Hi All,
This is the first post i have made to this forum. I thoroughly enjoy all the topics and have learnt a great deal.
I bought my first PPOR about 12 months ago. Fortunately i got it for a good price ($265,000) and (although its -ve geared) and have some equity in it ( i think – I owe $220,000) and rent it out for $260.00 per week. It is a unit in Sydney’s West.
I’m now looking at buying in IP for the purpose of capital gains. My Goal is to hold it it for approx. 5 years, sell it and use the the profits to help pay off my PPOR. I can’t see myself paying it off quicker any other way, and i’m desperate to get out on my own (have moved back with folks).
I’m enquiring about an IO loan and hoping for some suggestions. I want to buy now as i believe there are good buys to be had.
Thanks All
Suro
IO loan is my suggestion too.
Depending on your current lender I would be looking there for a Pro Package to start with.
I suggest you speak to a broker.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon,
What do you mean by “Pro Package.” I was just gonna go with the guys that took care of my home loan.
Cheers
suro
Suro
Many lenders offer a Professional Package which provides you with numerous benefits in relation to the waiving of application fees or a reduction in the interest rate etc in exchange for an annual fee.
The levels of entry and benefits vary so as Simon mentions consult a good mortgage broker as the result will vary considerably.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Professional Packages were designed for high income clients – today they can be enjoyed by anyone who applies for it.
Basically you get the Standard Variable loan with free offset and no fees at all. There are no application fees for the next IP and no fee to have it all revalued when you wish to buy again.
They offer a fee free credit card and a discount in the order of roughly 0.6% on the mortgage.
There is an annual fee of approx $200 – 300 depending on the lender. This is tax deductible if applied to an IP.
Even if you have some loyalty to your existing lender a broker can still advise whether it is the most suitable package. If they do identify a better one he will weigh up transfer costs before making any recommendations. The broker can also submit your loan application through his channels and monitor progress for you – no charge.
Depending on the lender he may even be able to negotiate a further discount for you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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