Hi keith

I don’t think you can reimburse yourself – admittedly I’m not an accountant though.

I’d assume that 10% cash deposit you’ve paid is gone and can’t be reimbursed. It’s not the end of the world though -like you said, you’re looking to purchase another so you can use the remaining funds for that.

In a perfect world – you would have…[Read more]

Hi keith

I don’t think you can reimburse yourself – admittedly I’m not an accountant though.

I’d assume that 10% cash deposit you’ve paid is gone and can’t be reimbursed. It’s not the end of the world though -like you said, you’re looking to purchase another so you can use the remaining funds for that.

In a perfect world – you would have…[Read more]

Park all savings in the offset linked to your owner occupied loan.

When you move onto your next home – use this cash to cover deposit/costs and/or transfer it into a new offset linked to thew owner occ loan.

Cheers

Jamie

Spicy spam

Hiya Steve

Best bet is to get professional advice from a good accountant/solicitor regarding your individual circumstances. I’m not an accountant/solicitor – but IMO, rarely is it a good idea to purchase under a company structure. However – seek pro advice and see what they say.

Cheers

Jamie

That’s right.

The exception being if you purchase from a friend/family at less than market value. In those instances – you’ll need to carry out a valuation for duty purposes.

If building a property – duty is charged on the land value (not the entire land + construction costs).

Cheers

Jamie

Pffft – I was sculpting play dough statues by that stage.

lol – what needs to be done?

Cheers

Jamie

Hi Matt

I can’t comment on the companies offering because I don’t know anything about them.

If you’ve got the time, patience and ability to learn – then you can teach yourself heaps about property investing by picking up books and frequenting forums like this.

Agree with Richard re using a BA – that could be a better use of your money.

Cheers

Jamie

Hi Ed

Haven’t heard of them. What’s the issue?

Cheers

Jamie

Get professional help Ranger – I’ve seen many bankers stuff this up!

Cheers

Jamie

Old, tired all the way. You can manufacture equity – either by yourself or paying tradies to do the work. Off the plan comes at a premium – and are flooding a lot of capital city markets.

Welcome aboard :-)

Cheers

Jamie

Hi Dave

Welcome aboard – 95% incl of LMI is still possible but as Richard said – difficult to get approved.

Personally – in this new world of IP financing I’d be aiming to save enough to cover a 12% deposit and costs. That will open up your scope of lenders, the LMI won’t be ridiculously high and your chances of approval greatly enhanced.

Cheers

Jamie

OTP + financial planning company don’t mix. There’s only one side making money in this transaction – and it’s not the purchaser.

Reduce rent if you’re struggling to get new tenants. If your property manager isn’t proactive – look at using another.

Are you claiming all depreciation? That might soften the blow a little bit.

Cheers

Jamie

Yep – for sure. It’s a small price to pay for such a massive purchase. Just because it’s new doesn’t mean it won’t present with issues.

Cheers

Jamie

Agree with Richard.

That’s one of the issues to consider when applying for a loan – and then arranging a discount on the purchase price.

The bank will lend against the new purchase price – which means the loan application needs to be reworked.

Cheers

Jamie

Age doesn’t automatically preclude you from getting a loan.

If it’s a PPOR purchase – you may need to demonstrate an ability to repay the debt over a shorter term and/or have sufficient assets in place that you can liquidate to pay off the PPOR debt if/when needed.

For an IP – it’s a lot easier as the property can be sold and debt paid…[Read more]

Hi Lisette

Welcome aboard :-)

There’s heaps you can learn yourself just by reading up on these forums, books, investment mags, etc.

Take time – read widely, ask questions – and when you’re ready to do, find a good team of people to assist (accountant and finance person are important).

Cheers

Jamie

Hiya OP

Did you email, call or both?

If email – it could have ended up in their spam filter. I’m always plucking out emails from the spam filter from new clients due to the subject having sentences such as “need a loan”, etc

I haven’t crunched the numbers but on the surface – your borrowing capacity looks a bit tight.

In terms of funding the…[Read more]