Forum Replies Created
Hi Bron and Steve
As Simon has mentioned you can utilize your PPOR much more efficently. As it is your PPOR depending on Steves income you could invetigate into a line of credit on the equity up to 90% of its value $270k-120K leaves you with 150K to use on the purchase of your positive geared properties. Each property could be set up in a sub account which would aid at tax time. Contact your adviser on structuring this as there are other factors which may influence your descions.
best of luck.Warren Pickles
Finance specialist
Australian capital Securities
0408 811 660G’Day Fafsky
To maximise your $40k you need to know what banks will lend on certain post codes. I have clients who purchased in North Queensland with a 10% Deposit and some banks will do 95% lends with capitalization of Mortgage Insurance, in country areas depending on the post code. As a rule of thumb cost will be 5% of purchase price. If you were to purchase at a 10% deposit on 90K cost would be approx $4600 + $9000 deposit, 20% deposit on 90K $3469 + 18K deposit. Find a good mortgage Broker who can access 15-17 banks so that they can find the maximum Loan to Value Ratio on your post codes and have access to a bank that will do a 5% deposit with your mortgage insurance capitalized to the loan. This will keep cost way down. If you were able to get a 5% deposit loan and capitalization, with deposit of $4500 and costs of approx $4000 you would be able to more that two properties on your 40k.
However there are other factors such as post codes, your wage and number of lenders who do a 95% lend as you dont want to put all your properties with the one bank. To many eggs in one basket.
It can be done.
Feel free to contact me anytime if you want any more help. It can be done, keep educating yourself. Education is power.
Warren Pickles
Finance specialist
Australian capital Securities
0408 811 660G’Day Markymark
You could do a number of things.
1st have a building inspection by a registered person, cost $200-$250. They will know legals and council building laws. They will inform you of repairs that need to be made.
2nd find a friend or friend of a friend who is a builder and they will be able to inform you of repairs. A good builder will do the same job as the guy in situation 1.
3rd As Sue has mentioned go to council and get building guidelines, street plan, lot plan. Most councils in Sydney have them on their web sites.Finally, once you have identified the illegl aspects of the gaurge, acertain how much it would cost to fix and have the guarge bought up to correct standard. As the purchaser you can then negotiate a price on the property minus the repairs and a bit more for your time and heart ache. “Get a building inspection”
Best wishes
Creative Finance
