Just a point in relation to cross colleralisation and record keeping. ONly have two so far, but after several discussions with accountant, decided to set up separate loan accounts (splits) for each property. easier for working out returns and expenses. Adds slightly to costs but worth it if want to keep accurate records for each property.…[Read more]

[If you purchase a property in joint names, then the bank views the debt as jointly and severally liable. What this means is that if you borrow $200K then the banks treats it as both of you have borrowed $200K each totalling $400K which will severely impact your future borrowing capacity.

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Johnd
Don’t think this is right. My understanding…[Read more]

Seems to me like your broker has not stared off the right waay form the beginning – what do you want? what are your plans? how can we help you achieve them?
I agree with Terry and Michael above re cross collaterailsation(i don’t tthionk I got that right)
I had a long discussion with a senior bank oficer about six months ago and I think this would…[Read more]

[]Can only strongly support Stuart’s comments about getting pre-approval. As I mortgage broker, I detest telling potential clients that the property they have their heart set on can’t be financed because of x y &/or z. We had a client who spent a lot of money on property inspections etc even after I had told him getting finance would be very…[Read more]

Gatby
Try http://www.yourmortgage.com.au/calculators/
there is lots of juck but some good starting points and ideas. For quick estimates I allow 5% also, but then refine it down when we are doing the calculations. If you regularly use a conveyancing solicitor, you should be able to call them and they can do the legals and stamp duty figures very quickly.

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Of course, the devil’s in the detail.

Guys, I think it is a great idea designed to make the banks more money. If I own the house and decide to do extensions or renovations, or otherwise add value apart from the natural capital growth, will the bank contribute their share of the costs, including an allowance for my labour[?][?] I think…[Read more]

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Hello,

My dad has two loans, one for the house he is currently living in, and another for an investment property. … Is it possible to transfer the balance of the loan for the house he is living in, over to the investment property loan, and thus negative gear all the interest for that single larger loan?

MalPatti
Check with your…[Read more]

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Which insurer dropped out?

Michael

Michael
there are two general LMI companies plus several owned by and servicing only the bank which owns it.
GEMIS and PMI – they have similar policies but do differ in some significant respects, particularly their upper limits on loan amounts, which should not affect most wrap proposals. BUt if you…[Read more]

[]Thanks guys – sent email to order today[][]

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Hi Violeta

As I don’t know your accounts this is just speculation, I think maybe you have the wrong accountant. We had an account up until last Sunday when we decided on our way home from the semiinar that he just didn’t fit out plan. So on Tuesday we found a new one, he has actually written a very good book about trusts which I have to…

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To steve and anybody who felt as frustrated and p***ed off as I did after the game at not being able settle on a purchase.
That was the Ha Ha for my weekend[]
When I got back to my motel room that night I went over the whole game and in fact the weekend. I basically worked out exactly what Steve points out at the top. This can be very…[Read more]

[]Hi all
Just returned to the office today with my head still spinning from the unbelievable weekend with such a powerful group of people. I got about three hours sleep over the weekend and probably wont go to bed tonight – so much to do to get the action plan started. First step – completely rewrite our goals because I previously doubted that…[Read more]

Congrats to you guys starting to get your thinking caps on. The FHOG is only available if you occupy the home as your principal place of residence within twelve months!!. So why not buy one as your home and the other as the investment.
the FHOG could cover a lot of your costs. Some lenders will even give you 100% with some saving history for an…[Read more]

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Hilary – my understanding is that the FHOG is only avaliable on a property if its your principal place of residence – it can’t be used for an invetment property…

Pete

…Beware of the dreamtakers…