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Q: We have been renting for over a year and found a property we would like to make an offer for around $1.2M. We would only need to borrow $650,000 but have had a few credit issues in the past and sold our previous home to clear all the debts …. the credit report is not clean. We both work full time and would like to know if we could still get a loan and what the rate might be?
A: Hi Sophie,
There are alternative lenders who will consider your loan to purchase a new house with bad credit.
I’m happy to assist and show you some options!
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Q: We are looking to refinance our home loan and want to know if the new loan has to be over 30 years. We have had our loan for 6 years and don’t want to start again. How should we structure a new loan?
A: Hi Adam,
As previously stated, you can most definitely refinance your home loan over 24 year period or even less if you choose to!
Best to speak with your broker or one of us, who can show you some fantastic options for your home loan!
Regards,
Damian Claridge
Evolve Money
0400 787 613
damian@evolvemoney.com.au
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Q: Hi I'm buying a small business and it's lets say $ 130.000. I have a mortgage of $270.000 (house value is $540.000. I have savings of $200.000..What is best to do with my savings ? put it on the mortgage, or buy the business.. Or invest elsewhere..
A: Congratulations on looking at purchasing a business!
Best option would be to speak with your accountant regarding the business and set up, and they will be able to advise of the best option for you, whether it be investing your savings into the business, place on your mortgage or another option they could suggest.
When it comes to a business, your accountant is an expert in helping you with the right structure!
Happy to speak further if you like!
Regards,
Damian Claridge
Mortgage & Finance Broker
0400 787 613
damian@evolvemoney.com.au
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Q: What lenders cap LMI above 95% for Owner Occupier (NOT first home buyer), other than BoQ and Bankwest?
A: Virgin Money - 95% plus full LMI cap
Happy to discuss further with you!
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Q: I have purchased an investment property and am renting it to my son and his family however I would eventually like to sell the property to him and his wife but as he is self employed and has four young children he would find it difficult to obtain finance. I am thinking of taking money out of my superannuation giving it to him to assist with a substantial deposit to assist in gaining finance. Do you think this would be worth considering?
A: There are alternative options for self employed!
To find out the options that are available, speak with a Broker to get more information.
I am happy to assist you son with getting more information on what his options would be!
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Q: How do I best buy property in my SMSF?
A: The banks have specific requirements for purchasing property in SMSF!
There needs to be a bare trust and trust for the purchase.
Happy to send through more details of the requirements is you would like?
Damian
Finance Broker
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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 are some great options for bridging finance out there!
Happy to have a look and find the right solution for you!
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Q: When my fixed rate loan period ends - do I just automatically switch back to variable with the same lender without having to bother with paperwork etc?
A: In your contract it would have stated that the loan will revert to the standard variable rate!
If you are looking at restructuring and finding another suitable product that meets your current circumstances, then speak with a broker like myself and we can source different options available for you!
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Q: Which banks can offer 95% plus mortgage insurance? Looking for a home, thanks
A: Hi Jo, there are a few lenders available who lend 95% and cap the LMI!
If you would like to know more, please let me know :)
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Q: Can I use some of my super towards my deposit?
A: You can if you borrow through a Self Manager Super Fund loan, which is an investment property!
Unfortunately unable to use super for deposit in other circumstances!
Happy to chat more if you would like!
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Q: How do I get a low rate home loan?
A: Talk with a broker, like myself! We will go through all our lenders and products to find the right home loan that suits your needs!
Happy to chat more about getting you a low rate home loan!
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Q: Hi what is the best most cost effective way to remove a person from a mortgage? Currently joint tenants but wish to pay out ex an agreed amount and hold onto the property? I understand there is stamp duty payable to completely remove them from the mortgage
A: Depending on each states policy with paying out partner, if you reside in the property there is not stamp duty payable, however government fees for mortgage restitution and discharge!
Would be happy to talk offline to get more details from you and find a solution for yourself
