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Depends on what's in demand for the area. I wouldn't render to enhance the rental yield – but I'd do it to add value to the property.
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]
Owl wrote:Thank you folks for the feedback above. I could not agree more that good advice is key and I am having several meetings over the next few weeks with Accontants, FA's and property advisors. Still daunting as it is pretty tricky to figure out who is really good and has your interests at heart! Ephraem, I am based in Sydney, NSW.Hi there
It's an exciting time and you'll no doubt be trying to absorb as much info as possible.
My only comment is that a financial advisor/planner is probably going to be of little assistance unless they're licenced to give credit advice (or are a rep of a licence holder). It can also be difficult trying to locate a planner who is property focused.
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]
Are you claiming depreciation on Boris? I remember Terry mentioned that he'd depreciated a dog before
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]
No – it doesn't normally happen.
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 Joe
Don't cross up the loans – there really is no benefit to you.
Keep them separate – and preferably interest only unless you don't have any other non-deductible debt and don't plan on having any non-deductible debt in the future, then you could consider paying down some of the principle on one of the loans.
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've got policies with Real and One Path – no complaints with either so far.
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 wouldn’t bother with an REA appraisal – they inflate the price and it will have no bearing on what the professional valuer believes its worth and what the bank is willing to lend 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]
Yep – that’s an issue to. A few cheap sales can devalue yours. You’ll also be competing for tenants once the development is complete.
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 will probably reduce your nett income which will reduce your borrowing capacity – to work out how much it will reduce your income by, check out this nifty calculator http://www.paycalculator.com.au/
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]
Derek's spot on with his points.
The two biggest issues are the finance (you might be able to get approval today based on your current circumstances but who knows what the world will look in 2014 – your circumstances may change, bank lending policy might be different, etc).
The valuations not stacking up is another drama – particularly if you require a high LVR to get the deal 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]
No – I'm saying that the cheapest rate often comes at a cost later on because these lender aren't often conducive to the needs of investors.
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]
Regardless if it's a PPOR or an IP – interest only with offset will provide maximum flexibility in the future and achieve the same outcome of a P&I loan. If you're a lousy saver, have no other deductible debt and don't plan on ever purchasing a PPOR in the future than P&I might be suitable for you (but this is a rare occurrence).
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
Hopefully this should answer your question – it's a blog entry regarding whether to opt for IO or P&I.
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]
Sundance wrote:There is an offset account against the loan.Hi Sundance
Do you have a PPOR debt or any other non-deductible debt such as a personal loan, credit card, etc? If so, knock that on the head first before placing funds into the IP offset. If you do have a PPOR loan – forget about using the IP offset and set up an offset against the PPOR instead.
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
Welcome aboard.
I’m a broker so the post will sound biased – so take from it what you will.
If it’s the cheapest rate and a small saving each month that you’re after than go to an online lender, select the cheapest and apply. If you’re serious about investing and growing a portfolio than seek advice from an expert, get it right from the start and the small savings you’ll achieve now should be minuscule in terms of what you’ll achieve in the longer term.
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 James
I’m not an accountant but utilising an offset account in the manner described shouldn’t cause any tax dramas.
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]
You’re welcome – I started writing these blog entries for API mag on everyday questions that come up when dealing with clients. I even find myself referring clients to some of the articles – after a couple of reads, the content sinks in.
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 Dean
What are comparable properties selling for in the area?
What would make it a good investment in the future?
My only comment with properties that have already been renovated is that there's little (if any) scope to add value and you're usually making someone else money.
You mention turning it into an IP down the track – it's important to set your loan up correctly from the start so you can maximise future tax benefits.
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]
Haha – enjoy. Feels like I'm in the Canadian rockies right now.
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]
Qlds007 wrote:Jim's they can be located anywhere. I am currently on holiday in Alaska / Canada and processing an application for a forum client in Regional Victoria. Even when I am back home in Brisbane I have clients all over Australia and expat clients all over the Workd. Most quality Brokers would be the same. Cheers Yours in FinancePut the lap-top away!
It's true though – location isn't an issue. I was in the same boat as Richard a couple of months ago – writing loans while in Malaysia for clients in WA, VIC and NSW while my office is based in the ACT.
This morning I submitted two deals for a forum client living/working in Afgahnistan.
The word has changed and technology really does make things easier.
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]
