust discussion
The broker will address the facts and provide a Preliminary Assessment for your consideration
The decision of which lender needs your input as so many clients live to regret ....
I hope this all makes some sense
Cheers
Rosco
0411 696 696
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Q: Our rate went from interest only to principal and interest 6 months ago and the rate is 4.19%. It seems high, what's the best rate we could get?
A: Dangerous Question
A quality broker will need to work with you and complete a full analysis ( known as aFact Find )
They need to present you a Credit Guide and a Privacy Act before discussion
I always aske a client do you want a cheaper rate or a cheaper loan ( yes there is a difference)
And the loan must be suitable for your own personal goals , dreams and aspirations
I appreciate this does not answer your question BUT we operate under specific guidelines and must at all times protect the integrity of the transaction
One thing I can say Any loan starting with a 4 is well overs
Good Luck
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Q: We just started to get things in place to sell our unit but we have found a house we would like to make an offer. We don’t have access to funds to exchange on the property straight away so if we apply to increase our home loan from $300,000 to $800,000 could they let us use the funds to exchange?
A: Good afternoon Mary
This is an scenario we see regularly
The program is called Bridging Finance and if you are able to demonstrate you can support the end debt you may very well be able to proceed
You need to use an independent Mortgage Broker that can provide details of the various lenders in this space and the terms and conditions that would apply
Please feel free to contact me personally
Rosco
0411 696 696
rosco@mylocalbroker.com.au
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Q: A friend suggested I invest my cash savings into my own SMSF to help with the purchase of an investment property? Is this wise and how can I get my cash back?
A: Hi Lucia
SMSF is like any super and you cannot recoup funds until you reach the age you can have access to your SUPER
I can introduce you to a SMSF expert who can set the fund up and all the side bar requirements
In a SMSF their are a few legislative matters to be mindful
In residential housing .... neither you or any beneficiaries are able to reside in the property
Where as in a commercial situation you can be a Tennant of the Fund
Loans are available BUT rates , terms and conditions can vary dramatically with various funders so a Professional Broker can secure the variances for you to be able to make an informed decision
Most brokers do NOT charge for a loan profile and application/ submission
Call me on 0411 696 696
If you needed some more intricate information
Cheers
Rosco
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Q: Hi, would like to ask if anyone would be happy to recommend a Real Estate Agent in Mornington?
A: Jarrod Carmen of E View Mornington is an amazingly talented young man who has won many awards
Tell him Rosco recommended and too make sure he looks after you
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Q: I purchasing my mothers second property for the mortgage price only, which is roughly a third of the value. The property is in excess of 750000. This will be my first home. What duty and fees will i pay?
A: Hi Peter
My colleagues are correct
State Revenue are very vigilant with such activity.
Consult a good solicitor/ Conveyancer
Obtain an independent sworn valuation draft the transfers accordingly to this valuation and pay the applicable duty .
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Q: We have a house that is worth approx $800,000 and we have just purchased a property in Queensland for $420,000. We would like to move up there but are unsure whether to rent out our current home or sell it? If we do sell it can we put any surplus funds into our super without it being taxed? We are about to hit our 50's and haven't got much super. We need to know what our options are.
Any advice would be helpful
A: You need to obtain independent Financial Advise from your tax accountant and registered Planner
However the fact you have NO debt on the Melbourne Property means you cannot dilute the interest payable on Qld which is NOT tax deductible.
Good Luck
Rosco
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Q: Im 30 and work in a secure full time permanent role as a HR Manager.
I have $60,000 deposit and have found a place that ticks all my boxes for $520,000
My monthly salary is $5377
Repayments would be $514 a week approx
I have no other depts or loans.
Should I take the plunge and buy or keep saving.
The place is two bedroom, close to a train station 300 metres from the beach in Aspendale Vic.
Are those repayments sustainable for a person on a single income?
A: How long is a piece of string
As a Mortgage Broker I am unable to provide financial advise
The reality is ....if the property does tick the boxes and it meets your needs then why not
A quality broker can put the structures together with a lender that best suits your needs
Contact me anytime 0411 696 696
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Q: i am interested in finding out the average number of days a property has been on the market in frankston, prior to selling?
A: Hi Esther
I am based in Frankston
The time on market depends on a number of intricate questions
Actual area
Condition of Property
Vendor expectations
Sorry to sound so vague , however this data will assist be more relevant
The Frankston area is booming and stock is very scarce so if you have a nice property you should have a good result
Feel free to contact me
0411 696 696
Rosco
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Q: I’m a lending manager for one of the major banks but thinking about becoming a mortgage broker. Can I ask about the challenges mortgage broker have at the moment, which aggregators you would recommend and what do I need to consider in relation to the commission structures?
