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Jamie Moore
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@jamie-m
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August 13, 2012 - 12:11 am
Excellent advice from DWolfe above.
It's no surprise that the selling agent told you that there would be plenty of rental demand for the property – they wanted to sell you the property.
I'd also have a chat with the onsite management team – ask them what their experience has been like with furnished properties and whether they have any demand at present for the properties.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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August 12, 2012 - 6:53 am
Welcome aboard – nice avatar.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 12, 2012 - 6:51 am
You could possible take your current loan up to 90% LVR which provide you with a cashout in the vicinity of $27k. The equity release combined with your $10k cash might come close to covering two purchases (that's without knowing what your borrowing capacity and a heap of other things looks like).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 12, 2012 - 6:46 am
Hi JD
It's a personal choice.
If it were me, I would have forgone the expensive car early on and put the cash towards an asset that appreciates rather than depreciates.
Don't get me wrong – I love cars, but there's a time for them and spending half your salary on one when you want to purchase a property doesn't sound like the right time.
Each to their own though.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 11, 2012 - 3:55 am
Welcome aboard Daveski
Where are you from? What are you aiming to achieve?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 11, 2012 - 3:53 am
Fox House wrote:
and having 20% deposit to avoid the LMI.
This is quite an old school way of thinking.
Personally I don't have an issue with LMI – it's certainly enabled myself and a lot of my clients to build their portfolios.
Have a read of this article on LMI.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 10, 2012 - 2:58 am
Hi Matt
Welcome aboard.
What you're aiming to do is possible – it's something we do daily for our clients.
However, it's important that it's done correctly so you avoid cross collaterisation of your PPOR and IP and so you can maximise tax benefits.
A decent broker will be able to assist.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 9, 2012 - 9:37 pm
Hi there
Which country are you looking in? These websites don't sound familiar.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 10:52 pm
I'm with Tom on this one. There's a reason the deal couldn't be done as an owner occupied loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 12:27 pm
PDimi wrote:
Where are you based Jamie as I am situated in South West Sydney.
Hiya
I'm based in Canberra but the majority of my clients aren't. Looking at the last five loans I submitted, the clients were based in East Melb, West Syd, FNQ, Canberra and Perth.
Everything can be done over phone/email. I won't be able to pop around for a coffee and tim tams in west syd after hours though
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 11:53 am
Qlds007 wrote:
Heh Jamie
Don't suppose you know any good ones lol
Cheers
Yours in Finance
lol – they're rare
Leo – you'll be in good hands with Richard.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 11:52 am
The Dark Knight wrote:
Hey Jamie,
Quick question about the spreadsheet is the property expenses % include interest repayments? If so how do you work out the percentage, is it against the rental for the year or the value of the property?
Hiya
No – it's just 25% of the rent received which is a nice round number to cover PM fees and other holding costs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 11:46 am
Sounds like the purchase couldn't be done as an owner occupied due to limited borrowing capacity on the sole income and was purchased as an IP instead so the rent would be taken into consideration?
What are your long term plans with this property? Are you planning on turning it into an IP down the track? If so, it would be worthwhile setting the loan up as interest only with an offset now so you avoid paying down future deductible debt. If it's going to be a PPOR forever and you're not disciplined with money than principle and interest may be a better option.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 7:57 am
I have a preference for interest only on all loans – including PPOR with an offset linked to it.
It provides maximum flexibility for the future in terms of turning a PPOR into an IP and can also help with cashflow and borrowing capacity.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 8, 2012 - 7:54 am
Hi Leo
Can't recommend anyone in Sydney but you don't need to be in the same state (or country) to utlise the services of a broker – everything's done via email and phone these days so you've got the entire country to choose a good broker from.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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August 7, 2012 - 9:43 pm
This spreadsheet should do the trick (it hasn't been updated for a little while though) – http://www.passgo.com.au/investment-property-analysis-tool.html
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 7, 2012 - 9:41 pm
Hi renel
I personally don't have an issue with LMI – it can be used to get ahead. Have a read of this article I wrote about it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 6, 2012 - 11:01 pm
Hi PDimi
No worries at all.
Your goal sounds good – now you need to execute your plan.
To be honest, I wouldn't be overly concerned about the HECs debt right now. You need to consider the opportunity cost of getting rid of the HECs debt now – it means forgoing property investing for longer.
Any reason why you want to save $50k before starting? Depending on your risk profile, you could leverage more of the banks money and use less of your own. Here's an article I wrote about using smaller deposits and utilising LMI.
p.s – I'd swap the financial advisor for a decent mortgage broker.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Jamie Moore
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August 6, 2012 - 12:02 am
We've shared mutual clients and all have been happy.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Jamie Moore
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August 6, 2012 - 12:00 am
Hi Pdimi
Welcome aboard.
It can be very confusing when starting out. You try and absorb as much information as possible and there's a thousand different experts with a thousand different ways of doing things.
Let's take it a step back.
What are you wanting to invest in property? What are you aiming to achieve?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]