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About Me

Michael Nasr

Current Rating: 4 / 5
Mortgage Broker
Progress Loan Centre
www.progressloancentre.com.au
Merrylands, New South Wales
0414545643
Mortgage broker since 2003, we helped many people into their dream homes and many build their investment portfolios.
Very experienced with first home buyers, self employed and business owners home finacing, originally worked as software engineer for various insurance companies.

My Activity

answered
Q: Last year the bank cut the rate on our home loan from 4.72% to 4.25% - at the time we were very happy but can I ask if our rate is too high and is now a good time to be looking at fixing some of the loan?
Thanks
A: Hi Cathy,

If your home is owner occupied, you can now get rates from 3.69% or so,
If it is an investment loan, the variable rate is not too bad.

Is this a home loan fro the property you live at?

Please fee free to call me.

thank you
0414 545 643
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Q: Hi - We have a contract cleaning business and used all our savings and profits to build the business. It is now making good money and my accountant said it would be worth around $400,000. We pay $700 rent a week and we want to know if it possible to buy a home using the property and the business as security. We would like to buy around $600-$650,000? Thanks
A: Dear Mina,

Hope you are well,
It sounds like you have a very good business that is making money and growing,
Depends on the bank you are with, they may offer you an overdraft on the business that you can use for cashflow and start paying yourself a reasonable income rather than pouring all profit back into the business. The better your cashflow the higher your overdraft limit can be.

Assuming your business is over 2 years old and the profit is consistent, and Once you have 5% of the purchase price $37,500 saved for 3 month, you can then look at purchasing a home,
Mind you, you would be better off having around 9% so that you can have a better interest rate and a better chance to get approved for the loan.

I would be happy to speak to you and help on putting a plan to save those funds,
Please feel free to call me on 0414 545 643.

regards
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Q: I’m looking at buying an investment property at Newtown $700k… instead of putting it with an agent I want to put it on Airbnb. Can I still borrow 90% and will lenders consider the rental forecasts, thanks?
A: Dear Jason,
Sorry for the late reply,
Normal banks that provide a good interest rates usually lend 90% of mortgage insurance. The mortgage insurance at 88% is around 1.7% or so depending on the loan size. The higher the loan size above 750K, .
You would need to budget for 12% plus costs, That is $84,000 plus $30,000 (stamp duty & costs)
A total of $114,000.
There are second tier lenders that would need only around 9% deposit $21,000 less. a total of $93,000. but they don't offer the best rates.
regards
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Q: Hi,

I’m a first home buyer and looking to buy a property around $650k. I have $300K in saving and will need to borrow about $400K. I have run my own business for 3 years and wanting to split the loan 50% variable and 50% fixed for 3 years. What are the best rates available?
A: Hi Lisa,

I agree with Scott, while rates are importants, your income is also important,
Assuming you have enough income to service, you can access the prime rates from 3.69% or so,
There is also Alternative ways of assessing the income that can be used to show servicing,
An experienced broker can find out the best option for you and come up with a proposal,

Please feel free to contact me on 0414 545 643 or michael@progressloancentre.com.au
regards
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Q: We are finding it difficult to save as we have 4 kids, paying $800pw rent and lived in the same home for 3 years. I earn $120,000 and my wife $55,000 … is there a way to borrow given we pay so much in rent, thanks?
A: Dear Sam,

I am reluctant to say this, but hopefully, it would be a big help for you,
There is a government website called www.moneysmart.com.au, it has a lot of budgeting and saving tips that can provide you with some tools for savings.

On the other hand, a family guarantee can get your foot in the market by having your parents or siblings guaranteeing you on their property. That eliminates the need for a deposit.

Hopefully that helps.

Please feel free to call on 02 9897 9696 or 0414 545 643.
regards
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Q: I have been running my own business for 3 years and have just secured a full-time job.

As my bookkeeper was using MYOB and cloud computing, what happens if I cancel my subscription. Can I still access information and if not what do I need to do before I cancel the subscription, thank you?
A: Hi,

I would suggest that you export your data before cancelling your subscription. Try exporting it in various formats / ways that are compatible with various accounting Software packages. Also export a copy in Excell to fall back into.

