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  • Profile photo of DeanCollinsDeanCollins
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    @deancollins
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    June 23, 2015 - 2:44 pm

    grabbing popcorn and subscribing to this……interested in what peoples thoughts/advice is.

    Profile photo of DeanCollinsDeanCollins
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    @deancollins
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    June 23, 2015 - 2:36 pm

    I don’t know where you get the figure of 6.5% for Sydney……we only pay 5% to our agents (+0.5% gst).

    Profile photo of DeanCollinsDeanCollins
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    June 20, 2015 - 7:07 am

    Hi OzBoy74,

    My wife and I are here in New York and have a portfolio loan through St George for IP’s in Sydney, I don’t know the exact US$:$A conversion rate they used but they have something similar, they also wont lend more than 70% LVR.

    The weird part is that because of the change in currency since last year serviceability didn’t come up as an issue because even after their “calculations” our income had gone up 18% due to the exchange rate change.

    Its silly and they should be using something like a 5 year average but basically $A down means you can borrow more. Makes you wonder how often they change it eg week to week…….

    Cheers,
    Dean

    Profile photo of DeanCollinsDeanCollins
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    @deancollins
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    June 20, 2015 - 5:37 am

    we pay the water for our two investment properties in Sydney (and I think that there is something in the NSW rental rules that says you cant pass this on to tenants – feel free to correct me if this is wrong).

    Profile photo of DeanCollinsDeanCollins
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    June 20, 2015 - 5:30 am

    @jamie…..for us being overseas and not residents of Australia St George are requiring us to have 30% equity in our investment properties :)

    I’m ok with that because this helps them be closer to cash flow neutral but my point is banks insisting on 20% equity……I’ve got no problems with that.

    Profile photo of DeanCollinsDeanCollins
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    @deancollins
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    June 19, 2015 - 8:45 am

    Hi Terry

    The St George portfolio loan is only being used for property purchases and each property is being handled by a sub account.

    It does have the issue of all the loans being cross collateralized but as I’ve discussed before, I don’t have an issue with this in our personal situation.

    Thanks for your advice though, always appreciated.

    Profile photo of DeanCollinsDeanCollins
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    @deancollins
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    June 19, 2015 - 4:33 am

    don’t worry I found the answer

    – http://www.osr.nsw.gov.au/taxes/mortgage/about

    Exemptions and concessions

    Are there any mortgages exempt from mortgage duty?

    Mortgages exempt from mortgage duty include:
    ◾mortgages for the purpose of owner occupied housing, including: ◾financing the purchase of a residence
    ◾financing the construction of a residence
    ◾financing alterations or additions to a residence
    ◾financing the purchase of residential land
    ◾repaying another advance, if the advance was for owner occupied housing.

    ◾mortgage for the purpose of investment housing, including: ◾financing the purchase of investment housing
    ◾financing the construction of investment housing
    ◾financing alterations or additions to investment housing
    ◾repaying another advance, if the advance was for investment housing.

    Note: Exemption applies to owner occupied housing and investment housing mortgages where the borrower(s) is(are) natural person(s).

    I wonder why St George quoted mortgage stamp duty this time around when they knew it was for an IP (inexperienced agent?)

    Profile photo of DeanCollinsDeanCollins
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    June 19, 2015 - 4:29 am

    @terry, so the St George portfolio loan doesn’t attract stamp duty on mortgages for IP?

    Profile photo of DeanCollinsDeanCollins
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    June 18, 2015 - 12:47 pm

    ha ha…..ooops.

    must go to bed (im in NY on a different time zone), thanks, and yes….. read that wrong. goes away in 1 year and 13 days …..not 13 days from now.

    • This reply was modified 9 years, 4 months ago by Profile photo of DeanCollins DeanCollins.
    Profile photo of DeanCollinsDeanCollins
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    June 12, 2015 - 1:09 am

    buy some books off amazon or borrow from the library, at the end of the days its about “living within your means” and stockpiling cash/equity into IP’s and letting renters service the debt……while government induced inflation takes care of the rest.

