Forum Replies Created
Any particular reason you don’t like North Lakes Richard?
There is also an article on this in the latest issue of API magazine.
Very few +ves….
Thanks Benny and Jac.
Ended up using Sydney Water website and they redirect you to one of their agents. Registered on their website, entered property address and had the services plan within 2 minutes for $15.
Much easier than I anticipated which is always a nice surprise!!!
Thanks for the feedback everyone.
Only 32 so in terms of retirement age I am a long way off but putting steps in place to make sure I can retire well before then!
Currently 1 IP and on the lookout for number 2 so I see the SMSF as an extension of that and completely agree with needing a diverse portfolio for maximum success.
SMSF balance would be $135k at start up so appreciate the heads up JacM on lenders criteria.
Still obviously a lot of research to do and a FP is on the top of that list.
Thanks again.
Thanks Shahin, we only keep the car loan as we get as much in deductions through claiming 80% for work use as we do on IP1 (as much as it pains me to have a car loan…)
Glad I came on the forum because as much research as I thought I had done I had not come across or paid much attention to an equity loan so cheers for that JacM.
Richard, appreciate the feedback. Do you mind if I ask why the emphasis on the loans being stand alone? Also if they are currently cross collateralised (you assumed correctly) then what is involved in shifting them to stand alone?
Thanks Shahin, we only keep the car loan as we get as much in deductions through claiming 80% for work use as we do on IP1 (as much as it pains me to have a car loan…)
Glad I came on the forum because as much research as I thought I had done I had not come across or paid much attention to an equity loan so cheers for that JacM.
Richard, appreciate the feedback. Do you mind if I ask why the emphasis on the loans being stand alone? Also if they are currently cross collateralised (you assumed correctly) then what is involved in shifting them to stand alone?
Thanks for the feedback so far.
PLC, I agree.
Jamie M, also agree but I guess the question was more centered around the amount I will be able to borrow with or without IP1 and whether or not I may be better off with 500k to spend on IP2 then 250k if I keep IP1. (speculative figures only).
JacM, will definitely have a look a bit further into what you are saying as I have already done some digging on Line of Credit finance against the equity to fund further deposits which looks kind of similar?
Shahin, nobody has told me that I could only borrow 250 it was based on some ROUGH calcs i did to maintain 80% LVR and keeping servicing capacity at a level which was comfortable. In reference to your points:
1. Currently P + I on PPOR as ultimate goal is to eliminate that debt asap.IP1 is I only.
2. PPOR is our dream home which we built and have only lived in for 12 months. As we have two children (2 2/1 and 12 weeks) not something we would entertain.
3. This is definitely something to look at as currently our PPOR, IP1 and all other finance (cars/credit cards/bank accounts) are with the one lender.
Cheers.
Hi JacM,
The original loan on PPOR is $590k so not sure there is any need to refinance in order to unlock the equity?
As for IP1 when I said that it had been good to us as a first investment I was referring to the fact that it had been pretty much set and forget with only 1 week untenanted in the last 3 years and the property manager has been a dream and nullified any potential problems we may have had with it being interstate. Perfect for dipping your toes in the IP world and picking up some very nice negative gearing along the way.
My query was more towards the fact that if we sold for $220k we would end up with a little bit left over and our borrowing capacity would be greater for IP2 which unlocks a lot more options in terms of buy and hold, buy/renovate/hold, buy/develop etc. as well as the areas in which we can look.
As IP1 is only a 1 bedroom unit there is not a great deal of scope for improving rent and/or equity compared with what our next purchase/s may be.
Anyway, very much appreciate a response to my first post!
Cheers.