Hope that help
regards
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Q: I set up my own marketing business 12 months ago and have just won 3 new contracts which will mean putting more staff on. We have one cornerstone client on a 2 year retainer at 15k a month and would like to ask if it is possible to get a 50k business loan to help fund the new staff?
A: Dear Beth,

Congratulations on your success,
There are some lenders that would help with a loan like the one you are asking for. They base their assessment on cash flow analysis by looking at your business bank statements.

I am more than happy to help with such loans or find the most suitable solution for you,
Please don't hesitate to call me on
0414 545 643
or 02 9897 9696
regards
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Q: I have an interest-only loan with Westpac at 4.84% and owe $680,000. If I change to principal and interest what is the best rate I could get without paying an annual fee?
A: Hi Rikki,

Is your home loan for a property you live in or for an investment?

There are some good special at the moments.

Owner occupied rates are cheaper than investment rates.

Please don't hesitate to call me on 0414 545 643.
regards
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Q: Hi, I am a first home buyer and want to start looking to buy a home, I have $80,000 deposit and earn $90,000 a year.. no other loan loans or credit cards – how much can I borrow?
A: Hi Liam,

Are you single or Married?

Do you have any dependents?

How much Hecs do you have?

thank you
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Q: Hi, my name is Roger Francis and I am currently a self employed Handy man with a good income per week of around $2400 including being maintenance person for many organisations and with regular employment.
I ran a cafe which went bust and still hold the lease which is amassing rent at $7000 per month for which I am 3 months in arrears.
I need advice on how to go about applying for a home loan to cover this and future rent and to buy a house at the same time?
A: Dear Roger,

I would recommend that you speak to your landlord and come to an arrangement with them to try to re-assign the lease to someone that want to run the cafe. If that is not possible, try to speak to some agents in the area to see if they can find new tenants for the property.
I am not a lawyer but from my understanding you are liable for the rent until the end of the lease. This will cause you issues as the landlord could take legal action against you.
I suggest you speak to a lawyer and see if you can come to a satisfactory arrangement with the landlord as per above.

In terms of the loan, we can look into it once you have the above issue under control.
regards
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Q: My partner and l ( both 58) have money invested in managed funds-the big 4 banks.Should we be worried about the bank inquiry hapoening this year?
A: Hi,

Make sure the managed funds invest in many companies, not only the bank. A diversification strategy would keep you safe.
In general, the world shake but never falls.
good luck
answered
Q: Hi, we’ve had had 3 agents look at our home and must say they’ve been less than impressive as all they wanted to do was talk. Any tips on what searches we can do before we meet another agent?
A: Hi Chrissy,

Unfortunately, they tell you what you want to hear and try to give you the highest price they can get away with to win the listing. Few of them are realistic. The ones that give you a much higher price than reality are the worst because after couple open days they start to pressure you to bring the price down. Eventually, you lose potential clients that would have looked at your property if it is fairly priced and you end up discounting a lot to sell it.

I would look for a straight shooter that is honest enough to tell you the truth but intelligent enough to market your property properly and have your interest at heart. Honesty is the best trait.

You may want to have a look at properties they have listed and sold and see the difference between the initial listing price and the final price.

I would also ask for vendors that have sold with them (non Auction ones) and see what their feedback is like.

Good luck with everything.
regards
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Q: Breaking News

Australian Prime Minister announces there will be a Royal Commission into the Financial Services Industry

Mr Turnbull says Australia's financial system is admirable but there have been instances of poor practice.

Consumers must be protected, Mr Turnbull says, and the financial services sector must remain stable.

