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Hey Timmy
Plenty on these forums that would be willing to 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]
Don’t cross your loans.
That rate discount should be on offer regardless of whether the loans are crossed up or not.
If in doubt – get a second opinion.
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]
Our bank has started playing hardball with our application so there is a chance it wont go through after all but at least I have learnt something if it doesn’t pan out.
I’m biased – but I’d give the DIY a miss (going direct to the bank) and get a decent investment focused broker on board. Shouldn’t cost you anything – and should ensure there’s no hiccups.
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]
Maybe see if Terry W could help. He’s on this forum.
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 am a bit worried that I am actually paying the whole price of the house with loans. So the thought of going over by using the loan for that as well was daunting.
You’ll be paying the whole amount regardless – generally best to do it with borrowed funds and maximise your deductions.
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]
Best not to use your own cash for costs.
Borrow extra for those – and you’ll maximise your deductions.
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]
Can anyone give me advise on my terrifying experience?
It’s the unfortunate reality with OTP purchases.
The developers can typically delay settlement for months – but if you’re not ready to settle when they are, you’ll be hit with penalty interest. They can be quite ruthless!
You could ask your conveyancer/solicitor about options – but in reality, I don’t think there’s a whole lot that can be done.
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 ok.
How much is the new purchase worth?
Will that $100k cover off a 20% deposit plus costs (stamp duty, legals, etc)?
Will you be using the same lender or a different one for the 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]
As long as there’s no issues with the valuation you should be in the clear. The vast majority of valuations come back at purchase price.
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]
Is this a seek ad?
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 block of land won’t generate an income so unless it’s going to appreciate in value – it might not be a good investment.
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]
Hey guys,I have been reading through posts and wondering if anyone has any advice for a first time investor? Any locations that any one recommends to buy?
Hi and welcome aboard :-)
It’s impossible to answer. There’s thousands of markets in the country – what works well for some won’t for others.
Your best bet is to get clued up. Read widely and educate yourself. Forums like this are a great start.
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 are your longer term plans with this property?
Will you want to extract equity?
If you need to maintain flexibility then I wouldn’t be locking in for a 5 year period.
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]
It wouldn’t work as per Benny’s comment – high interest charges would negate the benefits.
Good thought 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]
Asbestos is quite common.
It doesn’t sound like there’s too much of it in the property – shouldn’t be too costly to remove if you wanted/needed to.
I had a whole heap removed from wet areas of a property recently – cost around $1.5k
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]
Terry W
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 Corie
The bank you obtain finance with will commission their own valuation.
Best bet is to have a couple of upfront (before submitting an application) valuations done via different banks.
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]
Us investors are resilient like cockroaches we will survive. These changes #iss me off because its the first time investors that will struggle to become successful.
Absolutely – especially if you’re on an average income. I’m even seeing some clients on high incomes hit a borrowing capacity wall early because of these changes.
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]
There goes one of the last remaining “generous” servicing calcs :-(
It’s becoming harder and harder to own multiple properties these days. I don’t know how it’s going to be possible when/if rates go back up.
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 question is, for a couple looking at getting into the property investment market in the next 12 – 24 months would you recommend getting in ASAP or holding off and waiting to see if things get worse before they get better?
Hiya
It’s impossible to answer.
Property is generally a long term wealth creation investment – so it’s the time in the market (as Richard’s example above points out) which is just as important as timing your purchase.
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]
