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Allow petsJamie 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 20% deposit isn’t mandatory – some lenders still do 95% loans.
Some states have attractive incentives for FHBs too. Look at ACT and NSW for instance – if it’s a new property you might get the FHOG and not pay stamp duty.
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]
Am I somehow on the right track haha
Hiya
Is your loan set up as interest only or principal and interest at present?
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]
Yes – always get an upfront valuation done so you know exactly how much equity can be released before proceeding. Most lenders provide them for free. Some will simply go off a desktop assessment.
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]
May I ask why this is very poor planning?
Because they should have done more precise calculations of your borrowing capacity upfront.
All of it would be deductible though given that both loans are being used for IP purposes….the biggest downside of course is that you’ll be using up a large chunk of equity so you may not be able to purchase again.
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
All comes down to what’s on your credit file. There are non conforming lenders that might consider.
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 Curtis
Generally interest only – particularly if you have an owner occupied loan or other non-deductible debt.
If you have no other debt- then interest only is still usually best. Link up an offset account to the loan and park all your spare cash in there.
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 DT and Corey – I’m sure they’ll be happy to arrange :-)
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]
One week isn’t too long. Have you had any interest at all? If you have no luck after the second week then I’d look to reduce.
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 bank has recently said i have reached my lending limit and will not lend me any money anymore.
That’s the issue right there – it’s ONE bank.
Speak with a decent broker who specialises in IP finance structuring – you’ll likely find out that you can do more.
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]
Furthermore, we now suddenly got the equity released for 20% deposit of two houses. Does this mean we can suddenly buy any two properties together?
Hiya
It’s impossible to answer without knowing the specifics of your situation.
Who said you couldn’t borrow? Was it a bank or broker? If a bank – they will be restricted to their own borrowing capacity calculator whereas a broker will have access to many lenders.
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]
was wondering how it is that people are able to buy multiple properties?
Savings, equity or a combination of both.
The first property or two are usually the hardest. Hopefully CG kicks in after and you can release equity to rinse and repeat.
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]
1. If you’re relying on the money from the sale of that property to purchase the next then you’ll need to wait a year.
2. It depends on what you agreed to. Have a look over the agreement you signed with the agent.
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
You can borrow extra for stamps/costs.
The only way that is possible if you have another property you can borrow equity against.
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]
+1 for Sam.
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 – you can define the property market as being on the decline or increase. There’s thousands of markets within the country – there are sub markets within each capital city.
I wouldn’t limit yourself to investing in the one location either. Identify areas which are on an upswing (reports such as Herron Todd White’s month in review are a great source of info http://www.htw.com.au/Month_in_Review/Month_in_Review_2015/September%202015/Month_in_Review_September_2015.pdf)
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 Kunz
It’s as much a personal choice as it is a financial one.
FHB benefits are usually restricted to “new” properties – so you may not obtain those benefits in the future if you’re considering purchasing an established property.
Offset makes sense for keeping that money. You could move it into a higher interest account….but you’d pay tax on that interest.
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]
Trail books are generally in high demand – I know my aggregator sells them quickly and there’s generally a list of interested buyers.
If you’re genuinely interested then best to contact connective and ask them to keep you in mind when something comes up.
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 to offer what YOU believe it’s worth rather than what it’s listed 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]
About 20 minutes.
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]
