Saving money, borrowing money, lending money, mortgages, LOCs, credit cards, brokers, lenders, margin loans & more! Thu, 28 Feb 2019 10:24:41 +0000 Thu, 28 Feb 2019 10:24:41 +0000 InvestChat https://www.investchat.com.au/community/forums/finance-banking.22/ Sun, 09 Dec 2018 09:54:35 +0000 https://www.investchat.com.au/community/threads/diploma-of-mortgage-broking.10287/ https://www.investchat.com.au/community/threads/diploma-of-mortgage-broking.10287/ invalid@example.com (Michael67) Michael67 Tue, 14 Aug 2018 06:09:37 +0000 https://www.investchat.com.au/community/threads/cash-deposits-at-bank.10186/ https://www.investchat.com.au/community/threads/cash-deposits-at-bank.10186/ invalid@example.com (Luke83) Luke83
In the past I have just spent the money on things around the home but now I just bought a new kia and ticked it up on my mortgage and want to pay it back off asap.]]> 4 Wed, 08 Aug 2018 11:15:39 +0000 https://www.investchat.com.au/community/threads/will-the-royal-commission-end-our-debt-obsession.10190/ https://www.investchat.com.au/community/threads/will-the-royal-commission-end-our-debt-obsession.10190/ invalid@example.com (twisted strategies) twisted strategies Will the Royal Commission end our debt obsession? - Cuffelinks


i suspect a pause ( of maybe 5 years ) but no ,
human nature being what it is ( preferring quick gratification ) and debt will become alluring once again in the future]]> Sun, 20 Aug 2017 10:28:04 +0000 https://www.investchat.com.au/community/threads/margin-loan.9772/ https://www.investchat.com.au/community/threads/margin-loan.9772/ invalid@example.com (Car513) Car513 3 Mon, 22 May 2017 12:14:46 +0000 https://www.investchat.com.au/community/threads/cross-collateralization.9817/ https://www.investchat.com.au/community/threads/cross-collateralization.9817/ invalid@example.com (C3PO) C3PO
Currently we have our own home and an investment property, all held with our bank, and all loans are held with the mortgaged properties cross collateralized.

I have been advised, when refinancing the portfolio, to unwind the cross collateralization of the two mortgaged properties, with the main reason given is that the bank could, if we choose to sell the investment...

Cross collateralization]]> 6 Mon, 08 May 2017 12:14:58 +0000 https://www.investchat.com.au/community/threads/mortgage-repayments.9812/ https://www.investchat.com.au/community/threads/mortgage-repayments.9812/ invalid@example.com (pommie) pommie I am confused as to what is the difference and obviously i wish to reduce the mortgage.
Any views on this ?
Thx in advance]]> 9 Tue, 02 May 2017 04:04:00 +0000 https://www.investchat.com.au/community/threads/borrowing-to-invest-in-a-unit-trust.9810/ https://www.investchat.com.au/community/threads/borrowing-to-invest-in-a-unit-trust.9810/ invalid@example.com (C3PO) C3PO
I have a question about non-traditional investment funding that I'm wondering if anyone can shed any light on.

We have a unique opportunity to make an investment in a commercial property investment trust of very high quality. Strong returns (approx 10% per annum) are expected. However, the investment would be structured via a unit trust, with a unit certificate issued to all stakeholders. Our bank does not see the...

Borrowing to invest in a unit trust]]> 14 Mon, 27 Mar 2017 19:52:27 +0000 https://www.investchat.com.au/community/threads/financial-ombudsman-suncorp-problem.9747/ https://www.investchat.com.au/community/threads/financial-ombudsman-suncorp-problem.9747/ invalid@example.com (Sharron) Sharron I have a problem with my bank Suncorp who have now put me into a situation where I cannot pay off my arrears on the mortgage and they are threatening to sell my house which is currently going through a subdivision which has got around 200k added value. They are refusing to consider revaluation of my property which will greatly reduce the debt equity ratio and hence bring me in line with their debt policies. They have put me in this position by finding minor faults and hence not...

