Cheers Mitch – just let us know if you have any hassles.

Jamie

No worries Mitch – my pleasure.

Since you've paid LMI it's best to try and stick with your current lender for the equity release – it will save you quite a bit since you won't be up for a new LMI premium.

Offsets are great – I'd recommend utilisng one regardless of whether your loans is set up as P&I or IO.

Does your lender to upfront…[Read more]

Not cool Eddie – not cool.

Hi Mitch

Welcome aboard

An offset isn't a type of loan – it's a feature of a loan. It's like a savings account that saves you home loan interest rather than accumulating interest.

A lot of people set up their PPOR loan as interest only with an offset just in case they decide to rent out their PPOR one day – it preserves the principle balance…[Read more]

Micks advice at point 2 is good. A good mentor is essential in succeeding. It just might be difficult finding one willing to mentor – it's a big commitment.

Cheers

Jamie

Hey Ezz

welcome aboard

Why are you looking to change lenders? Which lender are you preapproved with?

Cheers

Jamie

Hi Sam

Do you have an aggregator lined up? They might be able to find one for you.

Cheers

Jamie

KrystalJohnson wrote:
Hi Jamie, thanks for the advice. 

Hey Krystal

No probs – this article I wrote for API magazine explains your scenario in greater detail.

Cheers

Jamie

Hi Krystal

welcome aboard

you can access equity in your current property to find the deposit/costs on your new one.

the only issue is that the equity you release won't be deductible because the purpose is to purchase a PPOR.

the current loan balance will become deductible once the property is rented out.

in hindsight, the loan should have…[Read more]

littlelegz wrote:

There must be some good in X Coll or other wise they would not allow it ?? so is there anyone with good stories on x coll??

You're asking the wrong people.

If you ask the bank – they'll tell you x-coll is fantastic!

Cheers

Jamie

jmsrachel wrote:

I'm sure my broker is very good looking

Yes, as your broker, I can confirm that to be the truth.

Cheers

Jamie

Qlds007 wrote:

Grey is not only the colour of the sky on a miserable english day……

Don't worry – I'm sure it makes you look very distinguished

I'll join the grey haired club in 20 years time …..although the banks are doing their best to get me there sooner.

Cheers

Jamie

That's a really good question – I'm looking forward to seeing the answer.

Have you put it to your accountant?

Cheers

Jamie

Co-broke. When two friends become poor together? 

Ok that was lame. I'll see myself out.

Cheers

Jamie

Hi Ben

Most banks will do it – it depends on whether the valuation stacks up and it fits within their policy.

Talk to an accountant about whether the loan would be deductible. Given that the personal loan was used for IP purposes I think you'd be able to argue that it would be – but I'm not sure (and I'm also not an accountant).

Best way to do…[Read more]

Hi there

Welcome aboard

Just avoid crossing – it's a massive pain in the backside. Your banker (and some brokers) will try to reassure you that it's fine to cross – but that's nonsense. 

Uncrossing loans can be as much of a pain – so it's important to set it up correctly from the start.

Cheers

Jamie

Richard Taylor has recommended a Brissy accountant a few times-  would be worthwhile checking with them if they're taking on new clients.

Cheers

Jamie

Hiya

They'll have to pay the agent commission regardless. It's also a bit harsh IMO – whilst some agents are a pain in the a** – there are some decent ones out there who are simply making a living.

Cheers

Jamie

Oh – and depending on the trust type, it's not usually harder to obtain finance (particularly for normal discretionary trusts). It doesn't matter if the trust and trustee company are newly established.

Cheers

Jamie

Hi there 

Best thing you can do is sit down with a good IP savvy accountant and listen to what they have to say.

Where are you based?

Cheers

Jamie