    Profile photo of DeanCollinsDeanCollins
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    June 5, 2015 - 11:32 pm
    Jamie Moore wrote:

    ING just announced a lending cap of 80% LVR on all NSW properties :-(

    <i class=”rw-ui-like-icon”></i>1<i class=”rw-ui-dislike-icon”></i>0

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    To be honest I’m ok with that.

    As long as 20% deposit applies to both home owners AND investors I’m fine with any rule they want to implement INCLUDING raising deposits to 30% (or even 40%) for Sydney properties AS LONG AS it applies to both occupiers AND investors…….

    Would be good for people to reign in their spending a little bit.

    Profile photo of DeanCollinsDeanCollins
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    June 5, 2015 - 9:26 am

    They’d be nuts if they did. Sydney property is on fire right now.

    Going to be some massive bargains in 2018 when rates go back up to 5-6%.

    Just got off the phone with a broker on an apartment I was interested in to find out the vendor wanted $680k for a 2br/1bth/1pk…..the same apartment next door sold for $570k last year (albeit about 15m2 smaller and smaller balcony but same room sizes).

    Considering max rent would be $520pw…..freaking nuts, no way this ROI can justify the sales price.

    Profile photo of DeanCollinsDeanCollins
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    June 5, 2015 - 9:09 am

    Hi Catalyst, looks great, did you need to replace plumbing or wiring after the fire?

    Profile photo of DeanCollinsDeanCollins
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    June 1, 2015 - 6:05 pm
    Richard Taylor wrote:

    Corey is correct about pre-approvals.

    I had 2 forum clients ring me on Friday to ask me how they would go with their OTP purchases which were supposed to be complete by the end of this year. Regretfully had to tell them as it stood they would not qualify.

    I am sure there will be many more clients in the same boat.

    So is this going to be enough to take the steam out of the Sydney market?

    Based on this weekends auctions I’d say not but as I’m just about to buy next IP …would prefer not to be buying he month before everyone decides yeh we are over paying….

    Profile photo of DeanCollinsDeanCollins
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    May 26, 2015 - 9:02 pm

    so what was your final outcome…..after speaking to the broker?

    Profile photo of DeanCollinsDeanCollins
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    May 20, 2015 - 2:08 am

    decided to keep it. for less than $4.99….not worth the effort of mailing……and that folks is what makes a market :)

    Profile photo of DeanCollinsDeanCollins
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    May 19, 2015 - 4:09 am

    Hi Jamie,

    For me personally its a “premium” that enables me to sleep at night, there is no way ANYONE should be buying and selling within 5 years. the entry/exit costs are just too high, go buy equities instead.

    Profile photo of DeanCollinsDeanCollins
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    May 16, 2015 - 3:40 am

    Bump $4.99 + postage…….that’s as low as i’ll go otherwise better to keep it on my bookshelf.

    Profile photo of DeanCollinsDeanCollins
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    May 14, 2015 - 4:06 am

    @captain,
    10k in expenses – power/phone/transport/clothing/incidentals etc
    10k in food – maybe including a restaurant trip once or twice a month etc but not much more
    10k in luxuries eg a new tv or holiday or some around the house renovations etc once a year

    trust me that 30k isn’t going to go far……better get investing/saving now as to buy a new car once in a while or holiday every year or the ability to hire a cleaner to help around the house as you age etc….you are going to be needing at least twice that amount (and keep in mind that’s TODAYS dollars)

    If you are wanting to retire in 10 years from now then double that 60k figure to $120k non debt income every year (or basically $4m in 2025 of unencumbered assets on a 3% annual drawdown) so basically unless you have $2m in assets today you’re not ready to retire……

    Profile photo of DeanCollinsDeanCollins
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    May 13, 2015 - 12:57 am

    Booo @StGeorgeBank I just noticed they didn’t pass on the FULL 0.25% RBA rate cut and instead only dropped rates 0.2%

    Well that sucks.

    – https://www.stgeorge.com.au/about/media/news/SGB-News-Article-589

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