Financial ombudsman Suncorp problem]]> 7 Sun, 26 Mar 2017 01:01:54 +0000 https://www.investchat.com.au/community/threads/first-property-investment-low-income.9498/ https://www.investchat.com.au/community/threads/first-property-investment-low-income.9498/ invalid@example.com (Aussiegirl89) Aussiegirl89 It's my first time posting here. I am actually just looking for advice on whether buying my first property is a good idea at the moment.
I'm 27 and employed in my family business with a wage of $26,000 p/a, I have $55, 000 in savings and on average have $200 left over from my $500 wage each week. I have been wanting to get into the property market for a while now and feel like this is the right time. What I am after is a brick three bedroom which seem to be selling between $260,000...

First property(investment)/low income]]> 4 Thu, 02 Mar 2017 09:47:24 +0000 https://www.investchat.com.au/community/threads/a-look-at-interest-margins-on-mortgages.9305/ https://www.investchat.com.au/community/threads/a-look-at-interest-margins-on-mortgages.9305/ invalid@example.com (jeromanomic) jeromanomic Do Banks Pass on Rate Cuts? — The Finance Guy

Interesting to see that bank margins on mortgages increased substantially during a period when consumers most needed economic relief...

It will be interesting to see what happens in this space if Australia goes through a down turn]]> 3 Thu, 02 Mar 2017 09:30:10 +0000 https://www.investchat.com.au/community/threads/is-a-420-000-property-achievable-with-a-28k-deposit.9616/ https://www.investchat.com.au/community/threads/is-a-420-000-property-achievable-with-a-28k-deposit.9616/ invalid@example.com (rafael84) rafael84
Looking for some prelim advice here before I meet with a bank or mortgage broker for further information.

I'm 32 years old, with a young family (2 dependants) on a base gross salary of $100k in a job i've been in for 6 years now. My wife works permanent part-time 20 hours a week, and earns about $27k gross per year. Additionally, I own and run (under my wife's name because of the lower tax rate) an at home e-commerce business which achieves a net profit before tax of about $35k per...

Is a $420,000 property achievable with a $28k deposit?]]> 3 Tue, 13 Dec 2016 23:23:18 +0000 https://www.investchat.com.au/community/threads/curious-mortgage-question.9675/ https://www.investchat.com.au/community/threads/curious-mortgage-question.9675/ invalid@example.com (Rocket66) Rocket66
We are increasing our home loan to put a decent solar system on our roof and mid application an odd idea came into my thoughts. Its likely that there is a valid reason why people don't do this but here goes anyway.

Say you own a house (PPOR) with a current market value of $500k and have an outstanding mortgage of $250k with an offset account. Would it be possible to increase your loan, i.e borrow another $250k to put into the offset account effectively cancelling any interest?...

Curious Mortgage Question]]> 4 Fri, 15 Jul 2016 11:38:02 +0000 https://www.investchat.com.au/community/threads/debt-recycling-how-or-a-better-strategy.9480/ https://www.investchat.com.au/community/threads/debt-recycling-how-or-a-better-strategy.9480/ invalid@example.com (Jays2007) Jays2007
I was wondering if there was a better solution to my problem?
Any advice would be very appreciated.

I had a $90k equity loan on my PPOR funding part of an investment property.
I have an investment loan for the remaining amount on the investment property. Property purchased about 3 years ago with equity of approx. $100k.
Long story but when I sold my PPOR the equity loan got payed out by sale proceeds.

I am soon to purchase a new PPOR, my home loan will be an extra $90k...

Debt Recycling - How or a better strategy??]]> 1 Thu, 14 Apr 2016 07:49:04 +0000 https://www.investchat.com.au/community/threads/finance-debt-agreement-home-equity.9422/ https://www.investchat.com.au/community/threads/finance-debt-agreement-home-equity.9422/ invalid@example.com (sahap) sahap I need some answers please .
I had a debt Agreement for around $50.000 and now its all paid for ( 6 months ago ) Agreement wasnt with my Home loan provider but others over credit cards and it wasnt due to miss management was more to save my sisters life with medical bills etc ( I know it makes no difference to Banks ) .

My goals now are as follows

fix my house so I can sell and use the money to build properties as I rent and sell them or rent the property ( as I...