Do you agree with the Government's decision?
A: No, dont agree, Most likely it will end up putting more red tape, more paperwork. What they need to do instead is to have every sales person undergo a course in Ethics & Empathy. It will have much more positive outcome on the results.
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Q: I want to know that I will be eligible to get home loan for the property that will be around 670K in sale price. My annual income is around $63,000 before tax, single income, no dependent and credit card limit is $6000. This will be my first purchasing in property. I can get about $100,000 include all the fees and deposit for the property. Am I eligible to burrow rest from the bank? Is this good idea to buy a home in Sydney with $100,000 that I have? Thanks
A: Hi Julia,

We would need to have a discussion to find out what are your plans in terms of occupying the property or not.
Please feel free to contact me.
02 9897 9696
0414 545 643
michael@progressloancentre.com.au
answered
Q: I purchased a unit off the plan in in Newcastle for $550,000 last year. The property is due to be completed in February 2018 and the local agents have suggested the property has increased by 10% during construction. I used a deposit bond to secure the property and the finance was approved at 90%. As the property has increased to around $600,000 can I borrow 90% which would almost be the original purchase price? Is this possible?
A: Dear Mitchell,

I am assuming you will buy it as an investment since you are living in Sydney.
The maximum banks would land on investment is 88% plus mortgage insurance up to a maximum of 90% (inclusive of the mortgage insurance),
They also want to see that you either have 5% genuine savings (money saved slowly) or you have equity in another property.
In terms of lending on the current value, some of them will do.

We would need to talk a bit more to figure out the best way to go forward.
regards
02 9897 9696
0414 545 643
answered
Q: How long does it take to register a company for GST in Australia? Does it get registered with the ATO within 24hrs or does one have to wait weeks for it?

Thanks for your help
A: Hi CR,

Yes, their website plays up on the Weekend,
An accountant can register the company for GST in 5 minutes provided you already have an ABN for it.
If you dont have an ABN, you can register for an ABN, Tax file Number and GST at the same time using abr.gov.au

regards
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Q: How long does it take to register a company for GST in Australia? Does it get registered with the ATO within 24hrs or does one have to wait weeks for it?

Thanks for your help
A: Hi CR,

Yes, you can use the abr.gov.au to do it yourself,

regards
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Q: I have been a contracting engineer for the past 10 years and with the one group until recently. My average annual income is $190,000. In early September I signed a 12 month contract with a new group with the opportunity to increase my income. My wife and I would like to look at refinancing, will this change have an impact? We have a loan of $675,000 and the rate is 4.3%?
A: Dear Shaun,

What Ken has said is spot on.
The fact that you do have a contract with them and still in the same industry doing similar work is a big plus for you.
Please do not hesitate to ring me on '
best regards

0414 545 643
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Q: I work in the city and it takes about 1 hour and 20 minutes to get to work… painful. My property would be around $1.3m and the mortgage is about $900k and I’m thinking of selling my home and buying in the eastern suburbs or inner west. A couple of friends have suggested renting first for 6 months before buying and selling. The travel is not getting any easier and I’m hoping to get some advice on other options in relation to bridging finance or other things to consider?
A: Hi Judy,

I agree with Umit, you are better off testing the new suburb by renting there as there is a lot of cost selling and buying.

In any case, if you want to have a bridging loan, you can in this case and interest can be capitalised on top of the existing loan until you sell the property if you happen to buy before you sell.

Alternatively, you can buy and have delayed settlement then put your property on the market and sell it. you then try to have simultaneous settlement for the sale and the purchase at the same time.

good luck.
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Q: I work in the city and it takes about 1 hour and 20 minutes to get to work… painful. My property would be around $1.3m and the mortgage is about $900k and I’m thinking of selling my home and buying in the eastern suburbs or inner west. A couple of friends have suggested renting first for 6 months before buying and selling. The travel is not getting any easier and I’m hoping to get some advice on other options in relation to bridging finance or other things to consider?
A: Dear Judy,

Do you know how much the property you want to buy will be roughly?
Also, Would you like a 1 year bridging period or 6 month is enough?

This is necessary to see if you can get a bridging loan.

thank you
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Q: If we have a 15% deposit can we get a loan without having to pay mortgage insurance?
A: Hi,

Yes, you can. There are 2 options:
1) if the combined income is more than $150,000 a year, you can get a good product with variable and fixed options,
2) If the combined income is less than $150,000, another lender offers a variable only,

Please let me know if you need any help.
Michael Nasr
02 9897 9696
answered
Q: My car has been hitten by another car while I was waiting for the traffic light about 10days ago. I only have third party cover insurance, car driver who hitted my car said it is company car so he will submit the form when he goes to work. I’ve contacted insurance company which that car has insured, but they are saying there is no claim have been submitted. I contacted the driver but he is saying that he submitted the form to cfo, nothing he can do at the moment. What should I do now?
A: Hi,

