Portfolio PI wrote:

Terryw wrote:
……….

Henry, if they have sent you contracts they should have all land and building details disclosed. The purchase packages that we send to our clients (bearing in mind we dont get involved with the mortgage side of things except referring who we use if people need one) are about an inch thick with…[Read more]

Terryw wrote:
Josh,It would be possible to split the loan into 2 so Henry could have one for the land and one for the construction. I dont' really think there is any benefit to this though.I was wondering about the stamp duty too. Maybe the builder is paying it by including it in the price of the land.Henry, good way to learn things isn't…[Read more]

Portfolio PI wrote:
Hi Henry,

Okay now I am confused again. In another post you mentioned that JDL were trying to sell you a 2 bed unit for $435k. Is this still the same property? if so, then there is no “split loan” for the property itself. Maybe a split loan for the deposit and balance but you cant buy a unit / townhouse with 2 separate…[Read more]

Portfolio PI wrote:
$200 per week?? thats even worse!

currently the median sales price in Coomera for houses is $388,500 and has not been over $400k. The median sales price for units is $239k.

To try and sting you over $400,000 for a 2 bed unit is crazy! i would love to know the address to do an owner search and see if they or someone there…[Read more]

@Derek and Josh: yes you guys are right, many thanks for saving my equities down the drain further, I was under the impression that by sacrificing $ 231 per week for the negative gearing IP in QLD it will be payable when the next booming cycle is on approximately 8-9 years assuming I always hold the IP and yes @Josh you summarize it in more…[Read more]

SHoltz, Yes so do I, but it is their way of making money out of the momentum like today mate.

so far CWB is more expensive as they charge in percentage as oppose to flat fee with JDL Strategies. So if you are interested to buy in QLD and….do not have time to do all of the due diligence, then you’d be better off go with JDL strategies.

I’m not…[Read more]

@new2invest: I was going to CWB seminar with JLF as the speaker, they will charge you 3% from the property fee for their commission while the subsequent purchase will be 2%

I also joined with JDL strategies by paying $880 once off for lifetime membership but they’ll charge you fee $8700 for the first buy and then $3700 for the subsequent…[Read more]

@new2invest: I was going to CWB seminar with JLF as the speaker, they will charge you 3% from the property fee for their commission while the subsequent purchase will be 2%

I also joined with JDL strategies by paying $880 once off for lifetime membership but they’ll charge you fee $8700 for the first buy and then $3700 for the subsequent…[Read more]

@Josh, yes many thanks for your input and suggestion mate, I appreciate that. JDL confirms that the next big boom in housing and property is in QLD, especially COOMERA, when I asked them why not NSW metro or regional area, they said it is already over priced and not good for the following reason (cannot negative gearing which means CF+ increasing…[Read more]

Portfolio PI wrote:

Henry,

expensive or not, it is un-necessary. Our company for example, sells investment properties, we charge an REIQ capped real estate commission. A mortgage broker makes a commission and quite often a trailing fee from the bank, an accountant charges you by the hour, a lawyer charges by the hour. All of these fees are…[Read more]

Josh,

Yes, I’m still new at this investing world and yes, by reading and learning from others in this forum has certainly an eye opener for me.
In conclusion this JDL strategy plan is quite expensive in the first place to spend $ 8700+$880 and also the Finance team push me to get the 95% loan.

@SHoltz: Good to hear that, I almost go ahead with that IP, so I’d rather invest in Central Coast NSW area like Terrigal or the Entrance then.

Thanks for the suggestion mate.

@Derek,
Thanks for the reply, I haven’t sign anything yet and of course the reason I ask this is that I wonder if this is a good pick or make sense for the IP in QLD.

So far I have paid $880 only but have not proceed with the bank yet.

Terryw wrote:
But when you take the $79k out the interest on your loan goes up. You need to factor this in as the $79k is borrowings.You also need to be very careful about how you take the $79k out.

ah yes, the interest from the initial account that I accrued i assume is now tax deductible as the property is now IP not my PPOR anymore.

@Terry and Derek: from my printed out report, it seems that the 79k comes out from my existing mortgage account (with redraw facility) as it has good equity in my account so I’ll leave the remaining $7-6k in my old mortgage account to service the new loan, so I assume no interest is earned from this $79k as it will go straight into the new loan…[Read more]

The chance is very minimal or impossible as it resides in Regional NSW area and with my current old PPOR luckily has gained enough equity so that I can withdraw $79k for the cash deposit.

in regards to the LMI yes, thanks for the spot on Terry, I didn’t see it how much does that cost me in the above report, but when I ask for the 90% the JDL…[Read more]

Terry,

thanks for the reply, yes I do have my PPOR which is now rented out so it becomes my IP (now I’m renting myself in Sydney)
and in the process to buy my second IP which is suggested by JDL in Coomera.

Derek, many thanks for the quick reply I am in NSW

So in particular here’s the details:
Funds Required
Property Purchase Amt $420,000.00
Total Fees $15,279.10
Refinance Amount $0.00
Total Funds Required $435,279.10

Funds Available
Cash Deposit $79,000.00
FHB Grant $0.00
Proposed Loan Amt $408,500.00
Total Funds…[Read more]

Shape wrote:

LOC is easier to get approval and less hassle…but it’s def not the best structure in the long term + less flexabililty and costly.
I would suggest a standard equity release with a standard split loan…

Regards
Michael

Hi Michael,

many thanks for sharing the knowledge to all of us here.
surprisingly not many finance broker…[Read more]

Terryw wrote:
Looks like your loans may be cross collateralised.The conveyancing fee is not cheap. Extra valuation fee -probably because they are valuing your other property to use it as security.

Yes, you’re right, I’m with Bankwest here at the moment and JDL Finance Australia Pty Ltd (ACL# 388885) suggest to me that I must be with Bankwest…[Read more]