Finance , Debt Agreement , home equity]]> 2 Sat, 19 Dec 2015 04:42:44 +0000 https://www.investchat.com.au/community/threads/opinion-needed-from-all-who-can-help-plssss.9397/ https://www.investchat.com.au/community/threads/opinion-needed-from-all-who-can-help-plssss.9397/ invalid@example.com (blessed12) blessed12 certifications necessary or not ?

Hi

I am a AUSTRALIAN PR holder and i have my experience in assets + liabilities banking (retail & SME ) in middle east for the past 6+ years.

I am trying to get into banking in Melbourne, but happen to find out that doing some certifications will enhance my chance to get through. Taking the same into consideration, i am considering to get certified with CERTIFICATE IV in credit management and also DIPLOMA in FINANCIAL PLANNING. Why both...

opinion needed from all who can help, plssss]]> Fri, 20 Nov 2015 13:02:18 +0000 https://www.investchat.com.au/community/threads/westpac-to-give-home-loan-customers-a-rate-hike.9373/ https://www.investchat.com.au/community/threads/westpac-to-give-home-loan-customers-a-rate-hike.9373/ invalid@example.com (jeromanomic) jeromanomic Westpac to Increase Interest Rates — The Finance Guy

Do you think other banks will follow? Are there lenders out there who are less likely to do things like this?]]> 2 Wed, 09 Sep 2015 01:26:03 +0000 https://www.investchat.com.au/community/threads/thoughts-on-using-a-mutual-bank.9361/ https://www.investchat.com.au/community/threads/thoughts-on-using-a-mutual-bank.9361/ invalid@example.com (SteveW) SteveW
Would love to hear from anyone who has dealt with mutual banks before and how their experience was?
Doing so research on them now, a big attraction for me is that they're customer owned unlike the big 4 in Australia.

Currently looking to buy my first home within one of Adelaide's suburbs and looking at giving Beyond Bank a try, specifically the following home loan: Basic Variable...

Thoughts on using a mutual bank?]]> Mon, 17 Aug 2015 05:36:03 +0000 https://www.investchat.com.au/community/threads/how-wall-street-s-bankers-stayed-out-of-jail.9346/ https://www.investchat.com.au/community/threads/how-wall-street-s-bankers-stayed-out-of-jail.9346/ invalid@example.com (Tropo) Tropo How Wall Street’s Bankers Stayed Out of Jail - The Atlantic]]> Sat, 15 Aug 2015 14:03:25 +0000 https://www.investchat.com.au/community/threads/hard-to-get-finance.9337/ https://www.investchat.com.au/community/threads/hard-to-get-finance.9337/ invalid@example.com (sahap) sahap
My question is how hard is it for me to obtain finance for investment purposes
(Property ) or even for car , I wont go for credit cards anymore for a while not that they will give me one anyway .

I am thinking of asking my own bank who the home Mortgage is...

Hard to get Finance]]> 2 Mon, 13 Jul 2015 07:04:05 +0000 https://www.investchat.com.au/community/threads/extra-loan-payments-save-you-a-lot.9327/ https://www.investchat.com.au/community/threads/extra-loan-payments-save-you-a-lot.9327/ invalid@example.com (jeromanomic) jeromanomic Should I Make Extra Loan Payments — The Finance Guy]]> Tue, 23 Jun 2015 06:06:16 +0000 https://www.investchat.com.au/community/threads/should-you-use-a-mortgage-professional-package.9303/ https://www.investchat.com.au/community/threads/should-you-use-a-mortgage-professional-package.9303/ invalid@example.com (jeromanomic) jeromanomic Will a Mortgage Professional Package Improve Your Home Loan? — The Finance Guy

looks at how much you really save if you sign up for a pro pack

Personally I don't care much for the extra stuff like cheap credit cards etc mostly you can get fee free accounts elsewhere (unless you need flyer points)]]> Fri, 22 May 2015 07:12:05 +0000 https://www.investchat.com.au/community/threads/how-a-mortgage-offset-account-works.9273/ https://www.investchat.com.au/community/threads/how-a-mortgage-offset-account-works.9273/ invalid@example.com (jeromanomic) jeromanomic