You may need to report it to the police and get a report number as a record,
You also need to claim against his insurance if you can.

thank you
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Q: Hi we are in a predicament. We live on a big block of land in our current home. We are in final stages with council for an approved DA to subdivide the land and build a new home on it. We will sell the one we are in and live in the new one. Problem is we have no money to finish the existing home, sell it and then build the new one. Once existing home sold we will be laughing however the bank won't lend us money to finish. We are stuck, any advice appreciated?
A: Hi Angela,

if the work you need to do on the house is mostly cosmetic (does not involve structural work), You may be able to get up to 80% of the land value provided you can service the loan.
You would need to get some quotes for the work to be done on the house.
That would get you in a position to sell the existing house then build the new one.

Please get in touch so that we can have a chat to help you with your situation.

thank you
0414 545 643
answered
Q: The bank just cut our rate from 4.52 to 4.35 and gave us the option of lower payments or keeping the payments the same as we have now. We are comfortable with what we are paying so does it mean paying the loan off earlier?
A: Hi,

Yes, it will help repay your loan earlier and you will have a redraw.

thank you
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Q: My car is held as security against a personal loan and we want to sell the car. The personal loan is for 20, 000 and the value on the car is only 3000. They are saying no. Can they make us keep the car?
A: Hi Lisa,

Get a payout letter from the bank that confirms the amount and how it is going to be paid to them,
Get the customer to pay the outstanding amount according to the letter. The bank should then release the charge off the car.

thank you
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Q: I own a commercial terrace in Sydney with an office on the ground floor and a self-contained residential apartment on the two floors above (with its own access). The property is on the one title and isn't strata. I'm having a hard time finding a bank that wants to refinance the property and I'm not sure why - I have tons of equity in it. Can anyone suggest a good path to go down to get the property refinanced?
A: Dear Piers,

How did you go with that enquiry so far?
Please do not hesitate to ring me on 9897 9696
regards
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Q: I own a commercial terrace in Sydney with an office on the ground floor and a self-contained residential apartment on the two floors above (with its own access). The property is on the one title and isn't strata. I'm having a hard time finding a bank that wants to refinance the property and I'm not sure why - I have tons of equity in it. Can anyone suggest a good path to go down to get the property refinanced?
A: Dear Piers,

The trouble you are having is to do with the fact that it is mixed residential and commercial.
Can you please clarify the followings:
1) Is the title in your name or in a company name?
2) Is the commercial space larger than the total residential space above it?

I am happy to help you,
My phone number is 9897 9696 or 0414 545 643.
thank you
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Q: I’m a first home buyer and would like to know how to plan ahead for rate increases. Is there a way to calculate or budget to make sure I can still make the repayments?
A: Dear Nikki,

The best way is to be comfortable repaying around 2 - 2.5% above the current rate,
This way you can make sure that if the rate goes up you are still able to pay,
Additionally, you can take some fixed rates to insure against rate rises in the short term 1 - 5 years.
hope that helps,
Michael Nasr
0414 545 643
answered
Q: My investment property has an interest only loan and the bank has just increased the rate quite a bit…the property is working as ok as it has negative gearing but should I change the loan to principal and interest to get a better rate?
A: Hi Leo,

If you don't want to maximise your cash flow and don't need to invest in another properties, you are better off paying principal and interest as it saves you interest and you pay your loan down with time building equity,
we can help you with an investment fixed for 2 years, principal and interest at 3.88%, you can have another split as variable for the offset account.
Please feel free to call me on 0414 545 643

Hope that helps.
regards
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Q: Hi I will be receiving a vehicle allowance for all running costs and fuel for work. I would like to know best option to maximise claim against?
I intend to purchase new vehicle
A: Hi Chris,

We can do a novated lease for you whereby the car payment is taken from your income before tax which end up saving you a fair amount of tax.

