Forum Replies Created
Terry above his a lawyer- might be worth seeing if he can assist?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
– what is your current rate with CBA (Investment)?
Currently getting 4.37% for clients – but your broker may not have access to that rate. It’s for a limited time too – so might not be applicable once you find your IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I’d use the redraw funds purely for investment purposes – otherwise you’ll lose deductibility.
If the plumber is for your IP – then I’d assume that’s an investment expense but you’d need your accountant to confirm
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jon
It’s possible – but not all lenders will be comfortable with this approach as there’s no way they can guarantee that the funds won’t be used for something else.
The majors should be ok with it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
My key question right now is whether I should refinance my home now whilst I look for the IP I desire, or wait and finance them at the same time.
Get it sorted now.
If you’re relying on equity from an existing property so fund the deposit – then ideally you’d want to have those funds ready before you start looking for your IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi There,We use Shelley Pennycook from LJ hooker Glenelg. Everything had gone smoothly.kindest regards.
Nice try Shelley.
Hit up DT above.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hit up Richard – he’ll do a good job.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Most of my investor clients still opt for IO – unless they don’t have a PPOR/non deductible debt then P&I might be a good choice.
Having said that – there aren’t many lenders that penalise you for having IO repayments (NAB group are an exception rather than the rule).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
IF the answer is no, that’s funny as to the contrary I bought same property where agent marketed property to me 3 bedroom and I know for a fact that the existing 3rd bedroom is not council approved.
Depends on how diligent the valuer is I suppose – some might not realise/mention it whilst others will.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Check out Herron Todd White’s month in review on line – it usually does a good job of illustrating where capital and regional markets are at.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Luke
To avoid LMI on an IP purchase you need to contribute a 20% deposit and enough funds to cover purchase costs (stamp duty, etc).
That 20% deposit and costs can either come from:
– Equity that is accessible in your current property
– Savings
– A combination of the twoIf you don’t want to use equity in your PPOR – then you’ll have to use cash. Please note – the latter is not deductible though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
What i want to achieve is to buy a few houses this year which are positive and continue doing this over the years to come. My first question is;
Hi and welcome aboard
The banks typically look at two main things – your borrowing capacity and deposit.
Your borrowing capacity may be ok (I haven’t crunched the numbers) but the deposit side of things may need to be worked on.
At present – there’s no equity in your current property that can be accessed. That could change in the future if it goes up in value.
That leaves you with using savings – but realistically, $20k isn’t going to stretch too far in terms of a deposit and it’s also important that you hold onto some savings as a safety buffer.
I wouldn’t transfer your owner occ property into a trust/company structure.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Must be a way to use it?
Need to demonstrate borrowing capacity in order to access it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agree with Corey – a refinance to another lender isn’t an option.
The good news is that both those banks don’t like to lose customers – so call them up and see what they can do.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Paul Gerrard is great
Paul Gerrard
Accounting & Tax ManagerPrice Accounting Services Pty Ltd
http://www.pricefinancial.com.au
Unit 11, 1 Central Avenue
Thornleigh NSW 2120
Ph 02 9875-2444 (61-2-98752444)
Fx 02 9481-0594 (61-2-94810594)Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
A good BA is definitely worthwhile.
8% of purchase price seems very steep though!
The BA’s I’ve worked with (via mutual clients) seem to charge in the vicinity of $5 to $10k
You’ve had some great BA’s respond above.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I generally opt/recommend interest only on all IP debt and either P&I/IO on owner occupied debt (depends on the clients situation) – here’s a blog entry on the topic
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hiya
Could you check out the http://www.homeimprovementpages.com.au/ ?
I’ve used the site before and found it pretty good.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Banks don’t like them – they generally expect at least a 30% deposit so that says something.
High yields seem attractive – until the management costs quickly erode the benefits.
There’s generally bugger all growth too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sounds like a tough deal to get approved – if anyone is going to do it though – it’s probably CBA.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