What is a Mortgage Offset Account? — The Finance Guy]]> 3 Fri, 22 May 2015 03:41:20 +0000 https://www.investchat.com.au/community/threads/is-now-a-good-time-to-fix-your-mortgage.9289/ https://www.investchat.com.au/community/threads/is-now-a-good-time-to-fix-your-mortgage.9289/ invalid@example.com (jeromanomic) jeromanomic
Should We Fix our Mortgage? — The Finance Guy]]> Sun, 22 Mar 2015 11:14:02 +0000 https://www.investchat.com.au/community/threads/mortgages-loan-amount.9250/ https://www.investchat.com.au/community/threads/mortgages-loan-amount.9250/ invalid@example.com (RoyG) RoyG Any one know.
If I borrow money that is secured by a mortgage against a property is the loan amount public knowledge i.e is the amount I borrowed shown anywhere on records available to anyone other than the lender ?

Regards
RoyG]]> 1 Wed, 18 Feb 2015 07:09:50 +0000 https://www.investchat.com.au/community/threads/crossing-loans.1212/ https://www.investchat.com.au/community/threads/crossing-loans.1212/ invalid@example.com (Triu) Triu
But what if i want to have multiple loans is that a problem for the future and what if i want to put buy IP's in a HDT.

can any one please show the advantages and disadvantages!

thanks]]> 16 Wed, 18 Feb 2015 07:04:50 +0000 https://www.investchat.com.au/community/threads/why-use-a-mortgage-broker.6364/ https://www.investchat.com.au/community/threads/why-use-a-mortgage-broker.6364/ invalid@example.com (Grace) Grace
I have never used one in the pass 20 yrs.

Thinking of getting one for SMSF loan.

Can they get a lower interest rate for you, rather then what the bank is advertising.

Can they really make the process easier.

Grace]]> 11 Mon, 16 Feb 2015 03:50:22 +0000 https://www.investchat.com.au/community/threads/interest-only-period-over-credit-reassessment.8884/ https://www.investchat.com.au/community/threads/interest-only-period-over-credit-reassessment.8884/ invalid@example.com (manic) manic Long time lurker, first time poster here.

In short, my loan is 5 years in and has switched from interest only to P&I. Id like to keep it as interest only. When we got the loan, we had two very high incomes and now we have one lower income and 2 dependents (3 including wife?).

After speaking to my bank manager, he said to keep it interest only they would need to assess serviceability. I know I won't be able to service the current loan from a banks perspecti, but in reality I do...

Interest only period over - credit reassessment ]]> 7 Sun, 15 Feb 2015 21:05:53 +0000 https://www.investchat.com.au/community/threads/macquarie-advisers-cheating.9230/ https://www.investchat.com.au/community/threads/macquarie-advisers-cheating.9230/ invalid@example.com (Tropo) Tropo Macquarie advisers cheating - corporate watchdog uncovers overwhelming evidence dubbed 'Penske file']]> Mon, 05 Jan 2015 00:29:25 +0000 https://www.investchat.com.au/community/threads/bankers.9212/ https://www.investchat.com.au/community/threads/bankers.9212/ invalid@example.com (Tropo) Tropo https://theconversation.com/bankers...in-but-only-when-at-work-says-new-study-34463]]> Wed, 24 Sep 2014 03:34:27 +0000 https://www.investchat.com.au/community/threads/project-finance-bank-instrument-available-for-lease.9158/ https://www.investchat.com.au/community/threads/project-finance-bank-instrument-available-for-lease.9158/ invalid@example.com (frank101) frank101
GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR LEASE AT THE LOWEST RATES AVAILABLE. OTHER FINANCIAL INSTRUMENTS SUCH AS MTN, CD, DLC, PB ARE ALSO AVAILABLE.

We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions.

(sblc.bglease@gmail.com)

skype: nilsson.frank7

Email me for procedure and terms]]> Wed, 24 Sep 2014 01:29:27 +0000 https://www.investchat.com.au/community/threads/loan-against-trust-equity-for-distribution-to-a-beneficiary.9150/ https://www.investchat.com.au/community/threads/loan-against-trust-equity-for-distribution-to-a-beneficiary.9150/ invalid@example.com (MaxwellSmart) MaxwellSmart
I am the director of a trustee and I wish to distribute some of the trust's equity via a loan, to a beneficiary.

The equity is invested in ASX shares.

Can someone please advise which lender they recommend?