A: I have been a successful broker , banker and aggregator
So believe I have the knowledge to help
Please consider
Will Aggregation personnel help you build a business
What mentoring will they provide
How many loans as the Aggregator BDM ever written
What is the commission splits
What is the software like
What are the structures to ensure your business is compliant
If the aggregator lets you down will you own the trail book , will then economically penalise you if you leave
What lenders are on the panel
What are the fees and charges
Is your software aligned to AOL without having to do extra work
Do you need leads
Call Rosco 0411 696 696
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Q: I'm looking to move from my home in Brookfield, Vic to a 1 bedroom apartment in south Melbourne. I own the house in Brookfield outright but I believe I would on get up to about $300K for it. looking for the best way to get into apartment. i.e. Sell current property or rent it out. Rent in South Melbourne or buy etc. I've been told by lenders etc that I'm in a good position but m just looking for the best way to make the move happen. So rent out and pay tax or buy and cop a mortgage? Thanks
A: Personally if you are able I would hold
However this becomes a question for a qualified Financial Planner
Naturally the $300k would be a great deposit but you can still tap into the equity and hold
You can over time if you realise you will never return to Brookfield then sell and reduce the debt in St Melbourne
Again the question of rent v buy becomes a personal and a financial decision
Neither of which a Mortgage Broker can assist
However worth listening to your " gut " as you have done well so far
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Q: Thinking of refinancing my loan from cba to loans.com.au. Big interest rate savings- worked out that I would recoup refinancing costs in 7 months. What are your opinions of loans.com.au? Any negative press I should be aware of?
A: If you utilise a professional broker then you should not in the scheme of things be incurring costs that would take 7 months to recoup
Brokers receive there revenue from the banks once a loan settles
Do you have any " fixed " portions that require refinancing ??? ( if you do there could be break fee implications )
There are over 18,000 accredited brokers Nationally
I always recommend that you chose a quality broker that you feel an element of trust and rapport and if comfortable establish an ongoing professional relationship for the next 15+ years
Chose the operative first
Look closely at there offer
Know what you wish to accomplish and ensure your " broker " tailors this for you
There are so many lenders and so many products available and your qualified broker is only required to find you a product that is not unsuitable.....
The difference is a Professional will assist you actually plan something that compliments the next move into there proposal
Hope this helps
Please investigate Cleary and happy to assist along the way
Rosco
0411 696 696
roscoacademy@gmail.com
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Q: We are looking at buying a home and living in it for now. We will basically have no mortgage on the property. In afew years time we will look at renting that property and moving to another. Is there a way to set this up so that we transfer the money from one property to the other to maximize negative gearing?
A: Good try
The answer is NO
Your only option is to borrow a large amount and place your funds in an offset account
Draw the funds out of offset once you convert to an investment property
Happy to discuss
0411 696 696
roscoacademy@gmail.com
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Q: I have a interest only loan, if I pay money into this mortgage account, does it lower my repayment amount?
A: The minimum required interest only repayment is calculated daily and billed monthly
Any surplus funds can be redrawn
If you intend parking surplus funds regularly that you want access to please make sure you have an off set attached to your loan
Please feel free to contact me
roscoacademy@gmail.com
Cheers
Rosco
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Q: What are the major benefits of an offset bank account (if any) for first home buyers? Is this more beneficial for those with older loans.
A: Circa 2017 all good loans should have an offset
It allows you to channel your salaries etc into the home loan
This reduces your cost of banking and the " off set " benefit is because home loan interest is calculated daily the time any funds remain in the offset helps with your interest payable
They are obviously a number of additional benefits BUT these are the 2 main reasons you would use an offset
I would be delighted to discuss with you personally
roscoacademy@gmail.com
Have fun
Cheers Rosco
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Q: Our home loan is with one of the major banks and we have been discussing refinancing to get a better rate. In our search, it seems the best rates are with credit unions and lenders we have never heard of. We would like to know what the risks are to move away from the bank?
A: Great question
The Major banks have lost ground over the past few years
Yet for the reason you mentioned ( banks we have never heard of ) a large number of consumers do not feel comfortable
However these 2nd and 3rd tier lenders are fantastic and well worth investigating
They have some of the best options
Best rates
Lowest fee's
Greater flexibility
I would be delighted to investigate further
My email address is
Roscoacademy@gmail.com
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Q: I had a investment apartment which I purchased in 2010. We brought it for $285k and we put down the deposit of $28k which brought the mortgage on the apartment to $260k. In 2014 we borrowed $10k from the mortgage and in December 2016 we sold the apartment for $275K. My question is, with the $10k that we borrowed from the mortgage, do we have to pay tax on it?
