Hi there

Do you need face to face or are you comfortable with dealing via phone/email? If the latter – then you have the whole country to choose your professionals from.

Cheers

Jamie

Vincent8 wrote:
Hi all,

Many thanks for your helpful replies – I appreciate it. I did double check this with my mortgage broker today and you are all right, he was trying to cross collateralise.

I told him I didn't want this, so he will get back to me with other products where this can be avoided. However, he did advise that I may lose out in…[Read more]

Hi Cheryl

Welcome aboard.

You won't be able to fund the renos out of the same loan if you're only using the property you're purchasing as security.

If you have another property with equity, you could borrow against that equity to cover the deposit/costs/renos on your IP.

Does that make sense?

Cheers

Jamie

Their broker division, Homeside, has better fixed rates across all years and lower ongoing fees.

Cheers

Jamie

Hi Crest

I'm not sure if it helps or not but those rates aren't particularly special when it comes to 1, 2 and 3 year fixed rates.

There are others doing sharper rates across the board. One of them is even providing a $1250 cashback to refinance to them.

Cheers

Jamie

Hi John

AMP is one of the most generous lenders – so it's usually best to save them up until last, that way you wouldn't have maxed out as quickly. Of course, there might be a good reason why you've placed all of your loans with them.

Cheers

Jamie

I also don't charge a fee – but it's becoming more common these days.

If you don't feel comfortable with the MB you're dealing with then talk with another one. Trust is important.

Cheers

Jamie

lol – good point. I doubt I even knew what a mortgage was at 13.

Cheers

Jamie

Hiya and welcome aboard.

It's always great to see another Canberran on the forum

Pesonally, I wouldn't bother with purchasing new in the ACT – the concessions look attractive but I doubt you'll gain much growth from the property in the short to medium term due to the abundance of new stock on the market.

A lot of my clients do both – that is,…[Read more]

kateej03 wrote:
time goes so quickly and you will be 30 before you know it!

Kate

Come on Kate! Now you're making me feel old!

….off to book a place at the retirement home.

Cheers

Jamie

From memory both claims were made under building insurance.

Cheers

Jamie

I've made a couple of claims with YOUI of late – the first one caused some headaches….the second one was very smooth sailing. 

Cheers

Jamie

Hi Jate

Provide your accountant with everything – including the loan offer document for your IP which outlines all of the fees/charges and your rental statements from your PM. A good accountant will capture everything – but it also helps to be organised.

Cheers

Jamie

Catalyst is spot on – you're looking at fixed rates. 

Variable rates don't vary depending on years – they fluctuate in line with RBA rate movements (well generally speaking anyway – some lenders will change them outside of RBA decisions too).

cheers

Jamie

Agree with the others – not usually an issue providing you haven't lived in any one of the IPs.

Cheers

Jamie

Hi Preethy

What's the purpose for the valuations? Are you looking to access equity?

If so, the bank will want to order their own valuation. Often these can be ordered upfront by a broker. 

Which bank(s) are the loans with?

Cheers

Jamie

hi jer

you might have issues releasing such a large chunk of equity for that purpose.

Cheers

Jamie

Hi Mick

As others have said – it looks like you'll be able to purchase an IP. There might be some add-backs from your business that can improve your overall borrowing capacity too.

I just set up an equity release and IP purchase for a fellow forum member in a very similar situation to yourself in terms of employment type, income and available…[Read more]

alexandra.v wrote:

Ok, so you're saying that one way to do it would be to put the 20k towards the mortgage – then loan it out again for tax benefits… and use that as the deposit still (but that it probably won't be quite enough… depending on the IP we buy & other costs)??

Yep spot on – but you're probably best off waiting a few more…[Read more]

Hi property seeker

Surely you have some sort of plan in mind given that you've already purchased 8 IPs. I don't want to sound blunt – but that's a decent size portfolio which must have taken some thought.

Keep it simple – work out the end goal (which usually involves living off a passive income) and plan accordingly. Work out how much income…[Read more]