Thanks for your help.]]> 8 Tue, 16 Sep 2014 08:08:57 +0000 https://www.investchat.com.au/community/threads/cool-mortgage-tool.9155/ https://www.investchat.com.au/community/threads/cool-mortgage-tool.9155/ invalid@example.com (jeromanomic) jeromanomic Compare Repayments - Graph — The Finance Guy

It's a simple calculator to show how much you can save from a small change in interest rates or repayments.

It's got me thinking maybe I should increase my monthly repayments what do you guys think?

Hope you find it useful ]]> Fri, 05 Sep 2014 00:49:12 +0000 https://www.investchat.com.au/community/threads/debtor-finance-and-invoice-financing-advice.9152/ https://www.investchat.com.au/community/threads/debtor-finance-and-invoice-financing-advice.9152/ invalid@example.com (AddCash101) AddCash101
Thanks
Andrew Kelly
AddCash
Debtor Finance & Invoice Discounting for Businesses | AddCash]]> Fri, 22 Aug 2014 05:15:29 +0000 https://www.investchat.com.au/community/threads/cba-rewards-bosses-of-scandal-ridden-financial-planning-division.9145/ https://www.investchat.com.au/community/threads/cba-rewards-bosses-of-scandal-ridden-financial-planning-division.9145/ invalid@example.com (Tropo) Tropo CBA rewards bosses of scandal-ridden financial planning division]]> Fri, 15 Aug 2014 08:40:43 +0000 https://www.investchat.com.au/community/threads/macquarie-forced-to-contact-160-000-clients-over-bad-advice.9140/ https://www.investchat.com.au/community/threads/macquarie-forced-to-contact-160-000-clients-over-bad-advice.9140/ invalid@example.com (Tropo) Tropo Macquarie forced to contact 160,000 clients over bad advice | Business Spectator]]> Fri, 08 Aug 2014 10:21:38 +0000 https://www.investchat.com.au/community/threads/how-do-i-calculate-future-credit-card-interest-rate-with-inflation.9136/ https://www.investchat.com.au/community/threads/how-do-i-calculate-future-credit-card-interest-rate-with-inflation.9136/ invalid@example.com (Ema24) Ema24
I am trying to figure out what calculation I need to learn to be able to work out the above question.

My example I have been given is:

I am not understanding how to work this out.

I have 2 credit cards:
one at $22,000 at 18% annual interest and another at $5000 at 22% annual interest.

This year I paid interest of $3770.00 (for both credit cards)

It is important that I add annual inflation (at 3%) on the balance owing from the items I purchased, and...

How do I calculate future credit card interest rate with inflation?]]> Fri, 07 Mar 2014 01:49:45 +0000 https://www.investchat.com.au/community/threads/loan-question.204/ https://www.investchat.com.au/community/threads/loan-question.204/ invalid@example.com (Jacque) Jacque

If I top up on a current IO loan to draw down some extra equity (which I'm planning to spend on PPOR home improvements, for example) can I convert this portion only to P and I?]]> 9 Tue, 25 Feb 2014 06:54:22 +0000 https://www.investchat.com.au/community/threads/bank-guarantee.9030/ https://www.investchat.com.au/community/threads/bank-guarantee.9030/ invalid@example.com (GregR) GregR This is in terms of set up, cost and ease to get it released.

The use is for a deposit for an off the plan purchase which is supposed to settle 12 to 18 months.

Deposit bonds are not prevalent in Victoria whereas a bank guarantee is the more normal form of deposit security used.

Greg]]> 2 Fri, 07 Feb 2014 17:27:06 +0000 https://www.investchat.com.au/community/threads/qualities-of-a-good-broker.191/ https://www.investchat.com.au/community/threads/qualities-of-a-good-broker.191/ invalid@example.com (Jacque) Jacque Hence my switch to a more reputable broker
So what do others think?]]> 5 Fri, 07 Feb 2014 16:57:40 +0000 https://www.investchat.com.au/community/threads/back-to-back-rate-cuts-ahead.8548/ https://www.investchat.com.au/community/threads/back-to-back-rate-cuts-ahead.8548/ invalid@example.com (Tropo) Tropo Back-to-back rate cuts ahead: ANZ]]> 1