A: No you do not
In actual fact it appears that you lost $10k on the transaction
Best you speak to your accountant as how best to offset this loss against existing income
Always hold discussions with your accountant at all times
Cheers and good luck
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Q: Should I stick to an interest only loan for an investment property?
A: Has all your personal debt been diluted ....if so then put all surplus fund into an offset account so you can go again and draw out your surplus $$
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Q: I took out an investment loan in 2011 and soon after moved in 2012, I recently realized that my loan type did not change to home owner loan, so therefore I have been paying a higher interest rate, am I entitled to a rebate or refund for the past 4 years ?
A: NO ...sorry
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Q: Would you recommend sticking with the majors or is it safe to go with a second tier lender? I was stung in the GFC
A: All current lenders have a different souce of funds compared to the GFC
However if your scenario is outside the square the second tier lenders do have the capacity to investigate your scenario with some level of flexibility
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Q: My Home Loan has been on a fixed interest rate since I obtained it nearly 2yrs ago. This is due to expire in August and I need to decide to either remain on fixed or go to variable?
A: Talk to a quality broker and request a full synopsis of all opportunities.
Also make certain a full fact finder is compiled so your dreams , goals and aspirations can also be taken into account
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Q: If the RBA doesn't move rates how can the banks. Would now be a good time to go for a fixed rate?
A: Cost of funding has NOTHING to do with the Cash Rate .
Most lenders raise funds via bonds which is regulated around bank bill plus margin and the 90 bill rate moves daily
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Q: How can I find out what mortgage insurance will cost for different lending ratios above 80%?
A: Talk to a quality qualified broker
Some banks will go to 85 % without LMI
Sime kenders will cover certain professionals up to 90 % without LMI
However to answer your question a BROKER can provide the various quotes you desire
Good Luck
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Q: Why do lenders who offer debtor finance only fund a certain percentage of invoices from a single customer, even though that customer may be a blue chip company, with very low risk of default? Is there a way to demonstrate that this risk is very low?
A: The best way to secure a debtor finance solution is to appoint a qualified Commercial Broker that has access to many varied solutions and can present you a number of options .
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Q: We are not having much luck with the banks for the fit out of our cafe. A broker has mentioned a lender called Prospa - never heard of them so does anyone know much about them?
A: They are a funding solution
Please find a good quality broker so they can investigate your situation, assets and turnover etc
I am amazed how many people DO NOT avail a independent broker who will establish the correct solution and keep your credit rating ( Veda ) foot print as healthy as possible
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Q: I have two credit cards (both nearly maxed out), a personal loan and a home loan. Should I consolidate everything into my home loan to save on paying interest?
A: Cash is KING
Well worth having a quality broker conduct a finance audit and be able to answer this question based on the facts that surround your personal situation. ... assumptions are NOT what our industry is about
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Q: A lot of talk about interest rates. Big decision by the RBA next week. What is everyone predicting?
A: Personally I do not believe the RBA will move ....however if they were to move down doubt the banks under there current cost of funding and compressed margins and the pending cash reserve changes would be in any position to pass on.
The current rates available are the best we are going to get .
The occasional fixed rate offering may appear from time to time if you were prepared to forgo your flexibility .
As a famous man once said ....the best time to do anything is NOW ...
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Q: Looking for a 85% LVR I/O investment loan with LMI waived? Are they available for NON PROFESSIONALS?
A: Yes their are a few funders that prohide this service
Please be mindful that you will need a good history and no adverse on uour veda report
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Q: Are smsf a good investment?
A: Any investment needs to be assessed individually irrespective of the manner in which you structure the purchase
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Q: Would you recommend sticking with the majors or is it safe to go with a second tier lender? I was stung in the GFC
A: negotiate what best suits you , nothing wrong with our current suite of lenders
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Q: If a financial institution calculates interest daily, is it only business days? Is this the same for deposits as loans?
A: 365 days a year
but billed monthly
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Q: How are the proposed negative gearing legislation changes likely to impact on existing and new investment properties?
A: Allow the political positioning to run its course and in association with your broker make a call then .
however if you are keen to saddle up and go again, do not delay .
seen things like this over the last 4 decades pop up that spook people and what eventuates is very much diluted .
happy to discuss
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Q: Is there an ideal time to refinance a home loan?
A: you need to conduct an audit on your entire finance position every 12 months
this should always be with an independent broker that has complete independence
also each time your family circumstances change involve your broker asap to assess the viability of your current product selection
happy to discuss
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Q: Can I purchase a car through my business and claim the repayments?
A: If this vehicle is under a " Lease " and for business purposes in most cases yes .
If the vehicle is under a HP / Chattel Mortgage then you claim the interest and depreciation.
