A low income earner with a massive line of credit against their home seems a little irresponsible to me. Are you sure the NAB banker didn’t fudge figures to allow you to borrow that much?

Whatever you do with the money, don’t rush into anything – take your time.

Cheers

Jamie

Best to seek specific taxation advice from an accountant on that one.

Cheers

Jamie

Agree with Mick – employment history looks all good but deposit needs to be beefed up.

Cheers

Jamie

Hiya

The whole using a trust to improve borrowing capacity methodology is outdated and doesn’t apply today.

Trusts have their place – but I wouldn’t encourage anyone to jump into using one just because they’ve read about them in a book.

Speak with a decent account/solicitor about YOUR individual circumstances to work out what’s best for…[Read more]

Hi Jon

Good result – well done :-)

Cheers

Jamie

Hi Raj

This might give you a rough estimate http://passgo.com.au/investment-property-analysis-tool.html

Basically, you just need to work out the annual holding costs – take away the annual rent and then times it by your taxable income. That should give you an idea of the after tax holding costs.

Cheers

Jamie

Hi Ronnie

Banks use third party valuers who are independent from the bank. If two valuers have come back with the same result – that’s a strong indication that the $520k is probably about right.

Usually valuations for refinancing are on the conservative side – if it was a valuation for a purchase, it would prob come back at the purchase…[Read more]

Online cheapies have their place – but rarely do they work well for investors. Like all things in life – you get what you pay for.

Cheers

Jamie

Offer lots of money :-)

Cheers

Jamie

Hi and welcome aboard waitnomore

Pardon my ignorance but what’s bluewealth property?

Cheers

Jamie

Hiya

Advice on structure/borrowing capacity will always come before lodging a preapproval.

Don’t bother lodging a preapproval until you’re reasonably certain that you’ll be purchasing something within the preapproved period (generally 3 months). Also make sure that the preapproval is placed with a lender that actually assessed…[Read more]

Hiya

Congrats on the purchase.

It’s important that you find out what type of lease is in place as some lenders aren’t overly keen on certain types – take DHA for instance, some won’t go above 80%….not that common and is often easy to get around but something to check with your lender before submitting an app.

Cheers

Jamie

Only issue with Suncorp is that they’re backed by QBE and OP has already been knocked back by them.

Agree with no credit scoring and DUA though.

Cheers

Jamie

Nick Moustacas from Strategic Wealth

Cheers

Jamie

The trick is to only limit credit hits by getting it right first time around.

You’ll need to put this next deal up with a Genworth backed lender with a DUA and preferably no (or not brutally harsh) credit scoring. At 95% it’s going to be hard – at 90% you’d have a lot more options.

Cheers

Jamie

BA’s have their place – and if you’re buying interstate and don’t have the time/knowledge to source you’re own deal than it can be money well spent.

Like any service profession, there’s good and bad performers so do your due diligence.

Where are you looking to buy?

Cheers

Jamie

Technically it can help a little bit – but not too big a deal that it should encourage someone to fix their loans. As Richard said – there are other avenues to explore.

Cheers

Jamie

Hi Jake

I’m a mortgage broker – I have lots of contacts in the finance world :-)

Cheers

Jamie

If you’re in a certain profession or an employee of a lender perhaps.

Cheers

Jamie

Agree with Corey – you’d have to get the equity out in Holland and transfer it to an Aus account to use as a deposit.

Cheers

Jamie