The AC does seem a bit pricey – could prob shave a bit off there.

Cheers

Jamie

Hi Sonia

I had two approved recently – one at 80% and another at 90% so LMI was involved. Admittedly the male applicant was in a long term PAYG role that wasn’t on a contract basis.

Cheers

Jamie

Never heard of them.

If you want to shave years of your mortgage – live frugally and make extra repayments :-)

Cheers

Jamie

It was numbers 1 and 6 for me.

They weren’t fast to respond to emails/calls – I’m talking days to provide a response. The communication wasn’t clear either – resulting in vacancies which could possibly have been avoided.

Now my wife looks after most IPs and things go smoothly.

Cheers

Jamie

Hi James

Agree with Terry – best to borrow the 20% deposit and costs against your current property. Set it up as a second loan – and then take out a third loan to cover the remaining 80%

Please make sure you keep both properties separate and not cross collaterised.

Cheers

Jamie

Do you need face to face contact? If not – you can choose a broker from anywhere.

Cheers

Jamie

They are on this forum – QLD007 is Richard

Cheers

Jamie

Hi David

The biggest negative in my mind is when the principal on the PPOR loan has been paid down to a low amount and the property then gets turned into an IP. At this point, there’s only a small loan to claim a deduction from – and if the person purchases another PPOR, they often have a large non deductible debt set up against it.

This can be…[Read more]

Hiya

There’s two ways to look at this.

If you’re a PAYG employee they will want to see that your income from salary/rent can support the loan.

If you’re self employed, they will want to see a couple of years financials and rent.

If you don’t qualify for mainstream lending than you might have to investigate other avenues.

Cheers

Jamie

Excellent point!

Cheers

Jamie

Hiya

It’s a really tough one to answer – personally, I assign a $1k budget for maintenance to each IP but this can blow out quickly if there’s a major expense (hot water system for instance) and some years you might not spend a dollar.

Cheers

Jamie

Hiya Robinson

The RBA doesn’t dictate how much of a deposit is required to purchase a home – for a new property you can still get away with a 5% deposit.

The 3 year lease isn’t the end of the world either – some buyers may look favourably at this.

Cheers

Jamie

Generally speaking, if you’re contracting and paying your own tax you’ll be considered self employed and will need to show a couple of years financials to qualify for a loan. You may be able to find a lender that will consider your previous history in the industry in your PAYG role and provide an exception to the two years financials.

Cheers

Jamie

Hello and welcome aboard.

You’ll need to demonstrate that you can service the loans. For a self employed applicant, this usually means providing two years of financials for a full doc loan.

Cheers

Jamie

Check out if Jac M and Richard Taylor are doing anything in that area.

Otherwise there’s Alan Fox who is excellent too http://www.propertunity.com.au/about/team/alan-fox/

Cheers

Jamie

Sounds like quite the mess – this is why IO with an offset is usually ideal.

Cheers

Jamie

Hi Carolyn

Welcome aboard :-)

It’s a very broad question – and there’s certainly no one correct answer.

It can depend a lot on the investor and their strategy too. Personally for me – investing in Canberra is best because I know what a good deal looks like and have a network of tradies that I can call upon to renovate. I’m a boring old reno,…[Read more]

Not usually as it’s assumed the money would be spent on the vehicle. However, there’s always exception to the rule so you might find a lender to consider.

Cheers

Jamie

Makes me feel sick about the $20k+ I’ve just spent on a PPOR bathroom Reno.

Cheers

Jamie

It will boost it by $15 a month so nothing to get excited about.

However, if you maintain good conduct with the account it will gain you some brownie points when applying for finance with that lender again.

Cheers

Jamie