You need to keep a log book to demonstrate the actual time the vechile was used for business.
You will need to engage a specialist tax accountant to get accurate advise initially before making any decisions.
A professional mortgage broker will have access to these oeople and the loans structures you will require.
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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: Always clear expensive debts as a matter of urgency
But have a plan to ensure it never happens again
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Q: Do you think that the federal government will abolish the tax concessions that encourage negative gearing? If so, under which conditions or scenarios do you think they would do so?
A: Not if they are serious about providing housing options for those that need to rent ....
Turnbull is a smart man and I have faith he will bring a level of sanity to the table.
Remember History will show that nothing remains the same for ever
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Q: Does it make sense to use the equity in your property to purchase a private vehicle versus a lease or personal loan with regards to the interest rate?
A: Are you eligible to claim this vehicle as a deductible on your tax
will you be disciplined enough to clear the debt of the car within the 3 to 5 year period
Often what appears to be a sound option becomes a nightmare
I say in most notes to these questions. ..source a professional broker who will compile a fact finder and provide you the financial outcomes or all options .
Nicholas Bedggood
8 years ago
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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: If you are very disciplined it is always wise to access the lowest interest rate possible.
However it can cause a lot of heart ache if you do so without a plan .
Talk to a professional broker and establish a strategic plan and then decide if you have the discipline to maintain the structure.
Good Luck
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Q: Can you see interest rates rising in 2016?
A: Anything can happen in our market
Interest rates globally indicate little movement
The RBA has a few guidelines it adheres to
I hope this questions is just for curiosity sake.....as you should never delay an investment opportunity based on concerns regarding the cost of funding .
Can you provide me more information about your concerns .
However if just a generic question. ..experience tells me NO rise , however history commands me to have a very open mind
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Q: We have recently had some bad luck and have ended up falling behind in our mortgage. I've tried talking to our bank, but they don't seem very interested in coming to the party on some type of plan. Will I be able to re finance and consolidate other debts?
A: You must sit down with an independent broker that is qualified to assess your situation
This broker needs to become your gateway to the future so select wisely .
There are always solutions, but do NOT just put a bandaid over this problem ...make certain you broker has a strategy in place to bring you back to mainstream lending once your credit position has returned to normal .
Second or Third tier lenders are a viable option and do not need to be a life sentence.
Good Luck
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Q: 4 months ago we purchased an existing home, which we want to do some work to. When is the earliest we can request a refinance with our Bank?
A: anytime as long as you have built some equity
if you borrowed with LMI you will most likely have to pay the premium again .
might be better advised to raise a secondary loan
Your broker should have sort this goal in their initial fact find .....
love to know more about your loan structure
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Q: Other than comparing interest rates, what are things to look for in a home loan?
A: Structure
fees
charges
annual premium
valuation costs.
settlement costs
LMI premium
loan protect options
historical attitude of the lender
DOES YOUR BROKER fully understand your goals , dreams and aspirations. ...most will not
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Q: If I'm buying my first property do I still have to pay mortgage insurance if I have less than 20% deposit?
A: some lenders will lend 85 % without LMI
if you are a professional in the medical or accounting fields some will go to 90 %
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Q: Do home loan lenders look more favourably at applicants with permanent roles over casual roles despite the income?
A: our industry does not discriminate
however a lender looks at your current condition , capacity , collateral and character so work with your broker to prepare a quality submission
Bill Vasiliadis
8 years ago
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Q: I've been told I can use a deposit bond instead of cashing in some investments to buy a property, is that possible?
A: Yes
Use a broker
The agent also will need to agree as a part of the contract offering
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Q: Unsure if my husband and I should take out life insurance and what institution should I approach?
A: All debt should be insured
Your question is vague , if you are talking Life Insurance exclusively then a Financial Planner MUST be acquired.
if you want to insure your debts than your broker will have a wonderful suite of optiins that can be arranged withoutvthe need or cost of a planner.
Remember NOT all loan protection policies will do what you need...so get some unbiased advise
Antonella Samperi S
8 years ago
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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: DO NOT g/tee any loans
use a gift option or a family pledge loan
A good broker will have access to these products
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Q: The markets are a bit bumpy at the moment – should I be looking to changing my loan to a fixed rate?
A: personally after 21 years in the mortgage space have never witnessed anyone winning with a fixed rate .
BUT if you wanted this product , get your broker to select a funder that has an offset account attached for surplus repayments that can be redrawn ...
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Q: I was going to buy an investment apartment off the plan but my bank will only let me borrow 80%. Is there a way in which I could borrow 90%?
A: yes some lenders will go as high as 95 %
you need to align yourself with a professional broker who has access to 100's of products and solutions .