Please give me a call to discuss on 0414 545 643

thank you
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Q: My partner and I live in her house and my property is rented out. If we buy a property to live in and rent the other two out, what is the best tax effective structure?
A: Dear Con,

Well said Ken, I would only add that it would be beneficial for your future capital gain tax if you get a valuation for tax purposes for the property where you live now in case you need to sell it in the future, you would pay capital gain tax on the increase in value from her onward.

Please fell free to contact me too on 02 9897 9696.
regards
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Q: Are there lenders or other options available instead of having to pay mortgage insurance …we need to borrow about 84 -85% but the insurance is so expensive?
A: Dear Maddy,

Assuming you took the 85% product, If you intend to do some renovation and improve the property value after the purchase and if the price increases by more than 5%, we can always try to swap the product into a prime 80% product provided the value has gone up by 5%.

In that case the 85% no mortgage insurance can be a good solution for you.

regards
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Q: A builder has given us the options of a fixed price contract for our renovations or cost plus and we would like to get some advice on the cost plus option. Do people normally choose cost plus and how realistically can we monitor all the costs and hours worked? Is there anything else we need to take into consideration?
A: Hi Yasmin,

You would need to make sure you trust the builder 100%.
I have heard of situations whereby builders get kickbacks from trade people with a margin on top of invoices.
Additionally, a cost plus is an easy way of avoiding proper detailed costing with the certainty of what you will be getting.
It is a headache.

regards
Please feel free to call me
02 9897 9696
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Q: Hi easy is it to find a low interest loan for investment property without the attached application fees and not many fees and charges involved with added bonus features of a package with a credit card?
A: Hi Maria,

These days, it is getting a bit complex, the price differs depending on the followings:
- Deposit to purchase price ratio (if deposit is less than 20%, the rate is likely to be higher),
- Interest only repayments are attracting a higher interest rate too,

In general a basic product without offset account would be what you are looking at, provided the rate is good in comparison to a package.

You really need a broker to help you navigate all of the above issues.

regards
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Q: Looking for advice around the best potential structure for a company so that its assets are protected. Some accountants have suggested:

1. Setting up a private company and allocating its shares to a discretionary trust
2. Setting up a private company and allocating its shares to a discretionary trust where the trustee is a private company
3. Setting up a private company and allocating its shares to a discretionary trust where the trustee is another discretionary trust

Which do you recommend?
A: Hi Mireille,

I am not an accountant, but option 2 seems to be the most logical one. I am not sure what would be the benefit of option 3.

regards
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Q: Our offer has been accepted on a new home and we are just waiting on the finance before we exchange. Is there any way the property can be taken off the market so we don’t lose it?
A: Hi,

See if you can negotiate with the agent to exchange the contract subject to finance approval. Meaning that if you could not get your loan approved, they will refund your deposit. In this case and if you are unfortunate to get approved, you would need to provide them with a decline notice/letter from the bank.

Hope that helps.
Regards
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Q: Hi, I’d like to ask the industry experts on simplyaskit about their opinion on the discussion about first home buyers being able to tap into their superannuation as a means to come up with the deposit to buy their first home. Is it a good idea and should there be any conditions or restrictions to accessing their super?
A: Hi,

As it is at the moment, it will add fuel to the fire. It will increase demand in a hot market. It will lead to increased prices with no solution to the problem.

regards
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Q: As the importance of company culture is widely recognised for not only financial success, but also staff retention, job satisfaction, and productivity within the business, I’m wondering, what strategies have others found effective in building and promoting a positive and high-spirited team culture?
A: Hi Camille,

Treat people the same way you like others to treat you and you wont go wrong,
Positive attitude, valuing their contribution, respect, clear goals, give them ownership of the various projects.
Hope that help.

regards
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Q: We are currently looking at a 4 bedroom home in Engadine for $940,000 and have $150,000 to cover deposit, stamp duty and legal fees. My husband’s income is income is $136,000 and I work permanent part time and earn about $67,000. We have 2 kids under 10….. no other debts and would like to know how much we might be able to borrow, thank you?
A: Hi Anne,

