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  1. Visions

    Advice Appreciated

    You found out the reason why the house was not selling in all those years it was on the market, the price was too high. As for buying it, being an investment property means its a business decision and you do what's right for you. Will it make you money in future years through rental return and...
  2. Visions

    Car Finance.

    Agree with JuddsaBlue. If you have a default on your credit report for $800 no bank is going to give you a loan for $10K. Their way of thinking (rightly or wrongly) is that your ability to pay debts is low and you are too much of a risk. There might be specialist lenders out there that would...
  3. Visions

    Investment property

    The reason to buy investment properties is to firstly make enough on the rent so that it is positively geared (doesn't need to happen initially but it should be the goal), and secondly to see the investment increase in capital over the years so you have a decent profit sitting there if you...
  4. Visions

    Buying into an existing Mortgage

    Deal with this on a regular basis. Normally lenders won't allow another person to be added as a joint applicant to a loan unless they have something to gain from it (such as in a spousal relationship). In your case the only way you would be allowed a joint mortgage would be if you did transfer...
  5. Visions

    Investment advice

    I think that you're overestimating the yield by a fair margin This I agree with, I would suggest do a fair bit of your own research first before you dip your toe into anything. Doesn't matter what the asset class is, throwing money in there blindly is a sure way to lose it.
  6. Visions

    what is taxable income?

    Taxable income is basically your gross income minus any expenses you can claim. This figure is then used to calculate the tax you are liable for. You can use the tax rate scales to give an estimate of what that may be. You may also be eligible for some tax offsets that can reduce the amount...
  7. Visions

    Settlement & Discharging a mortgage

    Crash Davis is correct. Normally when refinancing from one lender to another, the discharging lender suggests two weeks to administer the discharge. This gives them time to organise everything and also gives their retention team a chance to try and talk you out of it. I think maybe this is where...
  8. Visions

    How much can interest rates move over the next 30 years?

    I don't think anyone can tell you with any degree of certainty what will happen to rates in a years time let alone 10, 20 or 30 years. There are too many variables that can effect the outcome. Inflation, recessions, Aussie dollar, consumer spending, etc can be hit or miss. Look at past history...
  9. Visions

    How important is a deposit?

    Depending on the lender, amount of the loan and LVR it can vary from 0% to around 5%.
  10. Visions

    How important is a deposit?

    It's all relative. A lot of families rent which makes it hard to save a deposit quickly. You take the $1400/$1500 they pay monthly, and that translates to a $250,000 mortgage they could be paying instead. So it might be in the best interests to have a smaller deposit. I assume you mean...
  11. Visions

    How important is a deposit?

    Ever since the GFC hit, lenders have become more stringent on handing out money. Only way nowadays to get a 100% loan (i.e no deposit) is through a family guarantee, where your parents (and maybe siblings) offer their property as security for an amount of 20% plus costs (stamp duty, etc) of the...
  12. Visions

    What do banks like to see on bank statements?

    That is the last thing the banks wants to do, as they are not in the business of selling houses. Will cost them legals, agent fees, etc, and if the property market has nosedived, they can't exactly leave the house on the market until things "pick up". Sure LMI will pay them for any shortfall but...
  13. Visions

    What do banks like to see on bank statements?

    Yep, 20% deposit will avoid LMI, though some lenders will waive it at 85% LVR.
  14. Visions

    What do banks like to see on bank statements?

    The same lender wouldn't accept the 20% deposit because despite you not being in LMI payable territory (under 80% LVR the lender pays LMI), they would still need final approval from LMI and that would not be forthcoming due to it already being rejected. Hopefully you have better luck with the...
  15. Visions

    What do banks like to see on bank statements?

    Did the original bank give you an reason as to why it was rejected from LMI? Seriously with an 18% deposit, it would take something really bad for them to reject it. Are you sure that it wasn't something else, maybe to do with your credit file? In a perfect world with the 3 months of...
  16. Visions

    Credit Cards

    With retail stores fighting for business nowadays, you can negotiate discounts almost anywhere if paying cash, even small singular items. Never take the listed price on the card as gospel, always ask what is the best price they can do. Two months back I bought a work desk, two book shelves...
  17. Visions

    Can you choose to pay all your Tax at once?

    Are you sure you're not confusing this with the tax free threshold option for a second job? I thought employers legally had to withhold amounts under the PAYG system for employers otherwise penalties apply. So on a salary I cannot see any way you are able to defer tax. Though sole traders...
  18. Visions

    Refinancing Home Loan : Fixed or Variable

    As a mortgage broker I get asked this question all the time. The advantages of fixing are that it gives you certainty with the repayment amount so it is good from a budgeting point of view. The big disadvantages are firstly one that you have seen first hand in that if interest rates drop then...
  19. Visions

    Household income vs size of mortgage

    A lot of lenders nowadays offer extra discount if the LVR is below certain thresholds in conjunction with the discount for particular loan sizes. As a broker I always see specials that particular lenders offer from time to time. For example at the moment a non-bank lender I deal with is...
  20. Visions

    Household income vs size of mortgage

    Sorry, you misinterpreted my statement. By 6 I was referring to the interest rate. Agree with you, plenty of people out there with large loans who are handling it better than those with smaller loans.