Thanks for the info,
Are the figures quoted your base income? Does it include any overtime or bonuses?
The reason I ask is that, lender would treat overtime in a different way than base income,
In Theory, you can get up to $864,800 plus mortgage insurance if you like,
Your stamp duty and cost are around $41,000, you will have around $109,000 for the deposit. It will definitely work.
Please let us know if you have any other questions.
regards
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Q: Hi. I use AFG FLEX as a Mortgage Broker however I find FLEX isnt a great CRM system. It handles loan processing OK, and the SMART marketing is OK - but what I am looking for is a great CRM. I hear about salesforce??
I am looking for help on the best CRM to handle all client interactions/link attachments & emails, along with if I send referrals to referral partners.
Thanks
Tony
A: Hi Tony,

I heard good things about Salesforce but there is a lot to learn about it. Some people use Infusion Soft,
I knew a broker that uses ACT and he was able to save all of his client communications in it.

I myself is looking for a good practical CRM. If you manage to find something, please either email me on michael@progressloancentre.com.au or phone on 02 9897 9696.

thank you
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Q: I have a total of $50k saved up and I'm a first home buyer looking to get into the property market. Is now a good time to buy in Sydney? And if not, where can you recommend I consider looking instead? Or should I just wait?
A: Hi,
It is hard to tell if it is a good time to buy or not. Property prices have gone up a lot in the past few years and could still appreciate more. However, once interest rates start to go up, prices may flatten for a while.

if you do not want to buy in Sydney, QLD may be another option for you where you can buy more affordable properties with good rental returns.

Good luck with everything.
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Q: How often should I review my mortgage?
A: Dear Kerry,

You need to review it every 2 to 3 years. If you refinance, you need to take a term equal to the remaining term and don't go back to 30 years, otherwise you would re-extend your mortgage back to 30 years.
All brokers have access to many lenders and would be able to give you a good selection of appropriate lenders that would save you money.
Please do not hesitate to contact me.
best regards
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Q: I’m trying to help one of my kids buy their first home and want to get some advice on the options available. Can I just be a guarantor or do I have to be on the loan with them and what else do I need to consider?
A: Hi Peter,

You can guarantee your son on your property by giving him a limited guarantee by putting your property as security. Your guarantee is limited to 20% of his purchase price.
He will be able to borrow 100% on his property without having to pay deposit or mortgage insurance.

Hope that helps.

Thank you
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Q: My wife had a property in her name back in 1998 before the first home buyers grant. Sold out 10 mths later. I have never owned a property. Is there any way for us to enter the home market (even just on my own wage) to receive the first home buyers grant?
A: hi
if neither of you have lived in the property and have not claimed the grant, you will be eligible for it provided the purchase price is less than $750,000 in NSW.
hope that helps.
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Q: Is there an ideal time to refinance a home loan?
A: Hi Justin,

provided you dont have a fixed rate and your loan is less than 80 percent of your house value, you can refinance any time, as there wont be any break fees or mortgage insurance to be paid again when you refinance.
Additionally, if your loan is under 2 years old and was done by a broker, they would loose at least half of their commission, as such it would be nice to give them the chance of refinancing it for you.
regards.
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Q: What percentage do I need upfront for my first homeloan?
A: Hi Pru,

in short, if the property is less than $300,000, you would need around 8.5 percent including stamp duty and costs. if price is less than $600,000, your depsit would be 6.1 percent plus Stamp duty and costs. i.e. if purchase price is $500,000, your deposit would be around $51,000 or so.

above $600,000, you would need another 1.3 percent or so.

regards.
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Q: Is it right the banks are offering different rates for interest only loans compared to principal and interest on investment loans?
A: Hi Joseph,

The majority of lenders have similar pricing for investment Princupal and Interest repayment Versus Interest only. However, investment loans are now more expensive than owner occupied loans.
you can save a lot of time by consulting an experienced broker.

regards
answered
Q: We are looking to buy a new home to live - can you provide some advice as to how we should go about it as we will need to sell our existing home - should we sell before we buy?
A: Hi Matt,

there are couple things to consider:
if your current loan plus the purchase price of the new property plus costs is less than 70% than the value of the two properties together, you could get a bridging loan that allows you to buy and sell your existing property within 1 year of the purchase.
However, if the existing loan is relatively high compared to your propert value, you would be better off selling first or buy and sell and make the settlement on the same day.

hope that helps.